Public Statement No. 4 of 2009 (11 March 2009) - International Fixed Income Stanford Fund Ltd. (2009-03-11)

Summary

This is a public statement issued by the BVI Financial Services Commission concerning International Fixed Income Stanford Fund Ltd, a licensee linked to the Stanford financial group. It informs the public and market participants that the Commission has directed the Fund to suspend key operations and report regularly, in order to protect the Fund's property and its investors and creditors.

• Legal basis: Issued under Section 37A(4) of the Financial Services Commission Act, 2001, following a directive to the Fund issued on 3 March 2009 under Section 40(1)(b) of that Act.
• Suspension required: The Fund must forthwith suspend subscription of shares by new and existing investors, redemption of shares by investors, and payment of redemption proceeds (including outstanding redemption requests), until further notice by the Commission.
• Weekly reporting required: The Fund must submit weekly reports to the Commission covering total assets, net assets, number of investors (with names, addresses and shares held), cash balances and holding institutions, investment details (issuer jurisdiction, category, cost and current market value), and details of all litigation involving or affecting the Fund, until further notice.
• Ongoing updates: The Commission states it will provide additional public updates as matters progress.

This statement is specific to International Fixed Income Stanford Fund Ltd and does not impose obligations on other licensees or the public generally, beyond serving as a notice of the regulatory action taken.

Key obligations

• The Fund must forthwith suspend subscription of shares by new and existing investors
• The Fund must forthwith suspend redemption of shares by investors
• The Fund must forthwith suspend payment of redemption proceeds, including outstanding redemption requests, until further notice by the Commission
• The Fund must submit weekly reports to the Commission detailing total assets, net assets, number of investors (with names, addresses and shares held), and cash balances including holding institutions, until further notice
• The Fund must submit weekly reports detailing its investments, including issuer jurisdiction, category, and current value at cost and market value, until further notice
• The Fund must submit weekly reports detailing all litigation involving or affecting the Fund, until further notice

Applies to

mutual funds, International Fixed Income Stanford Fund Ltd (licensee)

Deadlines

• until further notice by the Commission: Suspension of share subscriptions, redemptions, and redemption proceed payments remains in effect until the Commission gives further notice
• weekly, until further notice by the Commission: The Fund must submit recurring weekly reports on assets, investors, cash, investments, and litigation until the Commission advises otherwise