Administrative Penalty $3,500.00 - The Opportunity Art Fund Ltd. (2017-02-16)

Summary

This is a public enforcement notice from the BVI Financial Services Commission recording an administrative penalty of $3,500.00 imposed on The Opportunity Art Fund Ltd. It is a historical record of a completed enforcement action rather than a document imposing new ongoing obligations on other entities.

• Breach: Contravention of section 10(4) of the Mutual Funds Regulations, 2010, for failing to provide a copy of audited financial statements within six months after the fund's financial year end of 31 December 2014.
• Penalty: An administrative penalty of $3,500.00 was imposed on the fund.
• Reference: Matter ID BF101113/349.

The notice serves as a reminder 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, and that late or non-filing can result in administrative penalties.

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