Warning Letter - AG Diversified Credit Strategies Fund Ltd. (2015-02-09)

Summary

This is a public enforcement notice issued by the BVI Financial Services Commission recording that it issued a warning letter to AG Diversified Credit Strategies Fund Ltd. The warning relates to a specific breach of the Mutual Funds Regulations, 2010 and serves as a public record of the enforcement action rather than a general rule change.

• Contravention: Breach of regulation 7(5) of the Mutual Funds Regulations, 2010, which requires notifying the Commission of the appointment of a fund administrator within a prescribed period.
• Specific failure: The fund failed to notify the Commission of the appointment of SEI Global Services, Inc. as its administrator within the time required by the Regulations.
• Action taken: The Commission issued a warning letter to the fund; matter reference BF101113/260.

This notice is informational and specific to the named fund; it does not itself create new ongoing obligations for other market participants, but it illustrates the Commission's expectation that mutual funds notify it promptly of administrator appointments under regulation 7(5).

Applies to

mutual funds, fund administrators