Decision Notice - APAM Protected Asset Management Unit Trust (2019-03-12)

Summary

This is a Decision Notice issued by CIMA cancelling the mutual fund registration of APAM Protected Asset Management Unit Trust (Reg. #1956). It is addressed to the Fund's trustee, Cardinal International Corporation, Ltd., and follows an earlier Warning Notice dated 31 January 2019.

• Breach identified: Failure to prepare and submit audited accounts for the years ended 31 December 2000 to 2017, contrary to sections 8(1) and 8(2) of the Mutual Funds Law (2019 Revision).
• Further breach: Failure to pay annual fees and penalties for the years 2003 to 2019, contrary to section 9 of the Law.
• Action taken: CIMA cancelled the Fund's mutual fund registration under section 30(16) of the Law, effective 12 March 2019, on the basis that the Fund had ceased to carry on business as a mutual fund and had not met termination requirements.

This notice is informational and enforcement-related rather than one that imposes ongoing regulatory requirements on other market participants; it confirms a completed regulatory action against a specific fund and its trustee.

Applies to

mutual funds, trustees of mutual funds

Deadlines

• 12 March 2019: Effective date of the Authority's decision to cancel the Fund's mutual fund registration.