Regulatory Alerts2020-01-14
Cayman Islands Monetary Authority Decision Notice – KTH Capital Management Limited
The Cayman Islands Monetary Authority has revoked the restricted mutual fund administrators licence of KTH Capital Management Limited effective 10 January 2020. This action addresses the company's sustained breaches of the Mutual Funds Law, specifically its failure to submit audited accounts for 2002 through 2018, pay annual fees and penalties from 2007 to 2015, and maintain active business operations. Despite repeated directives to regularize these regulatory deficiencies, the company's continued non-compliance justified the formal licence cancellation.
14 January 2020
Mr. Du Wang Jowett Group Limited The Directors KTH Capital Management Limited C/o Estera Clifton House 75 Fort Street, PO Box 1350 Grand Cayman KY1-1108
Dear Sirs,
Re: Decision Notice – KTH Capital Management Limited (Reg. #3867) (“the Company”)
The Cayman Islands Monetary Authority (“the Authority”) writes to you in your capacity as Directors of the Company. We refer to the Warning Notice dated 13 November 2019.
The Company remains in breach of the Mutual Funds Law (2019 Revision) (“the Law”) as follows:
- Section 8(1) and 8(2) for failure to prepare and submit audited accounts to the Authority for the years ended December 2002 to December 2018; and
- Section 9 for failure to pay its annual fees in full for the years 2007 to 2015 and penalties.
TAKE NOTICE: The Cayman Islands Monetary Authority of SIX, Cricket 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(12)(a) of the Law.
REASONS: The Authority is satisfied that the Company had ceased to carry on, or attempt to carry on, business as a restricted mutual fund administrator. Despite repeated requests by the Authority for the Company to bring itself into compliance with the Law and to resolve the regulatory breaches, the Company has been unable to become compliant with the Law.
SIX, Cricket 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 KTH Capital Management Limited 14 January 2020 Page 2
EFFECTIVE DATE OF DECISION: The Authority’s decision regarding the above action is effective 10 January 2020.
Yours faithfully,
[Signature]
Cindy Scotland Managing Director
SIX, Cricket 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