Decision Notice - Global Securities Capital Fund (2018-06-13)

Summary

This is a Decision Notice issued by the Cayman Islands Monetary Authority (CIMA) cancelling the mutual fund registration of Global Securities Capital Fund (Reg. #14661), following an earlier Warning Notice dated 5 April 2018. It is an enforcement action specific to this fund rather than a general rule change.

• Breaches found: Failure to prepare and submit audited accounts under sections 8(1) and 8(2) of the Mutual Funds Law (2015 Revision) for financial years ended December 2011 to December 2016; and failure to pay annual registration fees and penalties under section 9 for 2016 to 2018.
• Action taken: CIMA cancelled the Fund's mutual fund registration under section 30(3)(a) of the Law.
• Stated reasons: CIMA was satisfied under sections 30(1)(a) and (d) that the Fund was, or was likely to become, unable to meet its obligations as they fall due, and that its direction and management had not been conducted in a fit and proper manner.
• Effective date: The cancellation decision took effect on 12 June 2018.

The notice is directed to the Fund's director and records a completed regulatory action; it does not impose ongoing compliance obligations on other market participants, though it illustrates the audited accounts and annual fee obligations under sections 8 and 9 of the Mutual Funds Law that regulated funds must meet.

Applies to

mutual funds registered under the Mutual Funds Law, fund directors