China Commonwealthy Fund
Mr. Shihong Zhu
Ms. Fengzhen Jia
Directors
China Commonwealthy Fund
c/o Estera Trust (Cayman) Limited
P.O. Box 1350
Grand Cayman KY1-1108
Cayman Islands
By Post and Email
Dear Sirs,
Re: Decision Notice — China Commonwealthv Fund (Req. #1129564) ("the Fund")
We write to you in your capacity as Directors of the Fund. We refer to the Warning Notice dated 8 October 2018.
The Fund remains in breach of the Mutual Funds Law (2015 Revision) ("the Law") as follows:
- Sections 8(1) and 8 (2) of the Law for failing to prepare and submit audited accounts to the Authority for the years ended 31 December 2014 to 31 December 2017.
Furthermore, the Directors of the Fund are in breach of the Directors Registration and Licensing Law, 2014 for failing to fulfil their registration requirements for the years 2015 to 2018.
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 cancelled the Fund's mutual fund registration pursuant to section 30 (3) (a) of the Law.
REASONS:
The Authority is, pursuant to sections 30 (1) (a) and (d) of the Law, satisfied that (i) the Fund is or is likely to become 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.
EFFECTIVE DATE OF DECISION:
The Authority's decision regarding the above action is effective 28 November 2018.
Yours faithfully,
Patrick Bodden
Deputy Managing Director - Operations
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