Lifting of Directive - Concerto Alternative Alpha Inc. (2013-09-20)

Summary

This is a short enforcement alert from the BVI Financial Services Commission announcing that it has lifted a directive originally issued on 15 August 2011 (and amended 25 January 2013) against a group of public funds managed by Castlestone Management Incorporated. The lifting took effect on 20 September 2013. The notice is purely informational and records the change in enforcement status for the named funds; it does not impose new ongoing requirements.

• Funds affected: Eighteen public funds under management of Castlestone Management Incorporated, including Concerto Alternative Alpha Inc., Aliquot Agriculture Fund Inc., Global Property Growth & Income REITS Fund Inc., Aliquot Commodity Fund Inc., Inflation Target Recovery Fund Inc., Aliquot Gold & Precious Metals Equities Fund Inc., Intelligent Portfolio (IQ-Asset Allocation) Inc., Aliquot Gold Bullion Inc., Next 11 Emerging Fund Inc., Aliquot Precious Metals Inc., Porcupine Absolute Return Fund Inc., Balanced Opportunity Inc., Systematic Growth Fund Inc., Collection of Modern Art Inc., World Index Growth and Income Fund Inc., Consistent Return (Cash Management) Fund Inc., Emerging Markets Growth And Income Fund Inc., and Porcupine Global Macro Plus Inc.
• Action taken: The Commission's original Directive of 15 August 2011, as amended on 25 January 2013, is no longer in effect as of 20 September 2013.
• Matter reference: Matter ID INV092013/157, Licence Type: Public Funds, Industry Type: Investment Business.

Applies to

Public Funds, Investment Business licensees managed by Castlestone Management Incorporated

Deadlines

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