Regulatory Alerts2015-08-04 | CD-SIBOIF-901-1-AGOS4-2015Added · Updated
Resolution Reforming Articles 14 and 50 of the Regulation on Administrator Companies and Investment Funds
The Board of Directors of the Superintendence of Banks and Other Financial Institutions amended Article 14 to define own resource coverage for administrator companies as the greater of minimum share capital or 1% of the net asset value of managed funds. The Board also revised Article 50 to prohibit partners, directors, and employees from buying securities from or selling securities to investment funds, while allowing real estate funds to purchase assets from these insiders only if the prospectus discloses price independence mechanisms. This resolution entered into force upon notification on August 4, 2015.