Four mutual funds and mutual funds have been without fund managers in the past seven months because their directors and trustees have not appointed a new investment manager.
This follows the withdrawal of a previous management fund license by the Securities and Exchange Commission (SEC) on November 8, 2019.
Including mutual funds and mutual funds; Limited Money Market Funds, Weston Limited Oil and Gas Funds, McTrust Freedom and Trust Fund.
Indeed, the work of funds and trusts is greatly affected because they do not have fund managers who are responsible for developing and implementing investment strategies for these funds.
The announcement by the SEC announcing the renewal of the appointment of investment managers for 18 collective investment ventures shows that of the 18 collective investment schemes affected by the withdrawal of approval from several new investment managers, 13 SEC announced the appointment of new managers was informed. fund. It consists of 11 investment funds and 2 investment funds.
This; CDH Balanced Fund Limited, Sirius Opportunity Fund Limited, First Fund Limited, FirstBanc Heritage Fund Limited, Galaxy Balanced Fund Limited and Galaxy Money Market Limited Limited, and Ideal Sika Fund Limited.
Others include; Omega Equity Fund Limited, Omega Incomerest Fund Limited, Nordea Inverest Growth Fund Limited, Alltime Bond Fund Limited, trust funds, and gold funds.
In addition, the administrator of the EM Balanced Unit insolvency, Universal Merchant Bank Limited, receives orders from the SEC to liquidate the EM Balanced Balancing Unit.
Under Section 122 (2) (b) of the 2016 Securities Industry Act (Law 929 or Law), the Securities and Exchange Commission (SEC) revoked permits from 53 fund management companies on Friday. November 8, 2019.
These companies’ licenses must be revoked because, among other things, they largely return uneasy customer funds. Some fund managers have also been found guilty of serious violations of other regulations, such as: For example, investing in unapproved securities, creating investment portfolios that are too oriented, and offering clients guaranteed returns that are not only illegal but also impossible.
With this in mind, Directors (for mutual funds) and supervisors (for mutual funds) of 18 businesses for collective investment (CIS), whose investment managers have revoked their licenses, were referred by the SEC to be appointed on 15 November 2019. CIS to 10 January 2020, which in itself is an extended period.
In the last few months after the end of this period, the supervisory authority has instructed trustees and directors, for the benefit of investors, to identify other possible steps for shareholders of investment funds/investment funds that we cannot carry out in accordance with previous guidelines.
In accordance with Law 929, regulators ensure that relevant directors and trustees are involved in this matter. However, there is no new time limit for appointing new investment managers and there are no specific penalties for non-compliance.