The IOSCO Board requested comments on a proposed set of practices for the voluntary termination of collective investment schemes ("CIS") and other fund structures, such as commodities, real estate and hedge funds. The proposed good practices were contained in an IOSCO Consultation Report published on August 18, 2016. The proposed practices are intended to ensure that investors' interests are taken into account during the voluntary termination process.
The Consultation Report focused on the following areas:
- disclosure at the time of investment;
- the decision to terminate or to merge;
- activities during the termination process; and
- specific types of investment funds.
Comments on the proposed practices must be submitted by October 17, 2016.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.