Administrative Penalty $7,500.00 - Prolifico Fund Management Ltd. (2016-12-13)

Summary

This is an enforcement notice published by the BVI Financial Services Commission recording that it imposed an administrative penalty of $7,500.00 on Prolifico Fund Management Ltd. It is a historical record of a completed enforcement action rather than a rule imposing new ongoing requirements on the wider industry.

• Contravention 1: Failing to obtain the Commission's prior written approval for the acquisition by a third party of a significant interest in the licensee, contrary to section 11(2) of the Securities and Investment Business Act, 2010 (SIBA).
• Contravention 2: Permitting or acquiescing to the transfer by its shareholder of a significant interest in the licensee without obtaining the Commission's prior written approval, contrary to section 11(3)(a) of SIBA.
• Penalty: An administrative penalty of $7,500.00 was imposed on the firm (Matter ID: BF101113/331).

The notice serves as a public record and general reminder that SIBA licensees must obtain the Commission's prior written approval before any acquisition or transfer of a significant interest in the licensee occurs.

Key obligations

• SIBA licensees must obtain the Commission's prior written approval before a third party acquires a significant interest in the licensee (section 11(2) of SIBA)
• SIBA licensees and their shareholders must not permit or acquiesce to the transfer of a significant interest in the licensee without the Commission's prior written approval (section 11(3)(a) of SIBA)

Applies to

securities and investment business licensees, fund management companies licensed under SIBA