Lifting of Directive - Balanced Opportunity Inc. (2013-09-20)

Summary

This is a short enforcement notice from the BVI Financial Services Commission announcing that it has lifted a regulatory Directive originally issued on 15 August 2011 (and amended on 25 January 2013) against a group of public funds managed by Castlestone Management Incorporated. The lifting took effect on 20 September 2013, meaning the Directive is no longer in force against the named funds.

• Funds covered: Eighteen public funds under the management of Castlestone Management Incorporated, including Aliquot Agriculture Fund Inc., Balanced Opportunity Inc., Global Property Growth & Income REITS Fund Inc., Systematic Growth Fund Inc., World Index Growth and Income Fund Inc., and others named in the notice.
• Original directive: Issued 15 August 2011 and amended 25 January 2013 against these funds.
• Effect of this notice: The Commission decided to lift the Directive with effect from 20 September 2013, so it is no longer in effect.
• Matter reference: Matter ID INV092013/157; Licence Type: Public Funds.

This is a purely informational enforcement alert confirming the end of prior regulatory restrictions; it does not impose any new continuing obligations on the funds or their manager.

Applies to

public funds, investment business licensees, fund managers

Deadlines

• 20 September 2013: Effective date on which the Commission's Directive against the listed funds ceased to be in effect.