Order of Prohibition - Mr Peter Pitoňák (2025-11-04)

Summary

This is a public enforcement notice from the Bermuda Monetary Authority announcing a Prohibition Order issued against Mr Peter Pitoňák under section 67E of the Investment Funds Act 2006 (IFA). Pitoňák was a director of Stonebridge Capital Hedge Fund Limited, an institutional fund that the Supreme Court of Bermuda ordered wound up in January 2025 on the Authority's petition.

The Authority found that Pitoňák lacked probity, competence and sound judgment, permitted Stonebridge to operate in contravention of the IFA, and failed to deal openly with the fund's service providers and the Authority itself.

• 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 terms: For five years from 19 September 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.
• Publication basis: The Authority is publishing the Prohibition Order pursuant to sections 67E(7) and 67M of the IFA, as Pitoňák did not appeal and the appeal period has expired.

This is an individual enforcement action rather than a rule of general application; it is informational for the industry but creates a binding restriction specifically on Mr Pitoňák.

Key obligations

• Mr Peter Pitoňák is prohibited, for five years from 19 September 2025, from acting as a controller, operator, officer or chief executive of, or as a service provider to, any investment fund authorised, registered or designated under the Investment Funds Act 2006.

Applies to

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

Deadlines

• five (5) years from 19 September 2025: Duration of the Prohibition Order against Mr Peter Pitoňák, during which he may not act as a controller, operator, officer, chief executive or service provider to any investment fund under the IFA.