Decision Notice - Titan Global Return Fund Offshore Ltd. and Titan Global Return Fund L.P. (2017-11-03)

Summary

This is a Decision Notice issued by the Cayman Islands Monetary Authority (CIMA) cancelling the mutual fund registrations of Titan Global Return Fund Offshore Ltd. (Reg. #7693) and Titan Global Return Fund L.P. (Reg. #7566), following a prior Warning Notice dated 12 September 2017. It documents specific breaches of the Mutual Funds Law (2015 Revision) by these two funds and records CIMA's enforcement action against them.

• Breaches found: Both Funds failed to prepare and submit audited accounts for the years ended December 2011 through December 2016 (Sections 8(1) and 8(2)), and failed to pay annual registration fee increases, full fees, and associated penalties for various years between 2012 and 2017 (Section 9).
• Action taken: CIMA cancelled the mutual fund registrations of both Funds pursuant to Section 30(3)(a) of the Law.
• Legal basis: CIMA was satisfied, under Sections 30(1)(a) and (d), that the Funds were or were likely to become unable to meet their obligations as they fell due, and that their direction and management had not been conducted in a fit and proper manner.
• Effective date: The cancellation decision took effect on 31 October 2017.

This notice is specific to the named funds and their operator, Russell Abrams, and does not impose new ongoing obligations on other regulated entities. It illustrates CIMA's enforcement approach to persistent non-compliance with audited accounts filing and registration fee payment requirements under the Mutual Funds Law.

Applies to

mutual funds, fund operators

Deadlines

• 31 October 2017: Effective date of CIMA's decision cancelling the mutual fund registrations of Titan Global Return Fund Offshore Ltd. and Titan Global Return Fund L.P.