Fine $4,000.00 - BH Feeder Inc. (2015-05-10)

Summary

This is a short enforcement notice published by the BVI Financial Services Commission announcing a monetary fine imposed on BH Feeder Inc. It records that the Commission found BH Feeder Inc had carried on business as a mutual fund in or from within the Virgin Islands without the required authorisation.

• Contravention: Section 41(1)(a) of the Securities and Investment Business Act, 2010, which prohibits carrying on mutual fund business without authorisation.
• Sanction: A fine of $4,000.00 was imposed on BH Feeder Inc.
• Reference: Matter ID BF101113/296.

The notice is purely a record of a completed enforcement action against a named entity and does not itself create new ongoing rules or obligations for the wider industry, beyond the underlying statutory requirement to be authorised before carrying on mutual fund business.

Key obligations

• BH Feeder Inc was required to pay the $4,000.00 fine imposed for carrying on unauthorised mutual fund business in contravention of section 41(1)(a) of the Securities and Investment Business Act, 2010.
• Entities carrying on business as a mutual fund in or from within the Virgin Islands must be authorised to do so under section 41(1)(a) of the Securities and Investment Business Act, 2010.

Applies to

mutual funds, investment business licensees