Administrative Penalty $2,000.00 - Standard Pacific Capital Master, Ltd. (2016-11-11)

Summary

This is a BVI Financial Services Commission enforcement notice reporting that an administrative penalty of $2,000.00 was imposed on Standard Pacific Capital Master, Ltd. for breaching mutual fund audited financial statement filing rules. It is a record of a completed enforcement action rather than a new rule or requirement.

• Entity: Standard Pacific Capital Master, Ltd. (Matter ID: BF101113/320)
• Breach: Contravention of section 10(4) of the Mutual Funds Regulations, 2010, for failing to provide a copy of its audited financial statements within six months after its financial year end of 31 December 2014
• Penalty: Administrative penalty of $2,000.00 imposed by the Commission

The underlying rule illustrated by this action 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.

Key obligations

• Mutual funds must provide a copy of their audited financial statements to the Commission within six months after their 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 mutual funds to provide audited financial statements to the Commission