Public Statement 18 of 2021 - WPC FUND LTD (2021-06-03)

Summary

This is a public statement issued by the BVI Financial Services Commission announcing that WPC Fund Ltd, formerly named World Property & Commodity Fund Limited, is no longer licensed or regulated by the FSC. It is intended to protect the public and any customers or creditors of the fund by making clear its regulatory status has been withdrawn.

• Background: The Company was incorporated on 29 August 2008 under the BVI Business Companies Act, 2004, and was granted a Certificate of Recognition as a private mutual fund on 17 September 2008.
• Revocation: On 11 May 2021 the FSC revoked the Company's certificate of recognition.
• Grounds for revocation: The FSC cited breach of regulatory obligations, carrying on business detrimental to the public interest or to clients, creditors or investors, and failure to satisfy the Commission's fit and proper criteria, under section 37(1)(a)(i), (iii) and (vii) of the Financial Services Commission Act, 2001.
• Legal basis for statement: The FSC issued this Public Statement pursuant to section 37A(1) of the FSC Act.

The statement is informational and does not impose ongoing compliance requirements on other regulated entities; it serves to alert the public and market participants that WPC Fund Ltd's regulatory recognition has ended.

Applies to

private mutual funds, investment business entities