Decision Notice - Oak Palm Fund Ltd. (2018-11-28)

Summary

This is a Decision Notice issued by CIMA cancelling the mutual fund registration of Oak Palm Fund Ltd (Reg. #12488), formerly ACCL Multi-Strategy Fund Inc. It follows a Warning Notice dated 6 September 2018 and documents the regulator's findings and the action taken against the Fund and its directors.

• Breaches found: Failure to prepare and submit audited accounts for the years ended December 2008 to December 2017 (sections 8(1) and 8(2) of the Mutual Funds Law (2015 Revision)), and failure to pay the annual registration fee and penalties for the years 2009 to 2018 (section 9 of the Law).
• Action taken: CIMA cancelled the Fund's mutual fund registration pursuant to section 30(3)(a) of the Law.
• Reasons: CIMA was satisfied, under sections 30(1)(a) and (d), that the Fund was or was likely to become unable to meet its obligations as they fell due, and that its direction and management had not been conducted in a fit and proper manner.
• Effective date: The cancellation decision took effect on 28 November 2018.

This notice is specific to Oak Palm Fund Ltd and its directors; it records a completed enforcement decision rather than imposing new ongoing obligations on other regulated entities.

Applies to

mutual funds, directors of a mutual fund