Various amendments to the Financial Investment Services and Capital Markets Act (the “Capital Markets Act”) were recently promulgated on May 28, 2013. This legal update is the first of a series of updates that will summarize the amendments made to the Capital Markets Act and discuss the major issues relating to such amendments.
Unless otherwise specified in the amendments, the amended Capital Markets Act (the “Amended Act”) will come into force on August 29, 2013, which is the date falling three months from promulgation. For provisions of the Amended Act that will come into force on a separately specified date, we have made note of such dates in our discussion below.
The following is a summary of the amendments made to the collective investment provisions of the Capital Markets Act.
- Amended Definition of “Collective Investments”
- Specified Fiduciary Duty in Collective Investment Manager’s Exercise of Voting Rights
- Relaxation of Requirements for Beneficiaries’ and Partners’ Resolutions and Introduction of the Deemed Exercise of Voting Rights System
- Change in Method of Adoption of Resolutions for Mergers of Smallsized Collective Investment Schemes
- Introduction of the Limited Liability Investment Company and the Limited Investment Partnership
- Summarized Prospectus
