Rules on the Appointment of Independent Oversight Entity, Independent Net Asset Value Calculation, Qualifications of Key Officers of Fund Managers, and Liquidation of Assets and Winding Up of Investment Companies

September 24, 2019SEC MEMORANDUM CIRCULAR NO. 21-19TO :All Investment Companies  Fund Managers  Other Entities Dealing with Investment Companies   SUBJECT:Rules on the Appointment of Independent Oversight Entity, Independent Net Asset Value Calculation, Qualifications of Key Officers of Fund Managers, and Liquidation of Assets and Winding Up of Investment Companies Section 35 (a) of Republic Act No. 2629, or the Investment Company Act (ICA), and Section 72 of Republic Act No. 8799, or the Securities Regulation Code (SRC), vest upon the Securities and Exchange Commission the authority to make, issue, amend, and rescind rules and regulations and orders which are necessary or appropriate to the exercise of the powers conferred upon it in the ICA and the SRC. For purposes of its rules and regulations, the Commission may classify persons, securities and other matters within its jurisdiction and prescribe different requirements for different classes of persons, securities or matters. To enhance the regulatory compliance of Investment Companies and their Fund Managers, and to ensure adequate protection for shareholders and unitholders, the following rules are hereby adopted:I. Independent...