Regulatory Alerts2019-05-30
SEC Memorandum Circular No. 11 s.2019 – Amendment to ICA Rule 7.9
The Securities and Exchange Commission of the Philippines amended Rule 7.9 of the Implementing Rules and Regulations of the Investment Company Act to regulate investments by feeder, fund-of-funds, or co-managed funds into target funds administered by the same manager or related parties. The amendment mandates that no cross-holding of securities occur between the investing and target funds, requires the waiver of all initial charges on the target fund, and stipulates that management fees must be charged only once at either the feeder or target fund level. This circular took effect upon its publication in two newspapers of general circulation, specifically the Philippine Star and Manila Times on June 4, 2019.
Share