Madbury Lane Advisors Fund
Mr. Joseph A. Zock
Ms. Sarah Hunt
Directors
Madbury Lane Advisors Fund No. 3
Madbury Lane Advisors Fund No. 3 Offshore Investors
Dear Sirs,
Re: Decision Notice - Madbury Lane Advisors Fund No. 3 (Reg. #5478) Madbury Lane Advisors Fund No. 3 Offshore Investors (Reg. #5479) (collectively "the Funds")
We write to you in your capacity as Directors of the Funds. We refer to the Warning Notice posted on our Website dated 22 August 2018.
The Funds remains in breach of the Mutual Funds Law (2015 Revision) ("the Law") as follows:
- Sections 8 (1) and (2) for failing to prepare and submit audited accounts to the Authority for the years ended 31 December 2006 to 2017; and
- Section 9 of the Law for failing to pay annual registration fees and penalties for the years 2007 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, proposes to take the following action.
ACTION:
The Authority has cancelled the Funds' mutual fund registrations pursuant to Section 30(16) of the Law.
REASONS:
The Authority is satisfied that the Funds have ceased to carry on, or attempt to carry on, business as a mutual fund. Despite repeated requests, the Funds have not satisfied the Authority's termination requirements and become compliant with the Law.
EFFECTIVE DATE OF DECISION:
The Authority's decision regarding the above action is effective 9 October 2018.
Yours faithfully,
Cindy Scotland
Managing Director
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