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.
[Logo: CAYMAN ISLANDS MONETARY AUTHORITY]
7 December 2018
Mr. Russell Boychuk Director Upper Canada Securities Ltd. c/o Delta FS Limited P O Box 11820 KY1-1009 Grand Cayman Cayman Islands
By Mail & E-mail:
Dear Mr. Boychuk,
Re: Decision Notice – Upper Canada Securities Ltd. (Lic.#10935) (“the Company”)
We write to you in your capacity as Director of the Company. We refer to the Warning Notice dated 6 September 2018.
The Company remains in breach of the Mutual Funds Law (2015 Revision) (“the Law”) as follows:
- Section 14(3) for failing to pay its annual licence fees and penalties for the years 2010 to 2018;
- Sections 20(1) and (2) for failing to prepare and submit its audited accounts to the Authority for the years ended 31 December 2007 to 2017; and
- Sections 21 and 22 for failing to obtain the Cayman Islands Monetary Authority’s (“the Authority”) written approval of appointment of directors and failing to maintain at least two directors.
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 revoked the Company’s Restricted Mutual Fund Administrators licence pursuant to section 31(3)(a) of the Law.
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 Director Upper Canada Securities Ltd 7 December 2018 Page 2
REASONS: The Authority is, pursuant to sections 31(1)(a) and (d) of the Law, satisfied that (i) the mutual fund administrator is or is likely to become unable to meet its obligations as they fall due; and (ii) the direction and management of the licensed mutual fund administration business has not been conducted in a fit and proper manner.
EFFECTIVE DATE OF DECISION: The Authority’s decision regarding the above action is effective 5 December 2018.
Yours faithfully,
[Signature: Cindy Scotland]
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