Administrative Penalty $7,500.00 - SPECTRUM GALAXY FUND LTD. (2016-05-10)

Summary

This is an enforcement action notice published by the BVI Financial Services Commission announcing that it imposed an administrative penalty on Spectrum Galaxy Fund Ltd. The penalty was for the fund's failure to comply with a specific reporting requirement under the Mutual Funds Regulations, 2010.

• Penalty amount: $7,500.00 administrative penalty imposed on Spectrum Galaxy Fund Ltd.
• 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.
• Matter reference: Matter ID BF101113/354.

The notice is purely a public enforcement disclosure regarding this specific fund and does not itself create new rules; it serves as a reminder that mutual funds are required to submit audited financial statements to the Commission within six months of their financial year end, and that failure to do so can result in administrative penalties.

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 mutual funds to provide audited financial statements to the Commission; Spectrum Galaxy Fund Ltd. failed to meet this deadline for its financial year ended 31 December 2014.