Lifting of Directive - Consistent Return (Cash Management) Fund Inc. (2013-09-20)

Summary

This is a notice from the BVI Financial Services Commission announcing that it has lifted a regulatory Directive that had been in force since 15 August 2011 against a group of public funds managed by Castlestone Management Incorporated. The Directive, as amended on 25 January 2013, ceased to have effect from 20 September 2013.

• Funds affected: Eighteen public funds under Castlestone Management Incorporated, including Consistent Return (Cash Management) Fund 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., Concerto Alternative Alpha Inc., Emerging Markets Growth And Income Fund Inc., and Porcupine Global Macro Plus Inc.
• Action taken: The Commission decided to lift the original 15 August 2011 Directive (as amended 25 January 2013) with effect from 20 September 2013.
• Reference: The matter is recorded under Matter ID INV092013/157, Licence Type: Public Funds.

This is purely an informational enforcement update confirming the end of a prior restrictive Directive; it does not itself impose any new ongoing compliance obligation on the named funds or their manager.

Applies to

public funds, investment business licensees

Deadlines

• 20 September 2013: Effective date on which the Commission's Directive of 15 August 2011 (as amended 25 January 2013) against the listed Castlestone Management Incorporated funds ceased to be in effect.