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

Summary

This is an enforcement notice published by the British Virgin Islands Financial Services Commission (FSC) recording that it imposed an administrative penalty of $2,000.00 on Standard Pacific Capital Offshore, Ltd., a mutual fund entity. The notice is purely a public record of a completed enforcement action rather than a rule or guidance imposing new ongoing requirements.

• Breach: Contravention of section 10(4) of the Mutual Funds Regulations, 2010, which requires provision of audited financial statements within six months after financial year end.
• Specific failure: Standard Pacific Capital Offshore, Ltd. failed to provide a copy of its audited financial statements within six months after its financial year end of 31 December 2014.
• Penalty: An administrative penalty of $2,000.00 was imposed.
• Reference: Matter ID BF101113/319.

The underlying obligation this action illustrates is the general requirement under section 10(4) of the Mutual Funds Regulations, 2010 for mutual funds to submit audited financial statements within six months of their financial year end; this notice itself does not create a new obligation but documents the FSC's enforcement of that existing rule against a named entity.

Key obligations

• Mutual funds must provide the Commission with a copy of audited financial statements 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 a copy of audited financial statements, the failure of which led to this penalty.