Decision Notice - Virgil Sigma Fund, LP (2022-12-28)

Summary

This is a Decision Notice published by CIMA disclosing that it has cancelled the mutual fund registration of Virgil Sigma Fund, LP (Reg. #1468375), a fund in the hands of a US court appointed Receiver and Joint Official Liquidators. It is an enforcement action specific to this fund rather than a rule of general application.

• Breaches found: Failure to submit audited accounts under section 8(2) of the Mutual Funds Act for financial years ending 31 December 2018, 2019, 2020 and 2021, and failure to pay annual fees under section 9(1) for 2021 and 2022.
• Action taken: CIMA cancelled the Fund's mutual fund registration under section 30(3)(a) of the Mutual Funds Act.
• Grounds relied on: Section 30(1)(a), (ba), (d) and (e): the Fund was or was likely to become unable to meet its obligations, had contravened the Act, was not directed and managed in a fit and proper manner, and its director Mr. Stefan He Qin was found not to be a fit and proper person to act as director, manager or officer of a regulated mutual fund.

The notice is a public extract of the decision sent to the Receiver and Joint Official Liquidators and records the outcome of a completed enforcement process rather than creating new ongoing compliance duties for other regulated persons.

Applies to

registered mutual funds, court appointed receivers, joint official liquidators

Deadlines

• 06 December 2022: Effective date of CIMA's decision to cancel the Fund's mutual fund registration