Toward Better Mutual Fund Governance

Krug, Anita K.

doi:10.2139/ssrn.2752090

Cited by 1 publication

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“…35 This represented the revolution in German company law as well, as it introduced some of the fundamental changes in the legal form of the jointstock company for Investment-AG. 36 The most important change for investors was the introduction of the redemption right, 37 which should make these funds less risky from the investors' point of view. However, the redemption right can be restricted, under the condition that this restriction is regulated in the articles of association of the particular Investment-AG, stating for example that the shares can be redeemed on certain dates only, but at least once quarterly.…”

Section: Analysis Of German Investmentaktiengesellschaft Fund -From Tmentioning

confidence: 99%

Investment Funds With Legal Personality – A True Rival to Mutual Funds?

Ruk

Filipović

Vuletić

2020

iele

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Investment funds come in a large variety of legal forms, investment techniques, target investors, redemption rights, and others. It is often said that there are no two investment funds that are the same. The focus of this article is the legal form in which they come. Authors shall analyze the position of investors in funds with legal personality in order to discuss differences in comparison to investors in mutual funds. On the EU level only the UCITS funds are harmonized, while alternative investment funds are left to national regulations. The aim is to discuss whether the legal status of investment funds is a real yardstick for determining the crucial investor's rights such as redemption rights and relations between the investors and fund managers. In order to provide answer authors shall compare funds in jurisdictions that are comparable and often serve as role models, as well as those in which the fund industry is most developed, followed by the Croatian perspective. Finally, the authors shall contribute to the discussion of how can traditional types of companies such as joint-stock or * This paper is written under support of the University of Rijeka project (uniri-drustv-18-43) 'Legal Aspects of Companies Restructuring and Transition Towards New Corporate Governance Culture'. The views and opinions of the authors presented in this article are the personal views of the authors and do not reflect the views of the Croatian Financial Services Supervisory Agency.

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Section: Analysis Of German Investmentaktiengesellschaft Fund -From Tmentioning

confidence: 99%