Decision Notice - Focus Administration Limited (2020-07-08)

Summary

This is a Decision Notice issued by the Cayman Islands Monetary Authority (CIMA) revoking the Full Mutual Fund Administrators Licence (Lic. #9228) held by Focus Administration Limited, effective 8 July 2020. The revocation follows an earlier Decision Notice (25 May 2020) that had imposed conditions requiring the company to exit all client relationships for mutual fund administration and registered office services, which the company failed to satisfactorily address.

• Grounds for revocation: CIMA found the company was or was likely to become unable to meet its obligations as they fall due, had contravened the Mutual Funds Law and the Anti-Money Laundering Regulations, and was not conducting its mutual fund administration business in a fit and proper manner.
• Specific breaches cited: Failure to prepare and submit audited financial statements for the years ended 30 June 2018 and 30 June 2019 (sections 20(1) and 20(2)); failure to evidence paid-up capital of at least CI$400,000 to meet minimum net worth requirements (section 12(2)(c)); failure to provide documentation for a planned 2019 on-site inspection (section 29(2)(c)); and failure to appoint a Money Laundering Reporting Officer and Deputy Money Laundering Reporting Officer (AMLR regulations 33(1) and 33(2)).
• Action taken: Pursuant to section 31(3)(a) of the Mutual Funds Law, CIMA revoked the company's Full Mutual Fund Administrators Licence, effective 8 July 2020.

This notice is entity-specific and does not create general ongoing obligations for other licensees; it documents CIMA's enforcement decision against this particular company and its directors.

Applies to

mutual fund administrators, full mutual fund administrators licence holders

Deadlines

• 8 July 2020: Deadline by which the company was required, under the 25 May 2020 Decision Notice conditions, to exit all client relationships for mutual fund administration services and registered office services.
• 8 July 2020: Effective date of CIMA's decision to revoke Focus Administration Limited's Full Mutual Fund Administrators Licence.