Decision Notice - Platinum Partners (2020-10-15)

Summary

This is a Decision Notice issued by CIMA cancelling the mutual fund registrations of four Platinum Partners funds, following sustained breaches of the Mutual Funds Law (2020 Revision). It is addressed to Mark Alan Nordlicht as Operator of the funds and records the regulatory action taken, the statutory grounds, and its effective date.

• Funds affected: Platinum Partners Credit Opportunities Fund International (A), Ltd. (Reg. #16069); Platinum Partners Credit Opportunities Fund International, Ltd. (Reg. #13455); Platinum Partners Liquid Opportunity Fund (International) Ltd. (Reg. #16700); and Platinum Partners Liquid Opportunity Master Fund L.P. (Reg. #621040).
• Breaches found: Failure to prepare and submit audited accounts for years ended 31 December 2017 to 2019 (section 8(1) and (2)), and failure to pay annual fees and penalties for 2017 to 2020 (section 9) of the Mutual Funds Law.
• Action taken: CIMA cancelled the mutual fund registrations of all four Platinum Funds under section 30(3)(a) of the Law.
• Grounds for decision: Under sections 30(1)(a), (d) and (e), CIMA found the funds were or were likely to become unable to meet their obligations as they fall due, that direction and management of the funds had not been conducted in a fit and proper manner, and that Mark Alan Nordlicht is not a fit and proper person to hold the position of director of a regulated entity.

This notice is a record of a completed enforcement action rather than a document imposing prospective compliance duties on other parties; it is included in the public decision notices register for transparency.

Applies to

mutual funds, fund operators/directors

Deadlines

• 13 October 2020: Effective date of CIMA's decision to cancel the mutual fund registrations of the Platinum Funds.