Administrative Penalty $3,500.00 - Collectible Cars Investment Fund Ltd. (2017-02-16)

Summary

This is an enforcement action notice published by the BVI Financial Services Commission disclosing that it imposed an administrative penalty of $3,500.00 on Collectible Cars Investment Fund Ltd.

• Contravention: Breach of section 10(4) of the Mutual Funds Regulations, 2010, which requires provision of audited financial statements within six months after financial year end.
• Underlying failure: The fund 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 $3,500.00 was imposed on the fund.
• Reference: Matter ID BF101113/346.

The notice is purely informational, recording a completed enforcement action against a named fund; it does not impose any new ongoing obligations on other regulated entities beyond restating the existing statutory requirement that mutual funds file audited financial statements within six months of their financial year end.

Applies to

mutual funds