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of <h1>Clarified rules on Recovery Expense Fund use by debenture trustees for listed debt defaults and enforcement actions</h1> Securities regulator modifies Chapter IV of the Master Circular for Debenture Trustees to clarify the creation and use of the Recovery Expense Fund (REF) for listed debt securities. REF is to be used by debenture trustees to meet expenses related to enforcement and legal proceedings upon default, including consents, voting, meetings, court filings, legal fees, and asset recovery services. Prior debenture holder approval is not required where use falls within the specified purposes; otherwise, prior consent is mandatory. The designated stock exchange must release REF amounts within five working days upon verification of an auditor's certificate. Debenture trustees must maintain proper accounts and provide annual utilization updates to debenture holders.
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