Decision Notice - The Cubex Investment Fund, Ltd. (2016-11-10)

Summary

This is a Decision Notice issued by CIMA cancelling the mutual fund registration of The Cubex Investment Fund, Ltd (In Controllership), addressed to its directors. It documents a specific enforcement action taken against a single named fund rather than a rule of general application.

• Background: The Fund had been under controllership since 6 March 2013 after CIMA appointed Controllers under section 30(3)(e) of the Mutual Funds Law (2012 Revision); the controllership has since ended with no funding available for a formal winding up.
• Action taken: CIMA cancelled the Fund's mutual fund registration under section 30(3)(a) of the Mutual Funds Law (2015 Revision).
• Reasons: CIMA found, under sections 30(1)(a), (b), (d) and (e) of the Law, that the Fund was unable to meet its obligations as they fell due, was carrying on business prejudicial to investors or creditors, was not directed and managed in a fit and proper manner, and that the named directors (Jean-Marc Thys, Jean Nicole Turpel and Antoon Crochet) are not fit and proper persons to hold a director position at a regulated mutual fund.
• Effective date: The cancellation decision took effect on 8 November 2016.

As an entity-specific decision notice, this document imposes no ongoing regulatory obligations on the wider industry; it serves as a public record of CIMA's enforcement action against this particular fund and its directors.

Applies to

mutual funds, directors of regulated mutual funds

Deadlines

• 08 November 2016: Effective date of CIMA's decision to cancel the Fund's mutual fund registration