Administrative Penalty $330.00 - GABELLI ASSOCIATES LIMITED (2016-04-15)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing that it imposed an administrative penalty of $330.00 on Gabelli Associates Limited. The penalty was for a contravention of the Mutual Funds Regulations, 2010, relating to late filing of audited financial statements.

• Entity penalised: Gabelli Associates Limited
• Contravention: Section 10(4) of the Mutual Funds Regulations, 2010, which requires a mutual fund to provide a copy of its audited financial statements within six months after its financial year end
• Specific failure: Failed to provide audited financial statements within six months of its financial year end of 31 December 2014
• Penalty imposed: Administrative penalty of $330.00
• Matter reference: Matter ID BF101113/310

This notice is a record of a completed enforcement action rather than a rule imposing new requirements. It does, however, illustrate the Commission's ongoing enforcement of the requirement under section 10(4) of the Mutual Funds Regulations, 2010, that regulated mutual funds submit audited financial statements 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