Appointment of Examiner - Porcupine Global Macro Plus Incorporated (2011-12-20)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing the appointment of an examiner under section 36(1)(a) of the Financial Services Commission Act, 2001. The Commission appointed Grant Thornton UK LLP as the competent person to examine Castlestone Management Incorporated, the fund manager for a group of public funds, including Porcupine Global Macro Plus Incorporated.

• Entities examined: Castlestone Management Incorporated (fund manager) and the following funds: 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 directors of the group of funds.
• Outcome: The examiner is required to provide the Commission with a report on its findings.

This notice is informational, recording a specific regulatory enforcement action taken against a named fund manager and its group of funds; it does not set out new rules, fees, or ongoing compliance requirements for the wider industry.

Applies to

fund manager, public funds, mutual funds