Notice - Prohibition Order – Mr Peter Pitoňák (2025-11-04)

Summary

This is a public enforcement notice from the Bermuda Monetary Authority announcing a Prohibition Order against Mr Peter Pitoňák, a former director of Stonebridge Capital Hedge Fund Limited, an institutional fund previously authorised under the Investment Funds Act 2006 (IFA) that was wound up by the Supreme Court of Bermuda on 31 January 2025. The Authority found Pitoňák not fit and proper to perform functions in relation to regulated activity under the IFA and has published the terms of the order now that the appeal period has expired.

• Basis for order: Lack of probity, competence and soundness of judgment as a director; failure to conduct business prudently; failure to exercise sound judgment, diligence and competence; non compliance with the Minimum Criteria for Licensing under the IFA Schedule.
• Scope of prohibition: For five years from 19 September 2025, Pitoňák is barred from being a controller, operator, officer or chief executive of, or acting as a service provider to, any investment fund authorised, registered or designated under the IFA.
• Legal basis: Issued under section 67E of the Investment Funds Act 2006, with publication made under sections 67E(7) and 67M of the IFA.

This notice is informational and enforcement related rather than one that imposes new ongoing regulatory obligations on the wider industry; its main practical effect is to publicly bar Pitoňák from fund related roles for the stated five year period and to alert market participants (including service providers) not to engage him in a prohibited capacity.

Key obligations

• Peter Pitoňák must not act as a controller, operator, officer or chief executive of, or as a service provider to, any investment fund authorised, registered or designated under the IFA for five years from 19 September 2025.

Applies to

investment funds authorised, registered or designated under the IFA, fund operators, controllers, officers, chief executives and service providers

Deadlines

• 5 years from 19 September 2025: Duration of the Prohibition Order against Peter Pitoňák, barring him from fund related roles under the IFA.