Appointment of Examiner - Aliquot Gold Bullion Inc. (2011-12-20)

Summary

This is a British Virgin Islands Financial Services Commission enforcement notice announcing that the Commission has appointed Grant Thornton UK LLP as a competent person to examine Castlestone Management Incorporated, the fund manager for a group of BVI public funds, under section 36(1)(a) of the Financial Services Commission Act, 2001.

• Funds covered: 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 and assess the adequacy of internal controls, corporate governance, and the independence of the funds' directors.
• Outcome: The examiner must report its findings to the Commission.

The notice is purely informational, recording a regulatory enforcement step already taken by the Commission; it does not itself impose new ongoing compliance requirements on industry generally, though it signals active regulatory scrutiny of Castlestone Management Incorporated and the named funds.

Applies to

fund manager, public funds, investment business licensees