Directive - Porcupine Global Macro Plus Inc. (2011-08-15)

Summary

This is an enforcement directive issued by the British Virgin Islands Financial Services Commission under section 40(1)(b) of the Financial Services Commission Act, 2001, against a group of investment funds managed by Castlestone Management Incorporated, including Porcupine Global Macro Plus Inc. and numerous related fund entities. The directive imposes ongoing reporting and financial-control restrictions on the named funds while the matter is under review.

• 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.
• Payment restriction: The funds must refrain from making any payment of fees or expenses without the Commission's prior written consent, except for fees relating to fund administration, brokerage, custody, and audit and legal services.

The directive names Porcupine Global Macro Plus Inc. alongside numerous other Castlestone-managed funds (such as the Aliquot series, Concerto Alternative Alpha Inc., and Systematic Growth Fund Inc.) under Matter ID INV0811/092. The document does not state a fixed expiry or review date for these requirements.

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 under management of Castlestone Management Incorporated, Investment business entities

Deadlines

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