Regulatory Alerts2018-10-31
Decision Notice – Redwood Fund III, Ltd Mutual Fund Registration Cancellation
The Cayman Islands Monetary Authority has cancelled Redwood Fund III, Ltd’s mutual fund registration effective 30 October 2018 following its failure to prepare and submit audited accounts for 2014 through 2017. The Authority determined that the Fund is unable to meet its obligations and that its direction and management have not been conducted in a fit and proper manner. This decision formally removes the Fund’s regulatory status under the Mutual Funds Law (2015 Revision) and notifies its directors of the breach.
[Logo: CAYMAN ISLANDS MONETARY AUTHORITY]
30 October 2018
Messers. Gary Rogers, Rafaelle Attar John DeNobile, Joshua Landes The Directors Redwood Fund III, Ltd. c/o Maricorp Services Ltd. PO Box 2075 Grand Cayman KY1-1105 Cayman Islands
By Mail & E-mail:
Dear Sirs,
Re: Decision Notice – Redwood Fund III, Ltd (Reg. #663283) (“the Fund”)
We write to you in your capacity as Directors of the Fund. We refer to the Warning Notice dated 5 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 31 December 2014 to December 2017.
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.
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 Redwood Fund III, Ltd. c/o Maricorp Services Ltd. 30 October 2018 Page 2
EFFECTIVE DATE OF DECISION: The Authority’s decision regarding the above action is effective 30 October 2018.
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