Global Securities Capital Fund (2018-04-05)

Summary

This is a public Warning Notice issued by the Cayman Islands Monetary Authority (CIMA) to Ignacio Gonzalez, director of the Global Securities Capital Fund (Registration #14661). CIMA states the Fund has been in continuing breach of the Mutual Funds Law (2015 Revision).

• Audited accounts: Failing to prepare and submit audited accounts for the financial years ended December 2011 through December 2016.
• Fees and penalties: Failing to pay its annual registration fee and associated penalties for 2016 through 2018.

Because CIMA could not successfully contact the director through normal correspondence, it is publishing this notice to give notice to all interested parties, as permitted under its enforcement process.

Proposed Action

• Legal basis: CIMA proposes to cancel the Fund's mutual fund registration under Section 30(3)(a) of the Mutual Funds Law.
• Grounds: The proposed cancellation is based on the Fund being, or being likely to become, unable to meet its obligations as they fall due, and on its direction and management not having been conducted in a fit and proper manner.

CIMA also warns that the director's lack of communication may be taken into account when assessing his fitness and propriety in relation to other regulated mutual funds or licensees, or in future applications.

The director is given the opportunity to make written representations to CIMA within 30 days of receiving the notice (or a longer period if requested and approved) explaining why the proposed cancellation should not proceed. This is an entity or individual specific enforcement notice rather than a rule of general application, so it does not create ongoing obligations for the wider industry beyond the addressee.

Key obligations

• The director (recipient) may make written representations to CIMA within 30 days of receiving the Warning Notice, or such longer period as approved by CIMA, explaining why the proposed cancellation should not be taken.
• Any such representations must be submitted in writing to the undersigned CIMA officer at the specified address.

Applies to

mutual funds, directors of regulated mutual funds

Deadlines

• 30 days of receiving this Warning Notice: Deadline for the director to make written representations to CIMA as to why the proposed cancellation of the Fund's mutual fund registration should not proceed.