Regulatory Alerts2018-12-07
Cayman Islands Monetary Authority Decision Notice – Revocation of Upper Canada Securities Ltd. Mutual Fund Administrator Licence
The Cayman Islands Monetary Authority has revoked the Restricted Mutual Fund Administrators licence of Upper Canada Securities Ltd. effective 5 December 2018 due to persistent breaches of the Mutual Funds Law, including unpaid annual fees, unsubmitted audited accounts, and director appointment failures. The Authority determined that the company is likely unable to meet its financial obligations and has not conducted its direction and management in a fit and proper manner. This decision formally terminates the company's authorization to operate as a mutual fund administrator in the Cayman Islands.
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