Regulatory Alerts2020-12-07
SEC Memorandum Circular No. 33 s.2020 — Amendments to the Implementing Rules and Regulations of the Investment Company Act
The Securities and Exchange Commission issued these amendments to update the Implementing Rules and Regulations of the Investment Company Act, aligning them with global standards to protect investors and facilitate international competition. The rules introduce new definitions for collective investment schemes, establish an Independent Oversight Entity to monitor fund managers, and mandate independent net asset value calculations to enhance transparency. Additionally, the amendments revise capital requirements, prohibit constant net asset value money market funds, and clarify procedures for license withdrawal, redemption suspensions, and asset liquidation.
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