Administrative Penalty $6,100.00 - BRAZIL ADVANCED LTD. formerly BRAZIL ADVANCED INVESTMENT FUND LTD (2016-09-23)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing an administrative penalty against Brazil Advanced Ltd (formerly Brazil Advanced Investment Fund Ltd). It is purely informational, recording a completed enforcement action rather than imposing any new ongoing rule or requirement on the wider industry.

• Penalty imposed: An administrative penalty of $6,100.00 was levied on the fund.
• Contravention: Breach 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 BF101113/352.

The notice serves as a public record of the Commission's enforcement action and does not create new obligations for other regulated entities, though it underscores the existing requirement for mutual funds to submit audited financial statements within six months of financial year end.

Key obligations

• Mutual funds must provide a copy of their audited financial statements within six months after their financial year end, as required under section 10(4) of the Mutual Funds Regulations, 2010.

Applies to

mutual funds, investment funds

Deadlines

• within six months after financial year end: Deadline under section 10(4) of the Mutual Funds Regulations, 2010 for providing audited financial statements, which Brazil Advanced Ltd failed to meet for its 31 December 2014 financial year end.