Decision Notice - Securities Registration Cancelled for Jolly Capital Limited (2023-11-27)

Summary

This is a Decision Notice issued by CIMA cancelling the Securities Investment Business registration of Jolly Capital Limited (Registrant #1599710), effective 21 November 2023. It follows a prior Warning Notice dated 11 September 2023 and details the specific statutory breaches that led to the cancellation.

• Breaches cited: Failure to file prescribed de registration details (section 5(4B)(b)); failure to file annual declarations for 2021 and 2022 (section 5(4E)(a)); failure to pay prescribed annual fees and accrued penalties for 2022 and 2023 (section 5(4E)(b)); failure to maintain two directors registered under the Directors Registration and Licensing Act (section 15(4)(a)); and suspected failure to maintain a registered office under section 50(1) of the Companies Act.
• Action taken: CIMA cancelled the Registrant's Securities Registered Person status under section 17(2A)(a) of the Securities Investment Business Act, on grounds under sections 17(2)(c) and (e) that the Registrant contravened the Act and did not conduct its business in a fit and proper manner.
• Appeal: The Registrant has a right to appeal the decision to the Cayman Islands court under section 22 of the Act.

This notice is specific to Jolly Capital Limited and its director and does not create new ongoing obligations for other regulated entities; it serves as a public record of the enforcement action and the underlying statutory requirements the Registrant failed to meet.

Key obligations

• The Registrant (Jolly Capital Limited) may appeal CIMA's cancellation decision to the Cayman Islands court under the procedure set out in section 22 of the Securities Investment Business Act.

Applies to

Securities Registered Person, securities investment business registrant

Deadlines

• 21 November 2023: Effective date of CIMA's decision to cancel the Registrant's Securities Registered Person registration.