Decision Notice - Advanced Fund Administration (Cayman) Limited (2022-05-18)

Summary

This is a Decision Notice issued by CIMA revoking the Restricted Mutual Fund Administrator's Licence of Advanced Fund Administration (Cayman) Limited. It follows a Warning Notice dated 21 February 2022 and documents CIMA's reasons for the revocation.

• Grounds for revocation: Protracted non-compliance with the Mutual Funds Act (2021 Revision), ongoing breach of section 22 of the Act, and failure to maintain the minimum net worth condition of CI$100,000 imposed under section 31(3)(b).
• Surrender request rejected: The Company had sought to surrender its licence, but CIMA found the supporting documents did not satisfy its requirements to accept the surrender.
• Statutory basis for action: CIMA acted under section 31(3)(a) of the Act, finding under sections 31(1)(a), (aa) and (d) that the Company was or was likely to become unable to meet its obligations, had contravened the Act, and was not conducted in a fit and proper manner.
• Effective date: The revocation decision took effect on 10 May 2022.

This notice is specific to Advanced Fund Administration (Cayman) Limited and its director and does not create general ongoing obligations for other licensees, but it illustrates CIMA's enforcement approach to persistent regulatory breaches by mutual fund administrators.

Applies to

Restricted Mutual Fund Administrator, mutual fund administrators

Deadlines

• 10 May 2022: Effective date of CIMA's decision to revoke the Company's Restricted Mutual Fund Administrator's Licence.