Decision Notice - Seed Special Opportunities Fund (2018-12-19)

Summary

This is a Decision Notice issued by CIMA cancelling the mutual fund registration of Seed Special Opportunities Fund (Reg. #16304) under section 30(3)(a) of the Mutual Funds Law (2015 Revision). It follows a prior Warning Notice dated 9 November 2018 and documents the fund's continuing breaches of the Law.

• Audited accounts breach: Failure to prepare and submit audited accounts for the year ended 30 June 2017, contrary to sections 8(1) and 8(2) of the Mutual Funds Law.
• Fee and penalty breaches: Failure to pay annual registration fees and penalties for 2011, 2012, 2017 and 2018; failure to pay the full fees and penalties for 2014 and 2015; and failure to pay the annual fee increase for 2013, contrary to section 9 of the Law.
• Directors registration breach: The Fund's Directors failed to fulfil their registration requirements under the Directors Registration and Licensing Law, 2014 for the years 2014 to 2018.
• CIMA's action: Pursuant to sections 30(1)(a) and (d) of the Law, CIMA found the Fund was or was likely to become unable to meet its obligations as they fall due, and that its direction and management had not been conducted in a fit and proper manner, and accordingly cancelled the Fund's mutual fund registration.

The decision is specific to this fund and its directors and took effect on 18 December 2018. It serves as a public record of enforcement action rather than imposing new general obligations on other regulated entities.

Applies to

mutual funds, directors of registered mutual funds

Deadlines

• 18 December 2018: Effective date of CIMA's decision to cancel the Fund's mutual fund registration.