Lifting of Directive - Collection of Modern Art Inc. (2013-09-20)

Summary

This is a short enforcement action notice from the BVI Financial Services Commission announcing that a Directive issued on 15 August 2011 against a group of funds managed by Castlestone Management Incorporated has been lifted, effective 20 September 2013. The original Directive had been amended on 25 January 2013 and is now no longer in effect.

• Original Directive: Issued 15 August 2011 against Castlestone Management Incorporated and a group of associated public funds, including Collection of Modern Art Inc.
• Amendment: The Directive was amended on 25 January 2013.
• Outcome: The Commission lifted the Directive with effect from 20 September 2013, meaning it is no longer in effect.
• Matter reference: INV092013/157, Licence Type: Public Funds.

The notice is purely informational, confirming the end of a prior regulatory restriction on the named funds. It does not itself impose any new ongoing obligations on the funds or their manager.

Applies to

Public Funds, Investment Business (fund manager Castlestone Management Incorporated and associated fund entities including Collection of Modern Art Inc.)

Deadlines

• 20 September 2013: Effective date on which the Commission's Directive was lifted and ceased to be in effect.