The Securities and Exchange Commission (SEC) has published a list of 13 Collective Investment Schemes.
The list comprises 11 Mutual Funds and two Unit Trusts who have appointed new fund managers following the revocation of their licenses.
The SEC said : “In accordance with section 88 (6) of the Securities Industry Act, 2016 (Act 929), Boards of Directors
(for Mutual Funds) and Trustees (for Unit Trusts) of 18 Collective Investment Schemes (CIS) whose
Managers had their licences revoked were directed by the SEC on 15th November, 2019 to appoint new
fund managers for the management of the CIS by 10th January, 2020 (an extended deadline), pursuant
to SEC Notice SEC/PN/018/12/2019.
As at the date of this Circular, 13 Collective Investment Schemes made up of 11 Mutual Funds and 2
Unit Trusts have notified the SEC of the appointment of new managers