Decision Notice - Azure Energy Fund, Inc. (2016-04-26)

Summary

This is a Decision Notice issued by CIMA against Azure Energy Fund, Inc. (Reg. #5324), addressed to its directors, cancelling the fund's mutual fund registration. It follows a Warning Notice dated 3 March 2016 and documents the regulator's enforcement action and reasoning.

• Breach found: The Fund breached Sections 8(1), 8(2) and 9 of the Mutual Funds Law (2015 Revision) by failing to prepare and submit audited accounts for the years ended 31 July 2003 to 2008, and by failing to pay annual fees and penalties for the years 2008 to 2016.
• Action taken: CIMA cancelled the Fund's mutual fund registration under Section 30(16) of the Law.
• Reasons given: CIMA was satisfied the Fund had ceased, or attempted to cease, carrying on business as a mutual fund, and despite repeated requests it failed to become compliant or satisfy termination requirements.
• Effective date: The cancellation decision took effect on 26 April 2016.

This notice is purely informational as to a completed enforcement action against a specific named fund; it does not impose new ongoing obligations on other regulated entities, though it illustrates CIMA's approach to enforcing audited accounts and fee payment requirements under the Mutual Funds Law.

Applies to

mutual funds, directors of mutual funds

Deadlines

• 26 April 2016: Effective date of CIMA's decision to cancel Azure Energy Fund, Inc.'s mutual fund registration.