Regulatory Alerts2017-05-23
CIMA Cancels Registration of Kingsend Capital Partners, Ltd. for Mutual Funds Law Breaches
The Cayman Islands Monetary Authority cancelled the mutual fund registration of Kingsend Capital Partners, Ltd. effective 23 May 2017 due to persistent breaches of the Mutual Funds Law (2015 Revision). The Fund failed to prepare and submit audited accounts for the years ended 31 December 2010 through 2015 and neglected to pay corresponding annual fees and penalties from 2011 to 2017. CIMA determined that the Fund has ceased operating as a mutual fund and remains non-compliant despite repeated regulatory requests, justifying the formal cancellation of its registration.
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