Administrative Penalty $7,200.00 - LYNX ARBITRAGE FUND LIMITED (2016-12-22)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing an administrative penalty of $7,200.00 imposed on Lynx Arbitrage Fund Limited. The penalty was imposed for contravening section 10(4) of the Mutual Funds Regulations, 2010, by failing to provide a copy of its audited financial statements within six months after its financial year end of 31 December 2014.

• Contravention: Failure to file audited financial statements within six months of financial year end, as required by section 10(4) of the Mutual Funds Regulations, 2010
• Penalty imposed: Administrative penalty of $7,200.00
• Matter reference: Matter ID BF101113/338

This notice is a record of a past enforcement action against a specific named fund and does not itself impose new ongoing obligations on other entities, though it illustrates the Commission's expectation that mutual funds submit audited financial statements within the statutory six month deadline.

Key obligations

• Mutual funds must provide a copy of their audited financial statements 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 audited financial statements, the breach of which led to this penalty (fund's financial year end was 31 December 2014)