Fund of Funds scheme expenses and manager accountability clarified; disclosure, investment and expense limits required. The amendments define fund of funds schemes and require the CEO of the asset management company to ensure regulatory compliance, overall risk management, and that fund managers invest in the interest of unitholders. Fund managers must ensure investments meet scheme objectives. Fund of funds schemes must disclose that investors bear recurring expenses of the scheme plus expenses of underlying schemes, may not invest in other fund of funds, and may only hold non-scheme assets to meet disclosed liquidity requirements for repurchases or redemptions.
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.
Fund of Funds scheme expenses and manager accountability clarified; disclosure, investment and expense limits required.
The amendments define fund of funds schemes and require the CEO of the asset management company to ensure regulatory compliance, overall risk management, and that fund managers invest in the interest of unitholders. Fund managers must ensure investments meet scheme objectives. Fund of funds schemes must disclose that investors bear recurring expenses of the scheme plus expenses of underlying schemes, may not invest in other fund of funds, and may only hold non-scheme assets to meet disclosed liquidity requirements for repurchases or redemptions.
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