Decision Notice - Mutual Fund Registration Cancelled for Praesidium Investment Fund (2025-12-10)

Summary

This is a Decision Notice published by CIMA confirming that it has cancelled the mutual fund registration of Praesidium Investment Fund (Registration No. 658372). It is an informational public extract of enforcement action already taken against the specific fund and its director, not a rule of general application.

• Breaches found: Failure to prepare and submit audited accounts for financial years ended 30 June 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.
• Fitness and propriety finding: CIMA also found that the Fund's director, Mr. Jeremy Leach, is not a fit and proper person to hold a director position at a regulated mutual fund.
• Action taken: CIMA cancelled the Fund's mutual fund registration pursuant to section 30(3)(a) of the Mutual Funds Act, effective 25 November 2025.
• 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 Praesidium Investment Fund and its director and does not itself create new ongoing obligations for other regulated entities; it serves as a public record of CIMA's enforcement outcome and a reminder of the underlying statutory filing and fee obligations under the Mutual Funds Act and Companies Act.

Applies to

mutual funds, directors of regulated mutual funds

Deadlines

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