BRAZIL ADVANCED LTD. formerly BRAZIL ADVANCED INVESTMENT FUND LTD

An administrative penalty in the amount of $6,100.00 was imposed on BRAZIL ADVANCED FUND LTD. formerly BRAZIL ADVANCED INVESTMENT FUND LTD for its contravention of section 10(4) of the Mutual Funds Regulations, 2010 for failing to provide a copy of its audited financial statements within six months after its financial year end of 31December, 2014.