The Cayman Islands Monetary Authority (CIMA) has revoked the full mutual fund administrator licence of Focus Administration.
In a letter to directors Michelle Cullen and Barbara O’Donnell, CIMA notified the company to exit all client relationships pertaining to mutual fund administration services and registered office services.
Focus Administration was found to be in violation of sections 20(1) and 20(2) of the Mutual Funds Law, having failed to prepare and submit audited financial statements to CIMA for the years ending 30 June 2018 and 30 June 2019.
In addition, the company had failed to provide evidence of paid-up capital of at least CI$400,000 (USD $484,042) to meet the minimum net worth requirement, according to section 12(2)(c) of the Law.
The regulator also noted that Focus Administration was in violation of sections 33(1) and 33(2) for failing to appoint a money laundering reporting officer and deputy money laundering reporting officer, respectively.
The notice letter concluded by revoking the licence on the basis that CIMA was “satisfied that the company is or is likely to become unable to meet its obligations as they fall due”.
