Revocation of Licenses/Certificate - BASIS Fund Limited (2012-07-13)

Summary

This is an enforcement notice from the BVI Financial Services Commission announcing the revocation of the certificate of recognition held by BASIS Fund Limited, a recognised mutual fund. The action was taken because the fund failed to pay its annual recognition fees for the prescribed periods.

• Entity affected: BASIS Fund Limited (Matter ID: INV0615/089)
• Reason for revocation: Contravention of Regulation 2 of the Financial Services Commission (Securities and Investment Business Fees) (Amendment) Regulations, 2010, by failing to pay annual recognition fees for the prescribed or approved periods
• Action taken: Cancellation of the fund's certificate of recognition

This is a public enforcement notice concerning a single named fund rather than a rule of general application. It does not itself impose new ongoing obligations on other regulated entities, but serves as a reminder that non payment of recognition fees can lead to revocation of a fund's certificate.

Applies to

mutual funds, recognised funds (investment business)