Palos Ventures Fund Ltd - Public Statement No. 14 of 2012 (2 August, 2012)

Summary

This is a public statement issued by the BVI Financial Services Commission announcing that Palos Ventures Fund Ltd is no longer recognised or regulated by the FSC. It is purely informational, notifying investors, creditors and the general public of the fund's regulatory status change.

• Background: The Fund was formerly recognised by the FSC as a professional mutual fund on 2 June, 2008.
• Cancellation: On 13 July, 2012 the FSC cancelled the Fund's certificate of recognition under section 37(1)(a)(i) of the Financial Services Commission Act, 2001, on the ground that the Fund contravened Regulation 2A of the Financial Services Commission (Securities and Investment Business Fees) (Amendment) Regulations, 2010 by failing to pay its annual recognition fee for 2011 and 2012.
• Current status: The Fund is now no longer recognised and regulated by the FSC, and the Commission will provide updates on any further developments.

The statement was issued pursuant to Section 37A(1) of the Financial Services Commission Act, 2001, and imposes no ongoing compliance obligations on third parties beyond serving as public notice of the Fund's deregulated status.

Applies to

mutual funds, investors and creditors of Palos Ventures Fund Ltd