Corporate Debt Market Fund governance requires trustee appointment, independent directors and governance committee oversight for conflicts and ALM. The regulation requires appointment of a trustee company whose board and the Fund Manager need prior Board approval; the trustee's duties mirror mutual fund trustees and its activities are limited to trustee functions unless the Board consents. Two thirds of the trustee board must be independent directors unaffiliated with Sponsor or Manager, and an audit committee must review placement memorandum compliance. The Manager must appoint a Governance Committee of market experts to approve policies with the boards, supervise conflicts of interest, and oversee asset liability mismatch management during market dislocation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Corporate Debt Market Fund governance requires trustee appointment, independent directors and governance committee oversight for conflicts and ALM.
The regulation requires appointment of a trustee company whose board and the Fund Manager need prior Board approval; the trustee's duties mirror mutual fund trustees and its activities are limited to trustee functions unless the Board consents. Two thirds of the trustee board must be independent directors unaffiliated with Sponsor or Manager, and an audit committee must review placement memorandum compliance. The Manager must appoint a Governance Committee of market experts to approve policies with the boards, supervise conflicts of interest, and oversee asset liability mismatch management during market dislocation.
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