Regulatory Alerts2018-05-01
Cayman Islands Monetary Authority Decision Notice on Cancellation of Mutual Fund Licence for Quanto Strategic Currency Fund Ltd.
The Cayman Islands Monetary Authority has cancelled the mutual fund licence of Quanto Strategic Currency Fund Ltd. effective 27 April 2018. This cancellation stems from the Authority’s determination that the Fund cannot meet its obligations, operates contrary to its licence conditions, and has been directed by management in an unfit manner. With the prior Controllership concluded and no funding available for a formal winding-up, the licence cancellation finalizes the Fund's regulatory status.
[Logo: CAYMAN ISLANDS MONETARY AUTHORITY]
1 May 2018
Quanto Management Limited Director Quanto Strategic Currency Fund Ltd. c/o KPMG PO Box 493 Century Yard Cricket Square Grand Cayman KY1-1106 CAYMAN ISLANDS
By Post and Email:
Dear Sirs,
Re: Decision Notice – Quanto Strategic Currency Fund Ltd. (Lic. #6015) (“the Fund”)
We write to you in your capacity as director of the Fund.
As you are aware on 19 September 2014 the Cayman Islands Monetary Authority, pursuant to section 30(3)(e) of the Mutual Funds Law (2013 Revision), appointed Messrs. Keith Blake and Alexander Lawson (“the Controllers”) of KPMG to assume control of the affairs of the Fund.
The Controllership has ended. There is no funding available to move forward with a formal ‘winding-up’ of the Fund.
TAKE NOTICE: The Cayman Islands Monetary Authority (“the Authority”) of 80 Shedden Road, Elizabethan Square, PO Box 10052, Grand Cayman KY1-1001, Cayman Islands, has taken the following action:
ACTION: The Authority has cancelled the Fund’s mutual fund licence pursuant to section 30(3)(a) of the Mutual Funds Law (2015 Revision) (“the Law”).
REASONS: The Authority is, pursuant to sections 30(1)(a),(c) and (d) of the Law, satisfied that (i) the Fund is unable to meet its obligations as they fall due; (ii) it is carrying on or attempting to carry on business without complying with conditions of its Mutual Fund Licence contrary to section 5(5) of the Law; and (iii) the direction and management of the Fund has not been conducted in a fit and proper manner.
80 Shedden Road, Elizabethan Square, P.O. Box 10052, Grand Cayman KY1 - 1001, Cayman Islands Tel: 345-244-1639, Fax: 345-946-4651, Email: ContactCompliance@cimoney.com.ky, Web: www.cima.ky
Quanto Strategic Currency Fund Ltd. 1 May 2018 Page 2
EFFECTIVE DATE OF DECISION: The Authority’s decision regarding the above action is effective 27 April 2018.
Yours faithfully,
[Signature]
Patrick Bodden Deputy Managing Director – Operations Cayman Islands Monetary Authority
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