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These regulations comprehensively recast mutual fund law by (i) prescribing detailed registration and eligibility criteria including two alternative "sound track record" routes, minimum net worth and liquid net worth thresholds, and lock-in and change-of-control conditions - resulting in specific capitalization, experience and continuity obligations for sponsors and AMCs; (ii) strengthening governance by mandating independent trustee majorities, board composition limits, trustee oversight duties, trustee/AMC codes of conduct and conflict-of-interest controls - resulting in enhanced fiduciary and reporting duties and trustees' powers to seek remediation and seek Board approval for appointment/termination of AMCs; (iii) introducing Mutual Fund Lite and Specialized Investment Fund regimes with tailored eligibility, investment and disclosure rules - enabling lighter-touch registrations subject to specified limits; (iv) imposing investment, valuation, expense and disclosure frameworks, inspection powers and enforcement remedies - producing prescriptive operational, compliance, reporting and sanctioning consequences.
These regulations comprehensively recast mutual fund law by (i) prescribing detailed registration and eligibility criteria including two alternative "sound track record" routes, minimum net worth and liquid net worth thresholds, and lock-in and change-of-control conditions - resulting in specific capitalization, experience and continuity obligations for sponsors and AMCs; (ii) strengthening governance by mandating independent trustee majorities, board composition limits, trustee oversight duties, trustee/AMC codes of conduct and conflict-of-interest controls - resulting in enhanced fiduciary and reporting duties and trustees' powers to seek remediation and seek Board approval for appointment/termination of AMCs; (iii) introducing Mutual Fund Lite and Specialized Investment Fund regimes with tailored eligibility, investment and disclosure rules - enabling lighter-touch registrations subject to specified limits; (iv) imposing investment, valuation, expense and disclosure frameworks, inspection powers and enforcement remedies - producing prescriptive operational, compliance, reporting and sanctioning consequences.
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