Decision Notice - AAA Venture Fund SPC Limited (2016-11-10)

Summary

This is a Decision Notice issued by the Cayman Islands Monetary Authority (CIMA) to the directors of AAA Venture Fund SPC Limited (In Controllership), notifying them that CIMA has cancelled the Fund's mutual fund registration. It is an enforcement action specific to this single fund and its directors, not a general rule of broader application.

• Action taken: CIMA cancelled the Fund's mutual fund registration under section 30(3)(a) of the Mutual Funds Law (2015 Revision).
• Background: CIMA had appointed Controllers in May 2013 under section 30(3)(e) of the Mutual Funds Law (2012 Revision); the controllership has since ended with no funding available to pursue a formal winding up.
• Reasons cited: The Fund was unable to meet its obligations as they fell due, was carrying on business prejudicial to investors or creditors, its direction and management were not conducted in a fit and proper manner, and director Peter Obrist was found not fit and proper to hold the position of director of a regulated mutual fund.
• Effective date: The cancellation decision took effect on 8 November 2016.

The notice is addressed to the Fund's directors, Peter Obrist and Didier van Caloen, and does not impose any new ongoing regulatory obligations beyond the cancellation itself; it is an informational record of a completed enforcement decision.

Applies to

mutual funds, directors of regulated mutual funds

Deadlines

• 08 November 2016: Effective date of CIMA's decision to cancel the Fund's mutual fund registration.