May 29, 2019
SEC MEMORANDUM CIRCULAR NO. 11-19
| TO | : | Investment Company Advisers/Fund Managers Investment Companies |
| SUBJECT | : | Amendment to ICA Rule 7.9 |
The Commission, in its meeting on 28 May 2019, resolved to amend Rule 7.9 of the Implementing Rules and Regulations of the Investment Company Act, to read as follows:
"7.9. The Fund Manager can invest the funds of the feeder fund, fund-of-funds or co-managed funds to a target fund that is administered by the Fund Manager or its related party/company provided that:
a. There shall be no cross-holding between the feeder fund or fund-of-funds and the target funds where cross-holding refers to the holding of securities in another by two (2) or more funds;
b. All initial charges on the target fund are waived; and
c. The management fee shall be charged only once, either at the level of the feeder fund, fund-of-funds, co-managed funds or at the level of the target fund."
This Memorandum Circular shall take effect upon its publication in two (2) newspapers of general circulation.
Pasay City, May 29, 2019. cHaCAS
For the Commission:
(SGD.) EMILIO B. AQUINO
Chairperson
