Administrative Penalty $580.00 - Eastern European Recovery Fund Ltd. (2016-12-22)

Summary

This is a notice from the BVI Financial Services Commission publishing an enforcement action against Eastern European Recovery Fund Ltd. It records that an administrative penalty of $580.00 was imposed on the fund for a specific regulatory breach, and serves as a public record rather than creating new rules.

• Penalty imposed: $580.00 administrative penalty on Eastern European Recovery Fund Ltd.
• Basis: Contravention of section 10(4) of the Mutual Funds Regulations, 2010, for failing to provide a copy of its audited financial statements within six months after its financial year end of 31 December 2014.
• Reference: Matter ID BF101113/379.

The notice illustrates the Commission's enforcement of the audited financial statement filing requirement under the Mutual Funds Regulations, which applies generally to registered/regulated mutual funds, but it imposes no new or ongoing obligation on other parties beyond the fund named.

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 under section 10(4) of the Mutual Funds Regulations, 2010 for providing a copy of audited financial statements; the fund's breach related to its financial year end of 31 December 2014.