Decision Notice - Greenhouse Offshore Fund (2018-08-14)

Summary

This is a Decision Notice issued by the Cayman Islands Monetary Authority (CIMA) to PFPC Trustee & Custodial Services Limited, as trustee of the Greenhouse Offshore Fund (Reg. #5493), recording CIMA's cancellation of the Fund's mutual fund registration. It follows an earlier Warning Notice dated 28 June 2018 and documents the breaches that led to the cancellation.

• Breaches found: Failure to prepare and submit audited accounts for the years ended 31 December 2014 to 31 December 2017 (sections 8(1) and 8(2) of the Mutual Funds Law (2015 Revision)); failure to pay annual registration fees and penalties for 2014 to 2018, and penalties for 2013 (section 9 of the Law).
• Action taken: CIMA cancelled the Fund's mutual fund registration under section 30(3)(a) of the Law.
• Grounds: 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 14 August 2018.

This notice is specific to the Greenhouse Offshore Fund and its trustee; it does not create ongoing obligations for other regulated entities but serves as a public record of CIMA's enforcement action.

Applies to

mutual funds, trustees of mutual funds

Deadlines

• 14 August 2018: Effective date of CIMA's decision to cancel the Fund's mutual fund registration.