Decision Notice - Mutual Fund Registration Cancelled for High Protection Fund (2025-12-10)

Summary

This is a Decision Notice published by CIMA disclosing that it has cancelled the mutual fund registration of High Protection Fund (Registration #16296), effective 25 November 2025. The action follows a prior Warning Notice and the Fund's failure to remedy multiple statutory breaches.

• Audited accounts: The Fund failed to prepare and submit audited accounts to CIMA for the years ended 30 June 2022, 2023 and 2024, in breach of sections 8(1) and 8(2) of the Mutual Funds Act.
• Annual fees: The Fund failed to pay prescribed annual fees and accrued penalties for 2024 and 2025, in breach of sections 9(1) and 9(3) of the Mutual Funds Act.
• Registered office: The Fund lacked a Registered Office as required under section 50(1) of the Companies Act (2025 Revision).
• Director fitness and propriety: CIMA found that a director of the Fund, Mr. Jeremy Leach, is not a fit and proper person to hold a director position in a regulated mutual fund.
• Cancellation action: Pursuant to section 30(3)(a) of the Mutual Funds Act, CIMA cancelled the Fund's mutual fund registration.

The notice records that the Fund has a right to appeal CIMA's decision to the Grand Court under section 36 of the Mutual Funds Act. No specific appeal deadline is stated in the extract.

Applies to

registered mutual funds, directors of registered mutual funds

Deadlines

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