On November 23, 2017, the International Organization of Securities Commissions (IOSCO) published a final report on good practices for the voluntary termination of investment funds which takes into account investors' interests during the termination process. The good practices do not override any legal or regulatory requirements or insolvency regimes. The report covers open-ended and closed-ended investment funds and retail investment funds as well as funds for professional investors. Additional good practices are included for funds established as commodity funds, real estate funds or hedge funds because illiquid or hard-to-value securities can impact the voluntary termination of a fund. These good practices should be read in conjunction with the IOSCO Objectives and Principles of Securities Regulation.
The Report is available at: http://www.iosco.org/library/pubdocs/pdf/IOSCOPD588.pdf and the Objectives and Principles of Securities Regulation are available at: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD323.pdf.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
