Administrative Penalty $680.00 - Southagus Fund Ltd (2016-02-23)

Summary

This is an enforcement action notice published by the BVI Financial Services Commission recording an administrative penalty imposed on Southagus Fund Ltd. It is purely a disclosure of a completed enforcement action, not a document that creates new ongoing obligations for other entities.

• Penalty: An administrative penalty of $680.00 was imposed on Southagus Fund Ltd.
• Contravention: The fund failed 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.
• Reference: Matter ID BF101113/356.

The underlying rule illustrated by this action is that mutual funds must file audited financial statements with the Commission within six months of their financial year end; failure to do so can result in an administrative penalty.

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