Decision Notice - Mutual Fund Registration Cancelled for HAYVN Funds SPC (2025-06-13)

Summary

This is a Decision Notice published by CIMA announcing that it has cancelled the mutual fund registration of HAYVN Funds SPC (Reg. #2011203). It is an enforcement action against a specific named fund and its director, not a rule of general application, but it illustrates CIMA's enforcement approach for ongoing breaches of the Mutual Funds Act.

• Breaches found: Failure to submit audited accounts within the prescribed period for financial years ending 31 December 2022 and 2023, contrary to sections 8(1) and (2) of the Mutual Funds Act (2021 Revision); and failure to maintain a Registered Office as required by section 50(1) of the Companies Act (2025 Revision).
• Action taken: CIMA cancelled the Fund's mutual fund registration under section 30(3)(a) of the Mutual Funds Act, effective 05 June 2025.
• Findings: CIMA found the Fund contravened the MFA, that its direction and management were not conducted in a fit and proper manner, and that director Mr. Christopher Flinos is not a fit and proper person to hold his position.
• Appeal rights: The Fund may appeal the decision to the Grand Court under section 36 of the Mutual Funds Act.

This notice is informational as to the public: it records a completed regulatory action against this specific fund rather than creating new ongoing obligations for other regulated entities.

Applies to

mutual funds, directors of registered mutual funds

Deadlines

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