On October 6, the European Union’s Economic and Financial Affairs Council (ECOFIN) removed the Cayman Islands from the European Union’s (EU) list of non-cooperative jurisdictions for tax purposes (EU List).
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investment funds
IOSCO Publishes Consultation on Good Practice for Termination of Investment Funds
By Neil Robson & David A. Brennand on
Posted in Financial Markets, UK Developments
On August 18, the International Organisation of Securities Commissions (IOSCO) published a consultation report (Consultation) on a proposed set of good practices for the termination of open-ended and closed-ended investment funds. IOSCO notes in the Consultation that most national jurisdictions have legislation covering involuntary terminations (such as, when the investment fund becomes insolvent) but not voluntary terminations. IOSCO recognizes the impact terminating an investment fund can have on investors and is proposing the good practices to ensure investment funds’ termination procedures take into account investor protection.
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