On Jul. 15, RUS CB updated rules for open-ended mutual funds.
RUS CB proposed ordinance amending ord 6023-U on the requirements for the trust management rules of an open-end mutual fund, whose investment units are not intended exclusively for qualified investors.
Consultation documents are only available on RUS CB website until comment deadline.
Summary
The proposal grants management companies the right to include the possibility of opening and maintaining individual investment accounts of an open-end mutual fund.
It requires firms to define procedures for opening, maintaining, and closing individual investment accounts, and to provide a list, procedures, and reporting deadlines.
The ord also updates the conditions under which investment units are redeemed, including the possibility of redemption upon the occurrence of an insurance event under a life insurance contract, at the discretion of the management company.
Project aims to bring Ord 6023-U into compliance with Federal Law 600-FZ, 631-FZ.
Effectiveness
Comments and feedback are expected by Jul. 29, 2024.
Nov. 2024 Ord Issued
On Nov. 14, 2024, RUS CB issued ord 6882-U amending ord 6023-U in force on Nov. 24, 2024 (10 days after official publication) and certain para are in force Jan. 1, 2025
Regulators
RUS CB
Entity Types
Fiduciary; IA; Ins; Inv Co
Reference
PR 11/14/2024; Ord 6023-U, 10/1/2024; CP, 7/15/2024; Ord 6023-U, 12/23/2021; Law 600-FZ; Law 631-FZ
