Mutual Funds
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| >Alejandro Gorches Guerrero>President of Mutual Funds Committee |
Mutual Funds Law
To continue working through the agenda of matters being addressed with the authorities for some time, AMIB submitted a proposal to the President of the CNBV on amendments to the Mutual Funds Law, which would, among other changes, include Trust Activity in Fund Managers. The proposal included a note explaining the justification, benefits, and advantages that would be obtained with that amendment.
In response, the authorities said they had met with SHCP officials to decide on the legislative agenda for 2008. In principle, the project would be brought up in the legislative session that begins in September of this year, but if it is completed sooner they could consider incorporating it into the period that runs from February to April.
AMIB's committee members therefore considered it crucial to complete the draft of the reform, including proposals from the securities industry and the authorities.
The proposals from the industry were:
- To incorporate trust activity into fund managers.
- To allow global custodians and transfer agents to handle asset deposit and custody.
- To define the base for calculating trading parameters, through general provisions.
- To expand the investment purpose of capital investment funds (SINCAs).
- To include SINCAS and dedicated funds (SIOLES) as a vehicle for investing in risk capital
- Eliminate the obligation to publish monthly portfolios in national newsletters and allow fund managers to do this as agreed upon between the parties involved. >>
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