Appointment of Examiner - Next 11 Emerging Markets Fund Inc. (2011-12-20)

Summary

This is an enforcement notice from the BVI Financial Services Commission announcing that it has appointed Grant Thornton UK LLP as an independent examiner under section 36(1)(a) of the Financial Services Commission Act, 2001. The examiner's remit covers Castlestone Management Incorporated, the fund manager for a group of public funds, including Next 11 Emerging Markets Fund Inc.

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

The notice is purely a public record of the Commission's exercise of its statutory power to appoint an examiner; it does not set out any filing deadline or ongoing compliance requirement for the public.

Applies to

public funds, fund manager, investment business licensees