A2 Fund (2017-10-17)

Summary

This is a Warning Notice issued by the Cayman Islands Monetary Authority (CIMA) to the directors of a specific investment fund, the A2 Fund (registration number 637873). It records that CIMA had previously notified the Fund in late 2015 that it was in breach of the Mutual Funds Law (2015 Revision), and that no satisfactory response or compliance proposal was ever received.

• Audited accounts: Failing to file audited accounts for financial years 2012-2014.
• Fees and penalties: Failing to pay annual fees and penalties for 2013-2016.

On this basis, CIMA gives formal notice that it proposes to cancel the A2 Fund's mutual fund registration under Section 30(16) of the Mutual Funds Law, on the grounds that the Fund has ceased, or ceased attempting, to carry on business as a mutual fund. The notice sets out CIMA's reasoning for this proposed action.

• Never carried on business: Representations that the Fund never actually carried on business as a mutual fund.
• Continued non-compliance: The Fund's continued failure to meet termination and compliance requirements.

This is an individual enforcement notice concerning one named fund rather than a rule or guidance of general application. It does not create new ongoing obligations for the wider industry; it documents CIMA's proposed regulatory action against this specific licensee for existing breaches of the Mutual Funds Law, specifically the audited accounts and fee obligations under Sections 8(1), 8(2) and 9.

Applies to

mutual funds, fund directors