(CMR) The Cayman Islands Monetary Authority (CIMA) has revoked the full mutual fund administrator's license of Focus Administration Limited effective July 8 because of ongoing issues related to insolvency and ongoing breaches after a previous citation.
In an enforcement notice issued on July 13, CIMA indicated that directors Michelle Cullen and Barbara O'Donnell fund administration company has contravened the Mutual Funds Law (2020 Revision) and the Anti-Money Laundering Regulations (2020 Revision) and continued to be in breach after a Decision Notice dated May 25.
The pair of directors are mother and daughter duo.
That notice instructed them to “exit all client relationships” as a mutual funds services administrator and registered office. However, according to the revocation notice, the fund administrators continued to be in breach of the law by:
- Failing to provide audited financials for 2018 and 2019
- Failing to provide evidence of sufficient company capitalization of the minimum CI$400,000 as required by law
- Failing to provide documentation for a 2019 on-site inspection to be carried out
The notice also alleged breaches of the Ant-Money Laundering Regulations (2020 Revision) by failing to appoint a money laundering reporting officer and deputy.
The regulatory agency concluded that they are ” likely to become unable to meet its obligations as they fall due” and “the direction and management of the Company's mutual fund administration business is not being conducted in a fit and proper manner”.
The company has an address listed at 45 Market Street in Camana Bay:
According to her LinkedIn profile Michelle McCullen:
Ms. Cullen co-founded Focus Administration Limited in April 2005. Ms. Cullen has over 25 years of professional experience in Accounting and Finance specializing in Mutual Fund Administration with a concentration on Japanese Private Equity & Venture Capital Partnership Fund Structures.
Ms. Cullen was a Director of the Cayman Islands Fund Administrators Association (CIFAA) from 2011 to 2017 and held the position of Treasurer from 2010 to 2015.
Prior to Focus Administration Limited, Ms. Cullen successfully performed at a management level for HSBC Financial Services (Cayman) Limited and Admiral Administration Limited, two large Mutual Fund Administration companies in the Cayman Islands.
Additionally, Ms. Cullen had a 4 1⁄2 year tenure in the US working in a large public accounting firm, Aronson & Company, Rockville, Maryland. The firm ranks in the top 100 US National Accounting Firms and is a member of Moores Rowland International (MRI).