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

Summary

This is a Decision Notice issued by CIMA against Titan Volatility Fund Offshore Ltd. (Reg. #4401) and Titan Volatility Fund L.P. (Reg. #4409), acting through their operator, Russell Abrams. It records that CIMA has cancelled both funds' mutual fund registrations under section 30(16) of the Mutual Funds Law (2015 Revision) after they remained in breach of the Law following an earlier Warning Notice dated 12 September 2017.

• Breaches found: Both funds failed to prepare and submit audited accounts for the years ended December 2010 to December 2016 (sections 8(1) and 8(2)), and failed to pay annual registration fees, fee increases and penalties for various years between 2012/2013 and 2017 (section 9).
• Action taken: CIMA cancelled the mutual fund registrations of both Titan Volatility Fund Offshore Ltd. and Titan Volatility Fund L.P.
• Reason: CIMA was satisfied the funds had ceased to carry on, or attempt to carry on, business as a mutual fund, and had not satisfied CIMA's termination requirements or become compliant despite repeated requests.
• Effective date: The cancellation decision is effective 31 October 2017.

This notice is specific to these two named funds and their operator; it does not create general ongoing obligations for other regulated entities, though it illustrates CIMA's enforcement approach to funds that fail to file audited accounts or pay registration fees.

Applies to

mutual funds, operators of mutual funds

Deadlines

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