Decision Notice - Keydata International Fund SPC (2019-01-31)

Summary

This is a Decision Notice issued by CIMA to the directors of Keydata International Fund SPC (Reg. #15567), formally cancelling the Fund's mutual fund registration. It follows the end of a controllership that began in December 2012, after which no funding was available to pursue a formal winding-up of the Fund.

• Action taken: CIMA cancelled the Fund's mutual fund registration under section 30(3)(a) of the Mutual Funds Law (2015 Revision).
• Reasons given: CIMA was satisfied, under sections 30(1)(a) and (d) of the Law, that the Fund was unable to meet its obligations as they fell 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 28 November 2018.

The notice is specific to this Fund and its directors; it does not impose new ongoing requirements on other regulated entities, but signals the regulatory consequence of prolonged controllership without resolution.

Applies to

mutual funds, directors of regulated mutual funds

Deadlines

• 28 November 2018: Effective date of CIMA's decision to cancel the Fund's mutual fund registration