Administrative Penalty $8,150.00 - THE GALILEO FUND LTD. (2016-06-10)

Summary

This is a published enforcement notice from the BVI Financial Services Commission recording an administrative penalty imposed on The Galileo Fund Ltd. It confirms that the fund contravened the Mutual Funds Regulations, 2010 by failing to file its audited financial statements on time.

• Entity: The Galileo Fund Ltd. (Matter ID: BF101113/353)
• Breach: Contravention 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
• Penalty: Administrative penalty of $8,150.00 imposed by the Commission

This notice is a record of a completed enforcement action against a specific fund and does not itself create ongoing obligations for other market participants, though it serves as a reminder of the statutory deadline for filing audited financial statements under the Mutual Funds Regulations.

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 a mutual fund to provide a copy of its audited financial statements