RC Advisory Limited in Potential Breach of SIB Act (2026-01-13)

Summary

This is a Warning Notice issued by the Cayman Islands Monetary Authority (CIMA) to Mr. Dmitriy Xenofontov, sole director of RC Advisory Limited, a Securities Investment Business Act (SIB Act) registrant. CIMA sets out reasonable grounds to believe the company breached multiple statutory provisions. Because CIMA was unable to locate or correspond with the registrant, it is publishing this notice to give effective notice to the company and interested parties.

• SIB Act: Failure to file annual declarations for 2023-2025, failure to pay prescribed annual fees and penalties, and failure to maintain the required minimum number of directors.
• Anti-Money Laundering Regulations: Failure to designate an AML Compliance Officer, Money Laundering Reporting Officer and Deputy MLRO.
• Companies Act: Failure to maintain a registered office.

CIMA's proposed action is to cancel RC Advisory Limited's registration as a Securities Registered Person under section 17(2A)(a) of the SIB Act, on the basis that the registrant appears unable to meet its obligations as they fall due and has contravened the SIB Act and AML Regulations. The notice also flags that the lack of communication may affect fitness and propriety assessments of the registrant, its directors, or related registrants/licensees in future.

The document gives the registrant, via its director, a right to make written representations to CIMA's CEO before any final action is taken, subject to strict time limits. This is an enforcement/warning notice specific to one named entity rather than a general rule of broader application, though it illustrates CIMA's compliance expectations for SIB Act registrants regarding annual declarations, fees, director composition, AML officer designations, and registered office requirements.

Key obligations

• The registrant (or its director) must submit any written representations opposing the proposed cancellation of registration within thirty (30) days of receiving the Warning Notice.
• If more time is needed to make representations, a request for an extension must be submitted within seven (7) days of receiving the Warning Notice, and any extension is subject to CIMA's approval.
• Written representations must be addressed to Cindy Scotland OBE, Chief Executive Officer of the Authority, at CIMA's registered address.

Applies to

Securities Registered Persons under the Securities Investment Business Act, Directors of SIB Act registrants

Deadlines

• 30 days of receiving this Warning Notice: Deadline for RC Advisory Limited (via its director) to submit written representations to CIMA opposing the proposed cancellation of its registration.
• 7 days of receiving the Warning Notice: Deadline to submit a request for an extension of time to make written representations, if additional time beyond 30 days is needed.