Decision Notice - KTH Capital Management Limited (2020-01-15)

Summary

This is a Decision Notice issued by CIMA revoking the restricted mutual fund administrators licence of KTH Capital Management Limited (Reg. #3867). It follows a Warning Notice dated 13 November 2019 and documents ongoing breaches of the Mutual Funds Law that the company failed to remedy.

• Breaches found: Failure to prepare and submit audited accounts to CIMA for the years ended December 2002 to December 2018 (sections 8(1) and 8(2) of the Mutual Funds Law); failure to pay annual fees in full for 2007 to 2015 and associated penalties (section 9).
• Action taken: CIMA revoked the Company's restricted mutual fund administrators licence under section 31(12)(a) of the Mutual Funds Law (2019 Revision), on the basis that the Company had ceased to carry on, or attempt to carry on, business as a restricted mutual fund administrator and remained unable to become compliant despite repeated requests.
• Effective date: The revocation decision is effective 10 January 2020.

This notice is informational and enforcement-related: it records a completed regulatory action against a specific named entity rather than imposing new ongoing obligations on the wider industry.

Applies to

restricted mutual fund administrators, mutual funds

Deadlines

• 10 January 2020: Effective date of CIMA's decision to revoke KTH Capital Management Limited's restricted mutual fund administrators licence.