The International Organization of Securities Commissions (IOSCO) has published a report on good practices for the termination of investment funds. The report sets out good practices on the voluntary termination of collective investment schemes and other fund structures such as commodity, real estate and hedge funds. In its report, IOSCO highlights the importance for investment funds of adopting termination procedures that take into account investor protection issues.

The good practices set out in the report apply to voluntary terminations of investment funds with illiquid or hard-to-value securities and are categorised under the following five headings:

  • disclosure at time of investment;
  • decision to terminate;
  • decision to merge;
  • during the termination process; and
  • specific types of investment funds.

View IOSCO final report on good practices for termination of investment funds, 23 November 2017