Titan Asia Volatility Fund Ltd. and Titan Asia Volatility Fund L.P. (2017-09-12)

Summary

This is a public warning notice issued by CIMA against two specific regulated mutual funds, Titan Asia Volatility Fund Ltd. and Titan Asia Volatility Fund L.P., addressed to their operator Russell Abrams. CIMA states the Funds are in breach of the Mutual Funds Law (2015 Revision), and because CIMA could not locate or successfully correspond with the operator, it is publishing this notice to give notice to all interested parties.

• Audited accounts: Failing to prepare and submit audited accounts over multiple years.
• Fees and penalties: Failing to pay annual registration fees, fee increases, and penalties over several years.

The notice sets out CIMA's proposed action and related warnings.

• Proposed action: CIMA proposes to cancel the Funds' mutual fund registrations under section 30(3)(a) of the Mutual Funds Law, based on its assessment that the Funds are or are likely to become unable to meet their obligations as they fall due, and that their direction and management have not been conducted in a fit and proper manner.
• Broader warning: CIMA warns that the lack of communication may affect assessments of fitness and propriety for other regulated funds or future applications involving the same persons.

This document is specific to the named Funds and their operator rather than a general rule of broad application, but it illustrates CIMA's enforcement approach and the consequences of non-compliance with audited accounts and fee obligations under the Mutual Funds Law.

Key obligations

• The operator/Funds may make written representations to CIMA within 28 days of receiving the Warning Notice (or a longer period if requested and approved) explaining why the proposed cancellation of registration should not proceed
• Written representations must be addressed to the Managing Director at CIMA's stated address

Applies to

regulated mutual funds, mutual fund operators

Deadlines

• within 28 days of receiving this Warning Notice: Deadline for the operator to make written representations to CIMA as to why the proposed cancellation of the Funds' registrations should not be taken