FGI Radius Fund
Intertrust Corporate Services (Cayman) Limited
Trustee
FGI Radius Fund
190 Elgin Avenue
George Town
Grand Cayman KY1-9005
Cayman Islands
Dear Sirs,
Re: Warning Notice — FGI Radius Fund (Reg. #585222) ("the Fund")
We write to you in your capacity as Trustee of the Fund.
We refer to our letters of 11 January 2016, 22 February 2016, and 23 March 2018 in which the Cayman Islands Monetary Authority ("the Authority") advised the Fund that it was in breach of the Mutual Funds Law (2015 Revision) ("the Law"). To date no satisfactory response has been submitted.
The Fund remains in breach of the Law as follows:
- Sections 8(1) and 8 (2) of the Law for failing to prepare and submit audited accounts for the years ended February 2014 through to February 2018; and
- Section 9 of the Law for failing to pay its annual fees and penalties for the years 2017, 2018 and 2019.
Pursuant to provisions in section 30 (16) of the Law, the Authority may at any time cancel any mutual fund registration if it is satisfied inter a/ia 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, and given the Fund's inability to satisfy the Authority's termination requirements and become compliant with the Law, the Authority can rely on the 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 a.roe@cimoney.com.kv at the Authority for more information.
Yours sincerely,
Patrick Bodden
Deputy Managing Director - Operations
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