Administrative Penalty $3,500.00 - Mediterranean Investment Fund SPC Limited (2017-02-16)

Summary

This is an enforcement notice published by the BVI Financial Services Commission recording an administrative penalty imposed on Mediterranean Investment Fund SPC Limited. It is a historical record of a completed enforcement action rather than an ongoing rule, but it illustrates the Commission's expectations for timely filing of audited financial statements by mutual funds.

• Entity: Mediterranean Investment Fund SPC Limited
• 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
• Penalty: Administrative penalty of $3,500.00
• Reference: Matter ID BF101113/341

The notice itself does not create new ongoing obligations for other entities; it serves as a public record confirming that the Commission enforces the statutory deadline for filing audited financial statements under the Mutual Funds Regulations, 2010.

Key obligations

• Mutual funds must provide 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

Deadlines

• within six months after financial year end: Deadline for mutual funds to provide audited financial statements under section 10(4) of the Mutual Funds Regulations, 2010, the missed deadline that led to this penalty (financial year end was 31 December 2014)