Directive - Aliquot Gold & Precious Metals Equities Fund Inc. (2011-08-15)

Summary

This is an enforcement directive issued by the BVI Financial Services Commission under section 40(1)(b) of the Financial Services Commission Act, 2001, against a group of 18 investment funds under the management of Castlestone Management Incorporated, including Aliquot Gold & Precious Metals Equities Fund Inc. It imposes ongoing reporting, controls and spending restrictions on the named funds while the Commission's concerns are addressed.

• Weekly reporting: Each named fund must provide the Commission with full details of its activities on a weekly basis.
• Internal controls: Each fund must provide the Commission with a proposal to implement more robust internal controls.
• Restriction on payments: Funds must not pay any fees or expenses without the Commission's prior written consent, except payments for fund administration, brokerage, custody, audit and legal services.

The directive applies to all 18 listed Castlestone-managed funds and is recorded under Matter ID INV0811/092. The document does not state a fixed end date for these requirements; they appear to remain in force until varied or lifted by the Commission.

Key obligations

• Provide the Commission with full details of the fund's activities on a weekly basis
• Submit to the Commission a proposal to implement more robust internal controls
• Refrain from making any payment of fees and expenses without the Commission's prior written consent, other than payments for fund administration, brokerage, custody, audit and legal services

Applies to

investment funds, funds under management of Castlestone Management Incorporated

Deadlines

• weekly: Named funds must report full details of their activities to the Commission on a weekly basis