Administrative Penalty $2,000.00 - Beverage Emerging Market Fund Ltd. (2017-09-02)

Summary

This is an enforcement notice published by the BVI Financial Services Commission recording an administrative penalty imposed on Beverage Emerging Market Fund Ltd. It is a factual record of a completed enforcement action rather than a rule imposing new ongoing requirements.

• Penalty: $2,000.00 administrative penalty imposed on Beverage Emerging Market Fund Ltd.
• Contravention: Failure to provide a copy of its audited financial statements within six months after its financial year end of 31 December 2014, in breach of section 10(4) of the Mutual Funds Regulations, 2010.
• Matter reference: Matter ID BF101113/333.

The underlying rule illustrated by this case is that mutual funds regulated under the Mutual Funds Regulations, 2010 must submit audited financial statements to the Commission within six months of their financial year end; failure to do so can result in an administrative penalty.

Key obligations

• Mutual funds must provide the Commission with a copy of their audited financial statements within six months after the fund's financial year end, as required by section 10(4) of the Mutual Funds Regulations, 2010.

Applies to

mutual funds

Deadlines

• within six months after financial year end: Deadline under section 10(4) of the Mutual Funds Regulations, 2010 for a mutual fund to provide the Commission with a copy of its audited financial statements; Beverage Emerging Market Fund Ltd. was penalised for missing this deadline for its financial year ended 31 December 2014.