Order of Prohibition - Mr Martin Pitoňák (2025-08-14)

Summary

This is a public enforcement notice from the Bermuda Monetary Authority announcing a Prohibition Order issued against Mr Martin Pitoňák, a former director of Stonebridge Capital Hedge Fund Limited, which was wound up by the Supreme Court of Bermuda in January 2025. The Authority found Pitoňák not fit and proper to perform functions in relation to regulated activity under the Investment Funds Act 2006 (IFA), citing lack of probity, competence, diligence and non compliance with the Minimum Criteria for Licensing.

• Findings: Pitoňák failed to conduct business in a prudent manner, did not exercise sound judgment or demonstrate diligence and competence, and was not compliant with the Minimum Criteria for Licensing under the IFA.
• Prohibition scope: For five years from 20 June 2025 (the date of the Authority's Decision Notice), Pitoňák is prohibited 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 IFA, with publication required under sections 67E(7) and 67M to bring the order to public attention.
• Appeal status: Pitoňák did not appeal, and the appeal period under the Investment Funds Appeal Tribunal Regulations 2012 has expired, making the order final.

This notice is informational and enforcement related rather than rule making; it does not impose new ongoing obligations on the wider regulated industry, but serves to warn market participants and investment funds against engaging Pitoňák in any prohibited capacity for the duration of the order.

Key obligations

• Investment funds authorised, registered or designated under the IFA must not permit Martin Pitoňák to act as a controller, operator, officer, chief executive, or service provider for a period of five years from 20 June 2025.

Applies to

investment funds authorised, registered or designated under the Investment Funds Act 2006, controllers, operators, officers, chief executives and service providers of investment funds

Deadlines

• 20 June 2025 for a period of five (5) years: Start and duration of the Prohibition Order against Martin Pitoňák, during which he may not act as controller, operator, officer, chief executive or service provider to any IFA regulated investment fund.