Decision Notice - Bridge Global Absolute Return Fund SPC (2020-05-22)

Summary

This is a Decision Notice issued by CIMA cancelling the mutual fund registration of Bridge Global Absolute Return Fund SPC. It documents specific, sustained breaches of the Mutual Funds Law and the regulator's finding that the fund's directors are not fit and proper persons.

• Breaches found: Failure to prepare and submit audited accounts for years ended 31 March 2015 to 2019 (sections 8(1) and 8(2)); failure to pay annual fees and penalties for 2017 to 2020 (section 9(1)).
• Action taken: CIMA cancelled the fund's mutual fund registration under section 30(3)(a) of the Mutual Funds Law (2020 Revision).
• Basis for cancellation: CIMA found under section 30(1)(a), (ba), (d) and (e) that the fund is or is likely to become unable to meet its obligations, has contravened the Law, was not directed and managed in a fit and proper manner, and that its directors, Mr. Samuel Sze Wei Goh and Mr. Nicholas William McDonald, are not fit and proper persons to hold director positions at a regulated mutual fund.

The notice is specific to this fund and its named directors; it records a completed enforcement action rather than imposing new ongoing requirements on the wider industry.

Applies to

mutual funds, directors of regulated mutual funds