Regulatory Alerts2026-04-08
SEC Memorandum Circular No. 14, Series of 2026: Rules on Umbrella Funds
The Securities and Exchange Commission promulgated rules governing open-end investment companies structured as Umbrella Funds with segregated assets and liabilities. The regulations mandate specific requirements for Articles of Incorporation, Main Prospectus disclosures, and Sub-fund Supplements to ensure operational flexibility and investor protection. Compliance includes maintaining a minimum of two Sub-funds, adhering to strict segregation of assets, and following defined procedures for unit re-allocation and fund termination.
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