On Jun. 7, RUS CB proposed ord on trust management regulation.
RUS CB proposed ordinance amending ord 5642-Uon requirements for the rules of trust management of a mutual investment fund, the investment units of which are intended exclusively for qualified investors.
Consultation documents are only available on RUS CB website until comment deadline.
Summary
The ordinance is proposed to bring ord 5642-U in accordance with provisions of law 643-FZ on amendments to certain legislative acts of the Russian Federation.
And improve the current legal regulation based on accumulated enforcement practice.
The ord expands the list of cases where the redemption of investment units is carried out through the acquisition of investment units of closed-end mutual funds (ZPIFs).
And includes new provisions for insurance with a management firm license is obligated to acquire investment units from policyholders under life insurance contracts.
Effectiveness
Comments and feedback are expected by Jun. 21, 2024.
Nov. 2024 Ord Issued
On Nov. 7, 2024, RUS CB issued ord 6858-U amending ord 5642-U on requirements for the rules of trust management of a mutual investment fund, the investment units of which are intended exclusively for qualified investors in force Jan. 1, 2025.
Regulators
RUS CB
Entity Types
Fiduciary; IA; Ins; Inv Co
Reference
PR, 11/7/2024; Ord 6858-U, 9/25/2024; CP, 6/7/2024
