Administrative Penalty $980.00 - SEABOARD FUND LIMITED (2016-09-23)

Summary

This is an enforcement notice published by the BVI Financial Services Commission recording an administrative penalty imposed on Seaboard Fund Limited. It is a historical enforcement record rather than a rule of general application, but it illustrates the regulator's compliance expectations for mutual funds regarding audited financial statements.

• Penalty: A $980.00 administrative penalty was imposed on Seaboard Fund Limited (Matter ID: BF101113/318).
• Contravention: The fund failed to provide a copy of its audited financial statements within six months after its financial year end of 31 December 2014, in breach of section 10(4) of the Mutual Funds Regulations, 2010.

The underlying rule referenced (section 10(4) of the Mutual Funds Regulations, 2010) requires mutual funds to submit audited financial statements to the Commission within six months of their financial year end; failure to do so can result in an administrative penalty as seen here.

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 for mutual funds to provide audited financial statements under section 10(4) of the Mutual Funds Regulations, 2010; Seaboard Fund Limited's relevant year end was 31 December 2014.