Revocation of Licenses/Certificate - Palos Ventures Fund Ltd. (2012-07-13)

Summary

This is a single enforcement notice from the BVI Financial Services Commission announcing that it cancelled the certificate of recognition held by Palos Ventures Fund Ltd, an investment business entity. The action was taken because the fund failed to pay its annual recognition fees for the prescribed or approved periods, in breach of the fee regulations.

• Entity: Palos Ventures Fund Ltd, categorised under Investment Business
• Action: Cancellation of certificate of recognition
• Basis: Contravention of Regulation 2 of the Financial Services Commission (Securities and Investment Business Fees) (Amendment) Regulations, 2010, for failing to pay annual recognition fees for the prescribed or approved periods
• Reference: Matter ID INV0615/089

The notice is purely informational, recording a completed enforcement action against this specific fund; it does not impose any new ongoing obligations on other regulated entities, but serves as a reminder that failure to pay annual recognition or licence fees can result in revocation of a fund's certificate.

Applies to

mutual funds, investment business entities, funds holding a certificate of recognition