Administrative Penalty $290.00 - Cathedral Fund SPC Limited (2016-12-22)

Summary

This is an enforcement notice published by the British Virgin Islands Financial Services Commission (FSC) disclosing that it imposed an administrative penalty on Cathedral Fund SPC Limited. The penalty relates to a specific past contravention rather than a new rule or ongoing regulatory requirement.

• Penalty amount: $290.00 administrative penalty
• Contravention: Breach of section 10(4) of the Mutual Funds Regulations, 2010
• Nature of breach: Failure to provide a copy of audited financial statements within six months after the fund's financial year end of 31 December 2014
• Reference: Matter ID: BF101113/314

The notice serves as a public record of enforcement action and illustrates the FSC's expectation that mutual funds submit audited financial statements within six months of their financial year end, as required under the Mutual Funds Regulations, 2010.

Key obligations

• Mutual funds must provide the Commission with a copy of their 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, Cathedral Fund SPC Limited (SPC fund structure)