Collective Investment Funds: Prior Notice Period for Withdrawals

Title:
Collective Investment Funds: Prior Notice Period for Withdrawals
Subject: Collective investment funds
Agency: OCC
Status: Final rule
Summary:

The OCC is adopting as final, with one minor change, the interim final rule published in the Federal Register on August 13, 2020, that codifies and creates an exception to the standard withdrawal period for a bank administering a collective investment fund invested primarily in real estate or other assets that are not readily marketable (a covered CIF). Pursuant to the interim final rule, a bank administering a covered CIF may request OCC approval to extend the standard withdrawal period under limited circumstances and if certain conditions are met. The final rule adopts as final the changes made by the interim final rule and introduces a minor revision to one of the conditions necessary for the extension.

FR Doc:

2021-11130

Date proposed: Aug. 4, 2020
Comments due date:

Sept. 14, 2020

Final rule effective date: May 26, 2021
Rule compliance date:
Agency release:
Related Reg Report item(s): OCC interim rule provides exception allowing longer withdrawal periods for collective investment funds

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