Decision Notice - Titan Asia Volatility Fund Ltd. and Titan Asia Volatility Fund L.P. (2017-11-03)

Summary

This is a Decision Notice issued by CIMA cancelling the mutual fund registrations of Titan Asia Volatility Fund Ltd. and Titan Asia Volatility Fund L.P. for ongoing breaches of the Mutual Funds Law (2015 Revision). It follows an earlier Warning Notice dated 12 September 2017 and confirms enforcement action already taken, rather than imposing new prospective requirements.

• Breaches by Titan Asia Volatility Fund Ltd.: Failure to prepare and submit audited accounts for the years ended December 2011 to December 2016 (sections 8(1) and 8(2)) and failure to pay its annual registration fee increase for 2013 and annual registration fees and penalties for 2014 to 2017 (section 9).
• Breaches by Titan Asia Volatility Fund L.P.: Failure to prepare and submit audited accounts for the years ended December 2014 to 2016 (sections 8(1) and 8(2)) and failure to pay annual registration fees and penalties for 2014 to 2017 (section 9).
• Action taken: CIMA cancelled both Funds' mutual fund registrations under section 30(3)(a) of the Mutual Funds Law, effective 31 October 2017, on the basis that the Funds were or were likely to become unable to meet their obligations and that their direction and management had not been conducted in a fit and proper manner (sections 30(1)(a) and (d)).

The notice is addressed to Russell Abrams as operator of the Funds and is primarily a record of a completed regulatory action; it does not set out further compliance steps for the recipient beyond the cancellation already effected.

Applies to

mutual funds, mutual fund operators

Deadlines

• 31 October 2017: Effective date of CIMA's decision to cancel the Funds' mutual fund registrations.