Pursuant to Section 122 (2) of the Securities Industry Act, 2016 (Act 929), the Securities and Exchange Commission (SEC) on 8th November 2019 revoked the licences of 53 Fund Management Companies (“FMCs”).
Some of the affected FMCs were managers of Collective Investment Schemes (CIS) in the form of Mutual Funds or Unit Trusts. Please note that the revocation of the licences of the Fund Managers neither affects the valid licences of, nor terminates the Mutual Funds and Unit Trusts that they used to manage. Shareholders and unit holders of these Mutual Funds and Unit Trusts are therefore not included in the ongoing submission of claims. Total number of CIS affected is 18; made up of 13 mutual funds and 5 unit trusts as listed in Appendix A.
In accordance with section 88 (6) of the Securities Industry Act, 2019 (Act 929), Boards of Directors (for Mutual Funds) and Trustees (for Unit Trusts) of affected CIS are to ensure that the schemes continue to run in the best interest of shareholders/unit holders by appointing new fund managers to operate the CIS. Investors of affected CIS shall be advised by their respective Boards and Trustees when the fund managers are appointed or any other option taken in accordance with Act 929.
Investors may send email to the Agent at firstname.lastname@example.org or call the following numbers for any clarification:
0302960197 / 8/ 9
0302960208 / 9 /10
0302960023 / 4
0302953518 / 9
BY ORDER OF
SECURITIES AND EXCHANGE COMMISSION
DATED THE 21ST NOVEMBER, 2019
Click Here to Download the Full Notice
PUBLIC NOTICE ON MUTUAL FUNDS AND UNIT TRUSTS MANAGED BY FUND MANAGEMENT COMPANIES WHOSE LICENCES HAVE BEEN REVOKED
Last modified: November 21, 2019