Excusal or exclusion of investors: AIFs may bar participation when investor involvement breaches law or harms the fund. An AIF may excuse an investor when legal advice indicates participation would violate law or where the investor's internal policy prohibits participation, with an obligation to report policy changes within fifteen days; partial excusal for fund investors is permitted proportional to underlying contributions. An AIF may exclude an investor if the manager concludes participation would render the scheme unlawful or materially adversely affect it, and the manager must record the rationale and supporting documents.
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.
Excusal or exclusion of investors: AIFs may bar participation when investor involvement breaches law or harms the fund.
An AIF may excuse an investor when legal advice indicates participation would violate law or where the investor's internal policy prohibits participation, with an obligation to report policy changes within fifteen days; partial excusal for fund investors is permitted proportional to underlying contributions. An AIF may exclude an investor if the manager concludes participation would render the scheme unlawful or materially adversely affect it, and the manager must record the rationale and supporting documents.
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