Seed Special Opportunities Fund
Mr. Tsz Ming Rico Wong
Ms. Angie Ho Yi Wong
The Directors
Seed Special Opportunities Fund
c/o Vistra (Cayman) Limited
P.O. Box 31119
Grand Cayman KY1-1205
CAYMAN ISLANDS
By: Post and Email
Dear Sirs,
Re: Decision Notice — Seed Special Opportunities Fund (Req. #16304) ("the Fund")
We write to you in your capacity as Directors of the Fund. We refer to the Warning Notice dated 9 November 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 its audited accounts for the year ended 30 June 2017; and
- Section 9 of the Law for failure to pay annual registration fees and penalties for the years 2011, 2012, 2017 and 2018; pay the full annual registration fees and penalties for 2014 and 2015; and the annual fee increase for the year 2013.
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 2014 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 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 18 December 2018.
Yours faithfully,
Cindy Scotland
Managing Director
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