Decision Notice - Registration Cancelled for 12 Peers Capital Markets, Ltd (2023-08-16)

Summary

This is a Decision Notice extract published by CIMA disclosing that it has cancelled the securities registration of 12 Peers Capital Markets, Ltd, following a Warning Notice issued on 2 March 2023. It sets out the breaches found and the statutory basis for the cancellation.

• Breach 1: Failure to file annual declarations for 2022 and 2023, contrary to section 5(4E)(a) of the Securities Investment Business Act (2020 Revision).
• Breach 2: Failure to pay prescribed annual fees and accrued penalties for 2022 and 2023, contrary to section 5(4E)(b) of the Act.
• Breach 3: Failure to maintain a minimum of two directors each complying with the Directors Registration and Licensing Act, 2014 (as amended), contrary to section 15(4)(a) of the Act.
• Action taken: CIMA, under section 17(2A)(a) of the Act, cancelled the Registrant's registration as a Securities-Registered Person.
• Grounds: Under sections 17(2)(c) and (e), the Authority found the Registrant had contravened the Act and had not conducted its business direction and management in a fit and proper manner.

The notice is informational: it records a completed enforcement action against a specific registrant rather than creating new ongoing obligations for the wider industry. The cancellation took effect on 9 August 2023.

Applies to

Securities Registered Person, Director of a Securities Registered Person

Deadlines

• 9 August 2023: Effective date of CIMA's decision to cancel the Registrant's securities registration.