Regulatory Alerts2018-10-10
Cancellation of Mutual Fund Registrations for Madbury Lane Advisors Funds No. 3 and Offshore Investors
The Cayman Islands Monetary Authority cancels the mutual fund registrations of Madbury Lane Advisors Fund No. 3 and its Offshore Investors entity under Section 30(16) of the Mutual Funds Law. This regulatory action resolves the funds' historical non-compliance by addressing their failure to submit audited accounts for 2006 through 2017 and pay annual registration fees and penalties from 2007 to 2018. Effective 9 October 2018, the decision confirms that the funds have ceased active mutual fund operations and remain non-compliant with statutory termination requirements.
[Logo: CAYMAN ISLANDS MONETARY AUTHORITY]
10 October 2018
Mr. Joseph A. Zock Ms. Sarah Hunt Directors Madbury Lane Advisors Fund No. 3 Madbury Lane Advisors Fund No. 3 Offshore Investors
Dear Sirs,
Re: Decision Notice – Madbury Lane Advisors Fund No. 3 (Reg. #5478) Madbury Lane Advisors Fund No. 3 Offshore Investors (Reg. #5479) (collectively “the Funds”)
We write to you in your capacity as Directors of the Funds. We refer to the Warning Notice posted on our Website dated 22 August 2018.
The Funds remains in breach of the Mutual Funds Law (2015 Revision) (“the Law”) as follows:
- Sections 8(1) and (2) for failing to prepare and submit audited accounts to the Authority for the years ended 31 December 2006 to 2017; and
- Section 9 of the Law for failing to pay annual registration fees and penalties for the years 2007 to 2018.
TAKE NOTICE: The Cayman Monetary Authority of 80 Shedden Road, Elizabethan Square, P.O. Box 10052, Grand Cayman KY1-1001, Cayman Islands, proposes to take the following action.
ACTION: The Authority has cancelled the Funds’ mutual fund registrations pursuant to Section 30(16) of the Law.
REASONS: The Authority is satisfied that the Funds have ceased to carry on, or attempt to carry on, business as a mutual fund. Despite repeated requests, the Funds have not satisfied the Authority’s termination requirements and become compliant with the Law.
EFFECTIVE DATE OF DECISION: The Authority’s decision regarding the above action is effective 9 October 2018.
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
Mr. Joseph A. Zock Ms. Sarah Hunt 10 October 2018 Page 2
Yours faithfully,
[Signature]
Cindy Scotland Managing Director
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