Administrative Penalty $980.00 - Lumix Agrodirect Fund Ltd. (2015-11-20)

Summary

This is a published enforcement notice from the BVI Financial Services Commission recording that an administrative penalty of $980.00 was imposed on Lumix Agrodirect Fund Ltd. The breach was a failure to submit audited financial statements within the required six month period following the end of its financial year on 30 June 2014, contrary to regulation 10(4) of the Mutual Funds Regulations, 2010.

• Entity: Lumix Agrodirect Fund Ltd, a mutual fund regulated under the Mutual Funds Regulations, 2010.
• Breach: Failure to submit audited financial statements within six months after the financial year end of 30 June 2014, as required by regulation 10(4).
• Penalty: Administrative penalty of $980.00 imposed by the Commission.
• Reference: Matter ID BF101113/286.

This notice is purely informational, documenting a completed enforcement action against a specific fund. It does not create any new ongoing rule or obligation for other market participants, though it serves as a reminder that mutual funds must file audited financial statements within six months of financial year end.

Key obligations

• Mutual funds must submit audited financial statements to the Commission within six months after the end of their financial year, as required by regulation 10(4) of the Mutual Funds Regulations, 2010.

Applies to

mutual funds