Regulatory Alerts2017-11-03
CIMA Decision Notice Cancelling Mutual Fund Registrations for Titan Global Return Funds
The Cayman Islands Monetary Authority has cancelled the mutual fund registrations of Titan Global Return Fund Offshore Ltd. and Titan Global Return Fund L.P. effective 31 October 2017. The cancellation stems from the Funds' failure to submit required audited accounts for 2011 through 2016 and to pay corresponding annual registration fees and penalties. CIMA determined that the Funds are unable to meet their obligations as they fall due and that their direction and management have not been conducted in a fit and proper manner.
[Logo: CAYMAN ISLANDS MONETARY AUTHORITY]
3 November 2017
Russell Abrams Titan Global Return Offshore Ltd. and Titan Global Return Fund L.P. c/o Titan Capital Return LLC 399 Park Avenue, 37th Floor New York, NY 10022 USA
c/o Titan Capital Group 800 Third Avenue, 10th Floor New York, NY 10022 USA
Dear Mr. Abrams,
Re: Decision Notice – Titan Global Return Fund Offshore Ltd. (Reg. #7693) Titan Global Return Fund L.P. (Reg. #7566) (together “the Funds”)
We write to you in your capacity as operator of the Funds. We refer to the Warning Notice posted on our Website dated 12 September 2017.
The Funds remain in breach of the Mutual Funds Law (2015 Revision) ("the Law") as follows:
Titan Global Return Fund Offshore Ltd
- Sections 8(1) and 8(2) of the Law for failing to prepare and submit audited accounts for the years ended December 2011 to December 2016; and
- Section 9 of the Law for failing to pay its annual registration fee increase for the year 2013 and its annual registration fees and penalties for the years 2014 to 2017.
Titan Global Return Fund L.P.
- Sections 8(1) and 8(2) of the Law for failing to prepare and submit audited accounts for the years ended December 2011 to December 2016; and
- Section 9 of the Law for failing to pay its full annual registration fee for the years 2012 and 2013, annual registration fee increase for the year 2013, and its annual registration fees and penalties for the years 2014 to 2017.
TAKE NOTICE: The Cayman Islands Monetary Authority of 80 Shedden Road, Elizabethan Square, PO Box 10052, Grand Cayman KY1-1001, Cayman Islands, has taken the following action:
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
Russell Abrams 1 November 2017 Page 2
ACTION: The Authority has cancelled the Funds’ mutual fund registrations 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 Funds are; or are likely to become unable to meet their obligations as they fall due; and (ii) the direction and management of the Funds have not been conducted in a fit and proper manner.
EFFECTIVE DATE OF DECISION: The Authority’s decision regarding the above action is effective 31 October 2017.
Yours faithfully,
[Signature]
Cindy Scotland Managing Director
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