Decision Notice - Madbury Lane Advisors Fund No. 3 (2018-10-10)

Summary

This is a Decision Notice issued by CIMA against Madbury Lane Advisors Fund No. 3 (Reg. #5478) and Madbury Lane Advisors Fund No. 3 Offshore Investors (Reg. #5479), collectively 'the Funds'. It records that the Authority has cancelled the Funds' mutual fund registrations under the Mutual Funds Law (2015 Revision) following prior warnings that went unaddressed.

• Breaches found: Failure under sections 8(1) and (2) of the Law to prepare and submit audited accounts for the years ended 31 December 2006 to 2017.
• Fees: Failure under section 9 of the Law to pay annual registration fees and penalties for the years 2007 to 2018.
• Action taken: CIMA cancelled the Funds' mutual fund registrations pursuant to section 30(16) of the Law, effective 9 October 2018, on the basis that the Funds had ceased to carry on or attempt to carry on business as a mutual fund and had not satisfied CIMA's termination requirements.

This notice is specific to these two funds and their directors; it does not create new obligations for other regulated entities but illustrates CIMA's enforcement approach to funds that fail to file audited accounts or pay registration fees.

Applies to

mutual funds, directors of mutual funds

Deadlines

• 9 October 2018: Effective date of CIMA's decision to cancel the Funds' mutual fund registrations.