Regulatory Alerts2019-11-21
Public Notice on Mutual Funds and Unit Trusts Managed by Fund Management Companies Whose Licences Have Been Revoked
The Securities and Exchange Commission revoked the licences of 53 Fund Management Companies on 8 November 2019, affecting 18 Collective Investment Schemes including 13 mutual funds and 5 unit trusts. The regulator clarified that this revocation does not terminate the affected funds, and their Boards of Directors or Trustees must appoint new fund managers to ensure continued operation in the best interest of investors. Investors are advised to await notification from their respective Boards or Trustees regarding new appointments and may contact the SEC agent for clarification via email or phone.
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