Decision Notice - VQR Multistrategy Fund LP. and VQR Multistrategy Cayman Feeder Fund Ltd. (2022-12-28)

Summary

This is a Decision Notice from CIMA confirming cancellation of the mutual fund registrations of VQR Multistrategy Fund LP and VQR Multistrategy Cayman Feeder Fund Ltd, sent to the US court-appointed Receiver and Joint Official Liquidators of the funds. It records CIMA's findings of ongoing breaches of the Mutual Funds Act (2021 Revision) and the regulatory action taken as a result.

• Breaches found: Failure to submit audited accounts for the financial years ending 31 December 2020 and 2021 (section 8(2)), and failure to pay annual fees for 2021 and 2022 (section 9(1)).
• Action taken: CIMA cancelled both funds' mutual fund registrations under section 30(3)(a) of the Mutual Funds Act.
• Grounds relied on: Section 30(1)(a), (ba), (d) and (e): inability to meet obligations as they fall due, contravention of the Act, direction and management not conducted in a fit and proper manner, and a finding that Mr. Stefan He Qin is not a fit and proper person to act as director, manager or officer of a regulated mutual fund.
• Effective date: The cancellation decision took effect on 06 December 2022.

This notice is a public record of a completed enforcement action rather than a document imposing new ongoing requirements on the wider industry; it is directed at the specific receiver and liquidators of the named funds.

Key obligations

• Regulated mutual funds must submit audited accounts to CIMA within the prescribed period for each financial year (section 8(2) of the Mutual Funds Act)
• Regulated mutual funds must pay their annual fees to CIMA for each year (section 9(1) of the Mutual Funds Act)

Applies to

mutual funds, regulated mutual funds, directors, managers or officers of a regulated mutual fund

Deadlines

• 06 December 2022: Effective date of CIMA's decision cancelling the mutual fund registrations of VQR Multistrategy Fund LP and VQR Multistrategy Cayman Feeder Fund Ltd