Decision Notice - Mutual Fund Registration Cancelled for Alpha Property Fund (2025-12-10)

Summary

This is a Decision Notice published by CIMA confirming that it has cancelled the mutual fund registration of Alpha Property Fund (Reg. #1184632), effective 25 November 2025. The cancellation follows an earlier Warning Notice and the Fund's failure to remedy multiple statutory breaches.

• Breaches identified: Failure to prepare and submit audited accounts to CIMA for years ended 2019 through 2024 (sections 8(1) and 8(2) of the Mutual Funds Act); failure to pay prescribed annual fees and accrued penalties for 2023, 2024 and 2025 (sections 9(1) and 9(3)); and lack of a Registered Office as required under section 50(1) of the Companies Act.
• Action taken: CIMA cancelled the Fund's mutual fund registration under section 30(3)(a) of the Mutual Funds Act.
• Basis for decision: CIMA found the Fund is or is likely to become unable to meet its obligations, has contravened the Act, was not conducted in a fit and proper manner, and that director Mr. Jeremy Leach is not a fit and proper person to hold a director position at a regulated mutual fund.
• Appeal right: The Fund may appeal the decision to the Grand Court under section 36 of the Mutual Funds Act.

This notice is specific to Alpha Property Fund and its directors; it does not create new general obligations for other regulated entities, but illustrates CIMA's enforcement approach to persistent non-compliance with audited accounts, fee payment, and registered office requirements.

Applies to

mutual funds, directors of a registered mutual fund

Deadlines

• 25 November 2025: Effective date on which CIMA's cancellation of the Fund's mutual fund registration takes effect.