Maxam Absolute Return Fund Limited (2019-02-01)

Summary

This is a public Warning Notice issued by the Cayman Islands Monetary Authority (CIMA) against Maxam Absolute Return Fund Limited (Reg. #11505) and its director, Suzanne S. Hammond. CIMA states the Fund has been in ongoing breach of the Mutual Funds Law (2015 Revision), and the director is also said to be in breach of the Directors Registration and Licensing Law (2014 Revision) for failing to register or obtain a licence.

• Audited accounts: Failing to file audited accounts for financial years 2008-2017.
• Registration fees: Failing to pay annual registration fees and penalties for 2016-2019.
• Registered office: Failing to maintain a registered office as required under the Companies Law (2018 Revision).
• Director licensing: The director failing to register or obtain a licence under the Directors Registration and Licensing Law (2014 Revision).

Because CIMA was unable to locate or correspond with the director despite reasonable efforts, it is publishing this notice to give notice to all interested parties. CIMA warns that this lack of communication may be taken into account when assessing the director's fitness and propriety in relation to other regulated funds or licensees, or in future applications.

The notice sets out CIMA's proposed action: to cancel the Fund's mutual fund registration under section 30(3)(a) of the Mutual Funds Law (2015 Revision), based on its view that the Fund is or is likely to become unable to meet its obligations and that its affairs have not been conducted in a fit and proper manner. The notice invites the director to make written representations opposing this proposed cancellation within a specified timeframe, after which CIMA may proceed with cancellation if no adequate response is received.

Key obligations

• The director (Suzanne S. Hammond) may make written representations to CIMA opposing the proposed cancellation, and must do so within 30 days of receiving the Warning Notice, or such longer period as approved by the Authority.
• If an extension of the representation period is required, a request for extension must be submitted within 10 days of receiving the Notice.
• Written representations must be addressed to the Managing Director of the Authority at the specified address.

Applies to

regulated mutual funds, directors of mutual funds, licensees under the Directors Registration and Licensing Law

Deadlines

• within 30 days of receiving this Warning Notice: Deadline for the director to submit written representations opposing CIMA's proposed cancellation of the Fund's mutual fund registration.
• within 10 days of receiving the Notice: Deadline for submitting a request for an extension of the representation period.