The Bermuda Monetary Authority has ordered the liquidation of the Rapture Global Investment fund due to the fund’s failure to submit adequate regulatory filings.
The BMA said it was necessary to petition Bermuda’s Supreme Court to wind down the fund due to its ongoing non-compliance with the Investment Funds Act and the Investment Fund Rules.
Breaches included failing to conduct business in a prudent manner, not preparing audited financial statements, the absence of a representative in Bermuda with access to the books and records of the investment fund, and failing to file quarterly NAV.
The regulator said it “considered these breaches to be significant given their duration and breadth and the company’s failure to remediate”, adding that “the company and its operators were unable to achieve or sustain compliance with the IFA”.
In a public notice the BMA said: “The decision to wind up the company underscores the authority’s commitment to protecting the interests of the public and investors, while preserving Bermuda’s standing as a well-regulated and reputable jurisdiction.”
