Appointment of Examiner - Collection of Modern Art Inc. (2011-12-20)

Summary

This is an enforcement action notice from the BVI Financial Services Commission announcing the appointment of an examiner over a fund manager and its associated group of funds, one of which is Collection of Modern Art Inc. It is informational rather than a rule that imposes ongoing regulatory obligations on the wider industry.

• Examiner appointed: Grant Thornton UK LLP was appointed under section 36(1)(a) of the Financial Services Commission Act, 2001 as examiner of Castlestone Management Incorporated, the 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 will investigate the 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 is required to provide the Commission with a report on its findings.
• Matter reference: The matter is recorded under Matter ID ENF1104/132, Licence Type Public Funds, Industry Type Investment Business.

Applies to

Public Funds, fund manager (Castlestone Management Incorporated), Investment Business entities