Decision Notice - Securities Registration Cancelled for Seneca House Fund Management (2025-03-25)

Summary

This is a Decision Notice published by CIMA confirming that it has cancelled the registration of Seneca House Fund Management (Registration #1606754) as a Securities Registered Person under the Securities Investment Business Act. The action follows a prior Warning Notice dated 27 August 2024 and was taken because the firm remained in breach of its statutory obligations.

• Grounds for cancellation: Failure to pay prescribed annual fees for 2023, 2024 and 2025 (section 5(4E)(b)), and failure to pay accrued surcharges (section 5(4D)) under the Securities Investment Business Act.
• Additional concern: CIMA also had reason to believe the Registrant breached section 50(1) of the Companies Act (2025 Revision) by failing to maintain a Registered Office.
• Action taken: CIMA cancelled the Registrant's Securities Registered Person status under section 17(2A)(a) of the Act, on the basis of reasonable grounds of contravention under section 17(2)(c).
• Effective date: The cancellation took effect on 12 March 2025.
• Appeal rights: The Registrant may appeal the decision to the Cayman Islands court under section 22 of the Act.

This notice is specific to Seneca House Fund Management and does not create new general obligations for other regulated entities, but it illustrates CIMA's enforcement approach to unpaid fees, surcharges and registered office failures under the Securities Investment Business Act.

Applies to

Securities Registered Persons, securities investment business firms

Deadlines

• 12 March 2025: Effective date on which CIMA's cancellation of Seneca House Fund Management's Securities Registered Person registration took effect.