On May 7, RUS CB proposed rules for investment fund valuations.
RUS CB proposed ord on determining the value of acquired investment units in closed-end mutual investment funds, intended for qualified investors, and determining the amount of monetary compensation payable in connection with the redemption of investment units in closed-end mutual investment funds, the investment units of which are intended for qualified investors, when implementing life insurance.
Consultation documents are only available on RUS CB website until comment deadline.
Proposals
The ord aims to protect rights of consumers purchasing investment units in closed-end mutual investment funds, intended for qualified investors, from insurance companies.
It proposes rules for determining the value of investment units in closed-end mutual investment funds when redeemed from policyholders within life insurance contracts.
It also details how insurance companies calculate monetary compensation when redeeming closed-end mutual investment funds managed by licensed management firms for policyholders who obtained the units without a life insurance contract.
Effectiveness
Comments and feedback are expected by May 21, 2024.
Oct. 2024 Ord Issued
On Oct. 30, 2024, RUS CB issued ord 6817-U on determining the value of acquired investment units in closed-end mutual investment funds, intended for qualified investors, and determining the amount of monetary compensation payable in connection with the redemption of investment units in closed-end mutual investment funds, the investment units of which are intended for qualified investors, when implementing life insurance.
