Regulatory Alerts2018-12-07
Cayman Islands Monetary Authority Cancels Registration of Keydata International Fund SPC
The Cayman Islands Monetary Authority has cancelled the mutual fund registration of Keydata International Fund SPC effective 28 November 2018. This cancellation addresses the Fund's failure to meet obligations as they fall due and its management's lack of fitness, following the termination of a prior controllership. The decision formally removes the Fund from active registration under section 30(3)(a) of the Mutual Funds Law, paving the way for an unfunded winding-up process.
[LOGO] CAYMAN ISLANDS MONETARY AUTHORITY
7 December 2018
Messrs. Mark Owen & Stewart Ford Directors Keydata International Fund SPC c/o Deloitte Citrus Grove Building 106 Goring Avenue George Town CAYMAN ISLANDS
By Post and Email:
Dear Sirs,
Re: Decision Notice – Keydata International Fund SPC (Reg. #15567) ("the Fund")
We write to you in your capacity as directors of the Fund.
As you are aware on 5 December 2012 the Cayman Islands Monetary Authority ("the Authority"), pursuant to section 30(3)(e) of the Mutual Funds Law (2012 Revision), appointed Messrs. Stuart Sybersma and Michael Penner ("the Controllers") of Deloitte to assume control of the affairs of the Fund.
The Controllership has ended. There is no funding available to move forward with a formal 'winding-up' of the Fund.
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:
ACTION: The Authority has cancelled the Fund’s mutual fund registration pursuant to section 30(3)(a) of the Mutual Funds Law (2015 Revision) ("the Law").
REASONS: The Authority is, pursuant to sections 30(1)(a) and (d) of the Law, satisfied that (i) the Fund is 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
Keydata International Fund SPC 7 December 2018 Page 2
EFFECTIVE DATE OF DECISION: The Authority’s decision regarding the above action is effective 28 November 2018.
Yours faithfully,
[Signature]
Cindy Scotland Managing Director Cayman Islands Monetary Authority
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