Decision Notice - Mutual Fund Registration Cancelled for Augury Hedge Fund (2025-12-10)

Summary

This is a Decision Notice published by CIMA disclosing that it has cancelled the mutual fund registration of Augury Hedge Fund (Reg. #1023422). It follows an earlier Warning Notice and details the specific statutory breaches that led to cancellation, plus a finding on the fitness and propriety of one director.

• Breaches found: Failure to prepare and submit audited accounts for years ended 31 December 2019 through 2024 (sections 8(1) and 8(2) of the Mutual Funds Act); failure to pay prescribed annual fees and accrued penalties for 2024 and 2025 (sections 9(1) and 9(3)); and failure to maintain a Registered Office as required by 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, effective 25 November 2025.
• Grounds relied on: CIMA found, under sections 30(1)(a), (ba), (d) and (e) of the Act, that the Fund is or is likely to become unable to meet its obligations, has contravened the Act, has not been directed and managed 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 cancellation decision to the Grand Court pursuant to section 36 of the Mutual Funds Act.

This notice is specific to Augury Hedge Fund and its director and does not itself impose new ongoing obligations on other regulated entities, but it illustrates CIMA's enforcement approach to persistent filing, fee and governance breaches under the Mutual Funds Act.

Applies to

registered mutual funds, directors of registered mutual funds

Deadlines

• 25 November 2025: Effective date of CIMA's decision to cancel the Fund's mutual fund registration