The Ukraine National Commission on Securities and Stock Market issued guidance for beneficiaries of a construction financing fund managed by Financial Company Global Capital after terminating the firm’s license for breaches of applicable law. Under the statutory process, the fund must be transferred to a new manager, but the Commission said no financial company has yet agreed to take over the fund. After revoking the license, the Commission approached the Association of Finance and Investment Management and financial institutions that are able to manage such funds with a proposal to assume management. Because the law allows transfer of the fund to another institution only with that institution’s voluntary consent, the Commission said it has exhausted its administrative tools for automatically appointing a new manager. In these circumstances, investors may apply to court to seek transfer of the fund to another financial institution and may themselves identify a company that holds the relevant license and is willing to take on the role.

Original source Back to tracker