Lifting of Directive - Next 11 Emerging Fund Inc. (2013-09-20)

Summary

This is a short enforcement notice from the BVI Financial Services Commission confirming that a Directive originally issued on 15 August 2011 against Castlestone Management Incorporated and a group of related public funds has been lifted, with effect from 20 September 2013. The Directive had been amended once before, on 25 January 2013, but is now no longer in effect.

• Original Directive: Issued 15 August 2011 against Castlestone Management Incorporated and a list of associated public funds, including Next 11 Emerging Fund Inc.
• Amendment: The Directive was amended on 25 January 2013.
• Outcome: The Commission decided to lift the Directive entirely, effective 20 September 2013, meaning the restrictions it imposed no longer apply to the named entities.
• Reference: Matter ID INV092013/157, categorised under Investment Business, Licence Type Public Funds.

The notice is purely informational: it records the end of a prior enforcement directive and does not itself impose any new ongoing compliance obligations on the affected funds or their manager.

Applies to

Investment Business licensees, Public Funds, Castlestone Management Incorporated, Next 11 Emerging Fund Inc. and other named public funds

Deadlines

• 20 September 2013: Effective date on which the Commission's Directive is lifted and ceases to apply to Castlestone Management Incorporated and the named funds.