Administrative Penalty $8,750.00 - Copernic Global Fund Limited (2016-06-10)

Summary

This is an enforcement notice published by the BVI Financial Services Commission recording an administrative penalty imposed on Copernic Global Fund Limited. It confirms that the fund contravened 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.

• Penalty: An administrative penalty of $8,750.00 was imposed on Copernic Global Fund Limited.
• Breach: Failure to provide audited financial statements within six months of the financial year end of 31 December 2014, contrary to section 10(4) of the Mutual Funds Regulations, 2010.
• Reference: Matter ID BF101113/355.

This notice is a record of a completed enforcement action against a specific fund and does not itself create any ongoing obligation for other regulated entities, though it illustrates the Commission's expectation that mutual funds submit audited financial statements within the six month statutory deadline.

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 providing a copy of audited financial statements, which Copernic Global Fund Limited failed to meet for its financial year ended 31 December 2014.