Appointment of Examiner - Consistent Return (Cash Management Fund) Inc. (2011-12-20)

Summary

This is an enforcement notice from the British Virgin Islands Financial Services Commission announcing that it has appointed Grant Thornton UK LLP as an examiner under section 36(1)(a) of the Financial Services Commission Act, 2001. The examiner's role is to investigate Castlestone Management Incorporated, the fund manager for a group of public funds, and report its findings to the Commission.

• 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 directors across the fund group.
• 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.
• Fund manager under review: Castlestone Management Incorporated is the fund manager whose conduct and controls across this fund group are being examined.

The notice is purely informational, recording an enforcement action taken by the Commission; it does not itself set out ongoing compliance requirements for third parties beyond the examiner's mandate to investigate and report.

Applies to

public funds, fund manager, investment business licensees