Administrative Penalty $3,500.00 - Toro Participations Limited formerly THE TORO FUND LIMITED (2017-02-16)

Summary

This is an enforcement notice published by the BVI Financial Services Commission recording an administrative penalty imposed on Toro Participations Limited, formerly THE TORO FUND LIMITED. It is a factual record of a completed enforcement action rather than a rule imposing new ongoing requirements.

• Entity: Toro Participations Limited, formerly THE TORO FUND LIMITED (Matter ID: BF101113/343)
• 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 imposed by the Commission

The notice serves as a public record of the Commission's enforcement action and underscores the statutory requirement for mutual funds to submit audited financial statements to the Commission within six months of their financial year end.

Key obligations

• Mutual funds must provide a copy of their audited financial statements to the Commission 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 the Commission with a copy of their audited financial statements under section 10(4) of the Mutual Funds Regulations, 2010