Appointment of Examiner - Aliquot Agriculture Fund Inc. (2011-12-20)

Summary

This is an enforcement action notice published by the BVI Financial Services Commission announcing the appointment of an examiner to investigate Castlestone Management Incorporated, the fund manager for a group of eight related funds, including Aliquot Agriculture Fund Inc. The appointment was made under section 36(1)(a) of the Financial Services Commission Act, 2001.

• Examiner appointed: Grant Thornton UK LLP was appointed as the competent person (examiner) to examine Castlestone Management Incorporated.
• Funds affected: Aliquot Agriculture Fund Inc., Aliquot Commodity Fund Inc., Aliquot Gold Bullion Inc., Aliquot Precious Metals Inc., Collection of Modern Art Inc., Consistent Return (Cash Management Fund) Inc., Next 11 Emerging Markets Fund Inc., and Porcupine Global Macro Plus Incorporated.
• Scope of examination: The examiner is to investigate fees and expenses charged to the funds, assess the adequacy of internal controls and corporate governance, and evaluate the independence of the funds' directors, then report findings to the Commission.

The notice is informational, recording a regulatory enforcement step taken against the named fund manager and its group of public funds; it does not itself set out ongoing compliance obligations for other market participants.

Applies to

Investment business, Public funds, Fund managers