Jolly Capital Limited in Potential Breach of SIB Act (2023-09-11)

Summary

This is a warning notice issued by the Cayman Islands Monetary Authority (CIMA) to Mr. Weizeng Zhang, director of Jolly Capital Limited, a company registered under the Securities Investment Business Act (SIBA). CIMA states it has reasonable grounds to believe Jolly Capital Limited breached several SIBA provisions, and also believes the company breached section 50(1) of the Companies Act by failing to maintain a registered office.

• Failing to file prescribed de-registration details
• Failing to file annual declarations for 2022 and 2023
• Failing to pay prescribed annual fees for those years
• Failing to maintain the required minimum number of directors
• Breaching section 50(1) of the Companies Act by failing to maintain a registered office

Because CIMA was unable to locate or correspond with the Registrant, it is publishing this notice to give notice to the company and interested parties. The notice states that this lack of communication may be considered in future fitness and propriety assessments of the individuals involved in connection with other regulated entities.

CIMA gives formal notice of its proposed action: to cancel Jolly Capital Limited's registration as a Securities - Registered Person under section 17(2A)(a) of SIBA, on the basis that the company contravened the Act and did not conduct its business in a fit and proper manner. The notice affords the Registrant a right to make written representations before this action is taken, subject to strict time limits.

Key obligations

• The Registrant (or its director) must submit any written representations opposing the proposed cancellation of registration within 30 days of the date of the Warning Notice (11 September 2023).
• If additional time is needed to make representations, a request for extension must be submitted to the Authority within 10 days of receiving the Warning Notice.
• Written representations must be addressed to the Managing Director of the Authority at the specified address.

Applies to

Securities Investment Business Act registered persons, directors of SIBA registrants, Jolly Capital Limited (specific registrant)

Deadlines

• within 30 days of the date of this Warning Notice (11 September 2023): Deadline for the Registrant to submit written representations to CIMA regarding the proposed cancellation of its registration.
• within 10 days of receiving the Warning Notice: Deadline to submit a request for an extension of time to make written representations.