Changes to the regulatory treatment of closed-end funds

Closed-end funds which satisfy prescribed criteria are now classified as collective investment schemes.

Under the old regime, all closed-end funds (being funds where the units are exclusively or primarily non-redeemable at the election of the holders of the units) are not subject to the regulatory regime applicable to collective investment schemes.

Under the new rules, a fund (even if it is exclusively or primarily non-redeemable at the election of the holders of the units) will not be regarded as a closed-end fund, and would be subject to the regulatory regime applicable to collective investment schemes if it satisfied prescribed critera…

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