Palos Ventures Fund Ltd - Public Statement No. 14 of 2012 (2 August, 2012)

Public Statement No. 14 of 2012

2 August, 2012

PUBLIC STATEMENT

PALOS VENTURES FUND LTD

Tortola, British Virgin Islands – 2 August, 2012 – The British Virgin Islands Financial Services Commission (the “FSC”) considers it necessary to issue this public statement in order to protect the public interest, and the interests of any of the investors and creditors of Palos Ventures Fund Ltd (the “Fund”), and to make the general public aware that the Fund is no longer recognised or regulated by the FSC. 

The details are:

·           The Fund was formerly recognised by the FSC as a professional mutual fund on 2 June, 2008. 

·           On 13 July, 2012 the FSC cancelled the Fund’s certificate of recognition based on the grounds as set out in section 37 (1) (a) (i) of the Financial Services Commission Act, 2001; namely, that the Fund contravened Regulation 2A of the Financial Services Commission (Securities and Investment Business Fees) (Amendment) Regulations, 2010 by failing to pay its annual recognition fee for the years 2011 and 2012.  

·           
The Fund is now no longer recognised and regulated by the FSC. 

The FSC will provide an update on any further development in this matter. 

The FSC has issued this public statement pursuant to Section 37A (1) of the Financial Services Commission Act, 2001.