Regulatory Alerts2018-11-28
Decision Notice – Cancellation of Registration for Oak Palm Fund Ltd
The Cayman Islands Monetary Authority cancelled the mutual fund registration of Oak Palm Fund Ltd effective 28 November 2018. This decision addresses the Fund's statutory breaches regarding unpaid annual registration fees and missing audited accounts from 2008 to 2017. CIMA determined that the Fund is likely unable to meet its financial obligations and has operated under unfit management.
[LOGO] CAYMAN ISLANDS MONETARY AUTHORITY
28 November 2018
Russell Boychuk Jyoti Choi The Directors Oak Palm Fund Ltd c/o Delta FS Limited P.O. Box 11820 KY1-1009 Grand Cayman Cayman Islands
By Post and Email
Dear Sirs,
Re: Decision Notice – Oak Palm Fund Ltd¹ (Reg. #12488) (“the Fund”)
We write to you in your capacity as Directors of the Fund. We refer to the Warning Notice dated 6 September 2018.
The Fund remains in breach of the Mutual Funds Law (2015 Revision) (“the Law”) as follows:
- Sections 8(1) and 8(2) of the Law for failing to prepare and submit audited accounts for the years ended December 2008 to December 2017; and
- Section 9 of the Law for failing to pay its annual registration fee and penalties for the years 2009 to 2018.
TAKE NOTICE: The Cayman Islands Monetary Authority of 80 Shedden Road, Elizabethan Square, P.O. Box 10052, Grand Cayman KY1-1001, Cayman Islands, has taken the following action.
ACTION: The Authority has cancelled the Fund’s mutual fund registration pursuant to section 30(3)(a) of the Law.
REASONS: The Authority is, pursuant to sections 30(1)(a) and (d) of the Law, satisfied that (i) the Fund is or is likely to become unable to meet its obligations as they fall due; and (ii) the direction and management of the Fund has not been conducted in a fit and proper manner.
¹ Formerly ACCL Multi-Strategy Fund Inc.
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
The Directors Oak Palm Fund Ltd 28 November 2018 Page 2
EFFECTIVE DATE OF DECISION: The Authority’s decision regarding the above action is effective 28 November 2018.
Yours faithfully,
[Signature]
Patrick Bodden Deputy Managing Director - Operations
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