Decision Notice - Kingsend Capital Partners, Ltd (2017-05-23)

Summary

This is a Decision Notice issued by CIMA cancelling the mutual fund registration of Kingsend Capital Partners, Ltd. It follows an earlier Warning Notice dated 30 March 2017 and documents the Authority's final enforcement action against the Fund.

• Breach found: The Fund breached Sections 8(1), 8(2) and 9 of the Mutual Funds Law (2015 Revision) by failing to prepare and submit audited accounts for the years ended 31 December 2010 to 2015, and by failing to pay annual fees and penalties for 2011 to 2017.
• Action taken: CIMA cancelled the Fund's mutual fund registration under Section 30(16) of the Law.
• Reason given: The Authority was satisfied the Fund had ceased, or attempted to cease, carrying on business as a mutual fund and remained unable to become compliant despite repeated requests.
• Effective date: The cancellation decision took effect on 23 May 2017.

This notice is specific to Kingsend Capital Partners, Ltd. and its directors; it records a completed enforcement outcome rather than imposing new ongoing rules on the wider industry, though it illustrates CIMA's use of its cancellation powers for persistent non-filing and non-payment of fees.

Applies to

mutual funds, directors of registered mutual funds

Deadlines

• 23 May 2017: Effective date of CIMA's decision to cancel the Fund's mutual fund registration.