Procedure - Mutual Funds and Mutual Fund Administrators Where Contact is Lost

Summary

This CIMA procedure document explains the internal process the Authority follows when it loses contact with the principals of a regulated mutual fund or a licensed mutual fund administrator in the Cayman Islands, typically in connection with non-compliance issues.

Escalation Steps

• CIMA first attempts contact through the registered office.
• It then tries the administrator, investment manager/advisor, or directors.
• Next, it checks public records.
• As a last resort, CIMA publishes warning notices and notices of decision on its website.

Content of Public Notices

• A statement that reasonable efforts to locate the principals were made and were unsuccessful.
• A warning that the lack of communication may be taken into account when assessing the fitness and propriety of the operators of existing regulated funds or licensees, or in future licensing applications.

Notice Delivery and Removal

• Addressing: Notices are sent to the last known address of interested parties and also posted on CIMA's website.
• Removal before decision: A posted notice will be removed if the principals re-establish contact and provide details before a decision is made.
• Removal after regulatory action: If contact is made after regulatory action, the notice will be removed only once the underlying deficiencies have been satisfactorily resolved.

This is primarily a statement of CIMA's own internal procedure rather than a set of direct compliance obligations imposed on funds or administrators, though it signals a practical consequence: entities that fail to maintain reachable contact details risk public warning notices and negative fitness-and-propriety findings.

Applies to

regulated mutual funds, licensed mutual fund administrators