Regulatory Alerts2020-05-15
Update on Appointment of Fund Managers for 18 Collective Investment Schemes
The Securities and Exchange Commission issued this circular to update the status of fund manager appointments for 18 Collective Investment Schemes following the revocation of previous managers' licenses. The SEC confirmed that 13 schemes have successfully appointed new managers, while four remaining schemes have failed to do so by the regulatory deadline. Additionally, the SEC directed the liquidation of the EM Balanced Unit Trust and stated it will engage with the directors and trustees of the non-compliant funds to determine further actions for investor protection.
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