Decision Notice - Obelisk Global Fund SPC (2022-06-01)

Summary

This is a Decision Notice published by CIMA disclosing enforcement action taken against Obelisk Global Fund SPC, a registered mutual fund, and against its directors and controller. It records that the Authority cancelled the Fund's mutual fund registration due to ongoing breaches of the Mutual Funds Act.

• Breaches found: Failure to prepare and submit audited accounts for financial years ended 31 December 2018 through 2021 (section 8(1) and (2)), and failure to pay annual fees and penalties for 2020, 2021 and 2022 (section 9) of the Mutual Funds Act (2021 Revision).
• Action taken: CIMA cancelled the Fund's mutual fund registration under section 30(3)(a) of the Act.
• Grounds relied on: Under section 30(1)(a), (ba), (d) and (e), CIMA found the Fund was or was likely to become unable to meet its obligations, had contravened the Act, and was not being directed and managed in a fit and proper manner.
• Findings on individuals: Directors Lawrence Winfield Sifton and Matthew Yiu Kong Ho were found not to be fit and proper persons to hold a director, manager or officer position at a regulated mutual fund; controller Jazeb Matthew Jones was found not to be a fit and proper person to hold a controlled function.
• Effective date: The cancellation decision took effect on 31 May 2022.

This notice is a public record of a completed enforcement decision against a named entity and named individuals rather than a rule of general application; it does not itself impose new ongoing obligations on other regulated persons.

Applies to

registered mutual funds, directors of regulated mutual funds, controllers of regulated mutual funds

Deadlines

• 31 May 2022: Effective date of CIMA's decision to cancel the Fund's mutual fund registration