CCAM Co. Ltd in Potential Breach of SIB Act (2025-02-28)

Summary

This is a warning notice issued by the Cayman Islands Monetary Authority (CIMA) against CCAM Co. Ltd, a company registered under the Securities Investment Business Act (SIBA) as a Securities - Registered Person, addressed to its sole director. CIMA states it has reasonable grounds to believe CCAM Co. Ltd breached several provisions of applicable law. Because CIMA could not locate or contact the registrant, it is publishing the notice to give notice to the company and interested parties.

• Failing to file annual declarations for 2024 and 2025
• Failing to pay prescribed annual fees and penalties for those years
• Failing to maintain the required minimum number of directors
• Failing to comply with a CIMA requirement/direction under the Monetary Authority Act
• Failing to maintain a registered office as required under the Companies Act

The notice sets out CIMA's proposed action: to cancel CCAM Co. Ltd's registration as a Securities - Registered Person under section 17(2A)(a) of SIBA, based on findings that the company appears unable to meet its obligations, has contravened the Act, has not been managed in a fit and proper manner, and has failed to comply with lawful directions. The notice also warns that the lack of communication may affect future fitness-and-propriety assessments of the registrant, its directors, or related registrants/licensees.

This is an entity-specific enforcement notice rather than a rule of general application, but it illustrates CIMA's compliance expectations for SIBA registrants regarding annual declarations, fee payments, director requirements, and registered office maintenance, and it affords the registrant a right to make representations before final action is taken.

Key obligations

• CCAM Co. Ltd must file its outstanding annual declarations for 2024 and 2025 under section 5(4E)(a) of the Securities Investment Business Act
• CCAM Co. Ltd must pay its prescribed annual fees and accrued penalties for 2024 and 2025 under section 5(4E)(b) of the Act
• CCAM Co. Ltd must maintain a minimum of two individual directors, or one corporate director complying with the Directors Registration and Licensing Act, 2014, under section 15(4)(a) of the Act
• CCAM Co. Ltd must maintain a Registered Office as required by section 50(1) of the Companies Act (2023 Revision)
• CCAM Co. Ltd must comply with any lawful requirement or direction issued by CIMA under section 34(17)(a) of the Monetary Authority Act
• The Registrant (or its director) must submit any written representations regarding the proposed cancellation of registration within 14 days of receiving the Warning Notice
• If an extension of time to make representations is needed, a request for extension must be submitted within 7 days of receiving the Warning Notice

Applies to

Securities - Registered Person (SIBA registrant), director of a SIBA registrant

Deadlines

• 14 days of receiving this Warning Notice: Deadline for CCAM Co. Ltd (via its director) to make written representations to CIMA regarding the proposed cancellation of its registration
• 7 days of receiving the Warning Notice: Deadline to submit a request for an extension of time to make written representations