APAM Protected Asset Management Unit Trust
Cardinal International Corporation, Ltd.
Trustee
APAM Protected Asset Management Unit Trust
Dear Sirs,
Re: Warning Notice — APAM Protected Asset Management Unit Trust (Reg. #1956) ("the Fund")
We write to you in your capacity as Trustee of the Fund.
The Fund remains in breach of the Mutual Funds Law (2015 Revision) ("the Law") as follows:
- Sections 8 (1) and 8 (2) for failing to prepare and submit audited accounts for the years ended 31 December 2000 to 2017; and
- Section 9 for failing to pay its annual fees and penalties for the years 2003 to 2019.
The Cayman Islands Monetary Authority ("the Authority") has made reasonable efforts to locate and correspond with the Trustee of the Fund, but to date has been unsuccessful. The Authority is therefore posting this notice publicly in an effort to give notice to all interested parties.
The Authority also gives notice that the lack of communication may be considered in assessing your fitness and propriety to act as an authorised person in connection with other existing regulated mutual funds and/or licensees, or in future applications where fitness and propriety will be assessed.
Pursuant to section 30 (16) of the Law, the Authority may at any time cancel any mutual fund registration if it is satisfied inter alia that the fund has ceased to carry on or attempt to carry on business as a mutual fund.
TAKE NOTICE:
The Cayman Islands Monetary Authority of 80 Shedden Road, Elizabethan Square, P.O. Box 10052, Grand Cayman KY1-1001, Cayman Islands, proposes to take the following action.
PROPOSED ACTION:
The Authority proposes to cancel the Fund's mutual fund registration pursuant to section 30 (16) of the Mutual Funds Law (2015 Revision).
REASONS:
Having considered the representations made to the Authority that there are no assets remaining in the Fund, and given the Fund's inability to satisfy the Authority's termination requirements and become compliant with the Law, the Authority can rely on this information as being sufficient to satisfy itself that the Fund has ceased to carry on, or attempt to carry on business as a mutual fund.
NOTICE OF REPRESENTATION:
You may make written representations to the Authority. If you wish to make such representations you must do so within 30 days of receiving this Warning Notice, or such longer period as requested of, and approved by the Authority. Where an extension to this time is required, a request for extension must be submitted within 10 days of receiving the Notice. Written representations should be made to the Managing Director of the Authority, at the above address.
Please contact Audrey Roe, Head of Compliance at the Authority, at a.roe@cimoney.com.ky for more information.
Yours sincerely,
Cindy Scotland
Managing Director
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