Regulatory Alerts2019-11-13
SEC MC No. 21 s.2019: Rules on Independent Oversight, NAV Calculation, Fund Manager Qualifications, and Liquidation
The Securities and Exchange Commission issued this circular to mandate that investment companies appoint an Independent Oversight Entity to monitor fund managers and engage independent parties to calculate net asset values. It establishes strict professional qualifications for key officers making investment decisions and imposes specific timelines and reporting requirements for the liquidation of assets and winding up of investment companies. The document outlines detailed penalties for non-compliance by oversight entities, fund managers, and investment companies to ensure adequate protection for shareholders and unitholders.
Share