Sets out the best practices that managers, approved trustees, VCC directors and VCC custodians of collective investment schemes offered to retail public are expected to observe on management, operation and marketing of the schemes.
Published Date: 26 August 2020
CFC 02/2020 Modification to the Single Entity Limit for Country-Specific Government Bond Funds
This circular modifies the single entity limit in the Code on Collective Investment Schemes (“Code”) in relation to country-specific government bond funds. In particular, the minimum credit rating requirement under Paragraph 2.6(a) of Appendix 1 of the Code is lowered to investment-grade, i.e., BBB by Fitch, Baa by Moody’s or BBB by Standard and Poor’s (including such sub-categories or gradations therein), provided certain conditions are met. More details can be found in the circular.