Titan Global Return Fund Offshore Ltd. and Titan Global Return Fund L.P. (2017-09-12)

Summary

This is a Warning Notice issued by the Cayman Islands Monetary Authority (CIMA) on 12 September 2017 to Russell Abrams, as operator of Titan Global Return Fund Offshore Ltd. (Reg. #7693) and Titan Global Return Fund L.P. (Reg. #7566), collectively 'the Funds'. CIMA states that both Funds have been in ongoing breach of the Mutual Funds Law (2015 Revision).

• Sections 8(1) and 8(2): Failing to prepare and submit audited accounts for the years 2011 through 2016.
• Section 9: Failing to pay annual fees, fee increases, and registration fees/penalties for various years between 2012 and 2017.

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

CIMA formally proposes, under section 30(3)(a) of the Mutual Funds Law, to cancel the mutual fund registrations of both Funds on the grounds that they 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. The operator is given the opportunity to make written representations opposing the proposed cancellation within a specified period.

Key obligations

• The operator (Russell Abrams) may make written representations to CIMA within 28 days of receiving the Warning Notice, or such longer period as CIMA approves, explaining why the proposed cancellation of the Funds' registrations should not proceed.
• Written representations must be addressed to CIMA (the undersigned) at the Authority's Grand Cayman address.

Applies to

regulated mutual funds, mutual fund operators, licensees

Deadlines

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