The International Organisation of Securities Commissions (IOSCO) issued a paper examining the conditions under which collective investment schemes (CIS) mergers are currently permitted by members. The questionnaire focused among others on the relevant legislative and/or regulatory provisions, conditions imposed by regulators on merger proposals, and the extent, if any, regulators should intervene to encourage mergers. The main concerns for regulators with respect to mergers/amalgamations of
CIS relate to the level of information supplied to and the level of necessary approval from investors.
While no single approach can be identified among members, a number of common themes or core principles emerge which should prove beneficial to both regulators and investors in assessing proposals for mergers/schemes of amalgamations for CIS.
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