Lifting of Directive - Porcupine Absolute Return Fund Inc. (2013-09-20)

Summary

This is an enforcement notice from the BVI Financial Services Commission announcing that a Directive originally issued on 15 August 2011 (and amended on 25 January 2013) against a group of public funds managed by Castlestone Management Incorporated has been lifted. The lifting took effect on 20 September 2013, meaning the Directive's restrictions no longer apply to the named funds, including Porcupine Absolute Return Fund Inc.

• Effect: The Commission's Directive of 15 August 2011 (as amended 25 January 2013) against the listed Castlestone Management funds is no longer in effect as of 20 September 2013.
• Funds covered: Includes Porcupine Absolute Return Fund Inc., Porcupine Global Macro Plus Inc., Aliquot Agriculture Fund Inc., Aliquot Commodity Fund Inc., Aliquot Gold & Precious Metals Equities Fund Inc., Aliquot Gold Bullion Inc., Aliquot Precious Metals Inc., Global Property Growth & Income REITS Fund Inc., Inflation Target Recovery Fund Inc., Intelligent Portfolio (IQ-Asset Allocation) Inc., Next 11 Emerging 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., Consistent Return (Cash Management) Fund Inc., and Emerging Markets Growth And Income Fund Inc.
• Licence type: Public Funds.
• Matter reference: INV092013/157.

This is a purely informational enforcement alert confirming the removal of a prior regulatory Directive; it does not itself impose new ongoing obligations on the affected funds or their manager.

Applies to

Public Funds, mutual funds under management of Castlestone Management Incorporated

Deadlines

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