Decision Notice - Private Fund Registration Cancelled for British Development Land Fund (2025-12-10)

Summary

This is a Decision Notice published by CIMA announcing that it has cancelled the private fund registration of British Development Land Fund (Reg. #1844673) under the Mutual Funds Act. It follows an earlier Warning Notice and unremedied breaches identified by the Authority.

• Breaches found: Failure to pay prescribed annual fees and accrued penalties for 2022 to 2025, and failure to file annual returns for the years ended 31 December 2020 through 2024, contrary to sections 10(1), 10(2) and 14 of the Mutual Funds Act.
• Other deficiency: The Fund lacked a Registered Office as required under section 50(1) of the Companies Act (2025 Revision).
• Action taken: CIMA cancelled the Fund's private fund registration under section 25(2)(a) of the Mutual Funds Act, citing inability to meet obligations, non-compliance with the Act, unfit management, and a finding that operator Mr. Jeremy Leach is not fit and proper.
• Appeal: The Fund has a right to appeal the decision to the Grand Court under section 28 of the Act.

This notice is specific to this fund and its directors and does not itself create new ongoing obligations for other regulated entities, though it illustrates CIMA's enforcement approach to unpaid fees and missed annual return filings.

Applies to

private funds, directors of registered private funds, fund operators

Deadlines

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