Greenhouse Offshore Fund (2018-06-29)

Summary

This is a public Warning Notice issued by the Cayman Islands Monetary Authority (CIMA) on 28 June 2018 concerning the Greenhouse Offshore Fund (Registration #5493), a regulated mutual fund. Because CIMA was unable to locate or correspond with the fund's trustee, PFPC Trustee & Custodial Services Limited, despite reasonable efforts, it is publishing the notice publicly to alert interested parties.

The notice sets out that the Fund has been in continuing breach of the Mutual Funds Law (2015 Revision). CIMA states these breaches, combined with the duration of non-compliance, satisfy it that the Fund is or is likely to become unable to meet its obligations and that its direction and management has not been conducted in a fit and proper manner, as contemplated by section 30(1) of the Law.

• Audited accounts (sections 8(1) and 8(2)): Failed to prepare and submit audited accounts for the years ended 31 December 2014 through 31 December 2016.
• Registration fees and penalties (section 9): Failed to pay its annual registration fee and associated penalties for 2014-2018, plus penalties for 2013.

CIMA gives formal notice that it proposes to cancel the Fund's mutual fund registration under section 30(3)(a) of the Mutual Funds Law (2015 Revision). The notice also warns that the trustee's lack of communication may be considered in assessing its fitness and propriety in relation to other regulated funds/licensees or future applications. The trustee is given an opportunity to make written representations to CIMA's Managing Director before final action is taken.

Key obligations

• The Trustee (PFPC Trustee & Custodial Services Limited) must submit any written representations opposing the proposed cancellation within 30 days of receiving the Warning Notice.
• If the Trustee wishes to request a longer period to make representations, it must submit the extension request within 10 days of receiving the Notice.
• Written representations must be addressed to the Managing Director of CIMA at the Authority's stated address.

Applies to

regulated mutual fund, trustee of a regulated mutual fund

Deadlines

• within 30 days of receiving this Warning Notice: Deadline for the Trustee to submit written representations to CIMA regarding the proposed cancellation of the Fund's mutual fund registration.
• within 10 days of receiving the Notice: Deadline for the Trustee to submit a request for an extension of time to make representations.