Decision Notice - L.A. Capital Management, Ltd. (2019-06-18)

Summary

This is a Decision Notice issued by CIMA against L.A. Capital Management, Ltd. (Reg. #10504), a Cayman Islands mutual fund, following an earlier Warning Notice dated 10 May 2019. It records CIMA's enforcement action to cancel the Fund's mutual fund registration due to ongoing non-compliance.

• Breaches found: Failure to prepare and submit audited accounts for financial years ended 31 December 2013 to 2017, contrary to sections 8(1) and 8(2) of the Mutual Funds Law (2019 Revision); failure to pay annual fees for 2017 to 2019 and penalties for 2015 and 2017 to 2019, contrary to section 9; and failure to maintain a registered office, contrary to section 50 of the Companies Law (2018 Revision).
• Action taken: CIMA cancelled the Fund's mutual fund registration under section 30(16) of the Mutual Funds Law, on the basis that the Fund has ceased to carry on or attempt to carry on mutual fund business and remained non-compliant despite repeated requests.
• Effective date: The cancellation decision took effect on 18 June 2019.

This notice is specific to L.A. Capital Management, Ltd. and does not itself create new ongoing compliance obligations for other regulated entities; it serves as a public record of CIMA's enforcement action against this particular fund.

Applies to

mutual funds, directors of mutual funds

Deadlines

• 18 June 2019: Effective date on which CIMA's decision to cancel the Fund's mutual fund registration took effect.