Platinum Partners
Mr. Mark Alan Nordlicht
Operator
Platinum Funds
14th Floor
250 W. 55th Street
New York
USA, 10019
By Email
Dear Mr. Nordlicht,
Re: Decision Notice —
Platinum Partners Credit Opportunities Fund International (A), Ltd. (Reg. #16069); Platinum Partners Credit Opportunities Fund International, Ltd. (Reg. #13455); Platinum Partners Liquid Opportunity Fund (International) Ltd. (Reg. #16700); and Platinum Partners Liquid Opportunity Master Fund L.P. (Reg. #621040) (together the "Platinum Funds")
The Cayman Islands Monetary Authority (the "Authority") writes to you in your capacity as Operator of the Platinum Funds.
The Platinum Funds remain in breach of the Mutual Funds Law (2020 Revision) ("the Law") as follows:
- Section 8 (1) and (2) for failing to prepare and submit audited accounts to the Authority for the years ended 31 December 2017 to 2019; and
- Section 9 for failing to pay their annual fees and penalties for the years 2017 to 2020.
TAKE NOTICE:
The Cayman Islands Monetary Authority of SIX, Cricket Square, P.O. Box 10052, Grand Cayman KY1-1001, Cayman Islands, has taken the following action:
ACTION:
The Authority has cancelled the mutual fund registrations of the Platinum Funds, pursuant to section 30 (3) (a) of the Law.
REASONS:
The Authority is, pursuant to sections 30(1)(a), (d) and (e) of the Law, satisfied that:
- The Platinum Funds are or are likely to become unable to meet their obligations as they fall due;
- The direction and management of the Platinum Funds have not been conducted in a fit and proper manner; and
- Mark Alan Nordlicht is not a fit and proper person to hold the position of director of a regulated entity.
EFFECTIVE DATE OF DECISION:
The Authority's decision regarding the above action is effective 13 October 2020.
Yours faithfully,
Cindy Scotland
Managing Director
Sign up for our E-alerts
Be the first to know about releases and industry news and insights.