CIMA revokes local company’s mutual fund administration licence | Loop Cayman Islands

The content originally appeared on: Cayman Compass
Loop News

1 hrs ago

On May 18, 2022, the Cayman Islands Monetary Authority (“CIMA”) published a decision notice on its website revoking the Restricted Mutual Fund Administrator’s Licence of Advanced Fund Administration (Cayman) Limited, a local company (the “Company”).

The reasons for revocation were summarised by CIMA as follows:

The Company has a protracted history of non-compliance with the Mutual Funds Act (2021 Revision) {the “Act”) and the conditions of its licence. The Company also remains in breach of section 22 of the Act and a further condition imposed on its licence, pursuant to section 31(3)(b) of the Act, requiring the Company to maintain a minimum net worth position of CI$100,000.Furthermore, upon review of the documents submitted to support the licence surrender request, the Authority noted that the Company was unable to satisfy the Authority’s requirements to accept the surrender.

In addition, CIMA said that the direction and management of the Company’s business has not been conducted in a fit and proper manner, the Company is or is likely to become unable to meet its obligations as they fall due and the Company has contravened the Act.

The licence revocation is effective May 10, 2022.

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