Notice - Enforcement Action - Stonebridge Capital Hedge Fund (2025-05-09)

Summary

This is a public enforcement notice from the Bermuda Monetary Authority announcing that it petitioned the Supreme Court of Bermuda to wind up Stonebridge Capital Hedge Fund Limited, an Institutional Fund authorised under the Investment Funds Act 2006 (IFA). The Supreme Court ordered the wind up on 31 January 2025 and appointed Joint Provisional Liquidators from Interpath (Bermuda) Limited.

• Section 14(1)(a) IFA: The Fund failed to prepare audited financial statements.
• Section 14(1)(b) IFA: The Fund failed to appoint a replacement auditor and fund administrator after its previous auditor and administrator resigned.
• Section 26(1)(b) IFA: The Fund failed to submit annual statements to the Authority particularising its compliance or non-compliance with the IFA.

The Authority found these breaches serious due to their duration and extent, and concluded that the Company and its Operators (Martin Pitoňák and Peter Pitoňák) were unable to restore or maintain compliance. The notice is informational, documenting completed regulatory and court action rather than imposing new ongoing requirements; enquiries about the Company should be directed to the Joint Provisional Liquidators.

Applies to

investment funds, institutional funds authorised under the Investment Funds Act 2006, fund operators/directors, fund administrators and auditors