Appointment of Examiner - Aliquot Precious Metals Inc. (2011-12-20)

Summary

This is an enforcement action notice from the BVI Financial Services Commission announcing that it has appointed an examiner to investigate Castlestone Management Incorporated, the fund manager for a group of related BVI funds, under section 36(1)(a) of the Financial Services Commission Act, 2001. It is a factual notice recording a regulatory action already taken, not a rule imposing new ongoing compliance requirements on the wider industry.

• Examiner appointed: Grant Thornton UK LLP was appointed as the competent person to act as examiner of Castlestone Management Incorporated, fund manager for the named group of funds.
• 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, assess the adequacy of internal controls and corporate governance, review the independence of the Funds' directors, and report findings to the Commission.
• Matter reference: The action is recorded under Matter ID ENF1104/132, categorised under Licence Type: Public Funds and Industry Type: Investment Business.

Applies to

Public Funds, Investment Business / fund manager, mutual funds