Directive - Aliquot Agriculture Fund Inc. (2011-08-15)

Summary

This is a public enforcement action notice from the BVI Financial Services Commission describing a directive issued under section 40(1)(b) of the Financial Services Commission Act, 2001 to Aliquot Agriculture Fund Inc. and a group of related funds, all managed by Castlestone Management Incorporated. The directive imposes ongoing reporting, governance and payment-restriction requirements on the named funds.

• Weekly reporting: The funds must provide the Commission with full details of their activities on a weekly basis.
• Internal controls proposal: The funds must submit to the Commission a proposal to implement more robust internal controls.
• Restriction on payments: The funds may not make any payment of fees and expenses without the Commission's prior written consent, except for fees relating to fund administration, brokerage, custody, audit and legal services.

The directive applies to Aliquot Agriculture Fund Inc. and a list of eighteen other named funds under common management by Castlestone Management Incorporated. The matter is tracked by the Commission under Matter ID INV0811/092.

Key obligations

• Provide the Commission with full details of the fund's activities on a weekly basis
• Submit a proposal to the Commission for implementing more robust internal controls
• Obtain the Commission's prior written consent before making any payment of fees and expenses, other than for fund administration, brokerage, custody, audit and legal services

Applies to

mutual funds, funds under management of Castlestone Management Incorporated, investment business entities

Deadlines

• weekly: Funds must provide the Commission with full details of their activities on a weekly basis