Costa Rica: Long-term funds subject to new rules

Measures oblige firms to have liquid assets ready to meet obligations.

Monday, May 5, 2008

Last week the General Securities Office approved a change in articles 34, 61 and 67 of its general rules relating to administrative companies and investment funds.
The goal is to create better management of the maturity dates of assets held by the long-term open funds. The changes will force long-term investment funds (longer than one year) to the maintain liquid resources necessary to refund to investors one month after the investment matures.
The new measures will create more work for the funds, but will give investors the assurance that their investment will be available for withdrawal as specified in the prospectus.

More on this topic

Investment Funds in Costa Rica

June 2012

In the market there are 14 investment fund management companies, managing a total of approximately 100 funds.

In Costa Rica there are about 41,000 depositors in mutual funds, 14 mutual fund companies and 100 funds of different types.

The minimum amount to invest varies by institution.

Restrictions Lifted on Long-term Funds in Costa Rica

November 2010

A court decision removed the obligation to collect commission on early fund recovery or to enforce minimum periods of investment for those funds.

The measure had been adopted by the Supervisory Board of the Financial System (CONASSIF), amending the General Rules on Mutual Funds Investment to prevent investors without the appropriate profile from entering into long-term funds.

Reorganization of Financial Funds in Costa Rica

August 2010

A special Fitch report on the status of the country's financial funds industry.

In Fitch's opinion the Costa Rican financial investment funds (FIF) industry displays a constant need to reorganize its portfolios in order to remain in the market as an alternative investment option.

Modifications for Investments Funds in Costa Rica

January 2009

The decrease in the minimum asset level in Real Estate Funds to $5m encourages the undertaking of smaller real estate development projects.

The measure adopted by the Superintendence of the Stock Market hopes to adapt the rules to the current financial and economic crisis to promote investment, especially in the construction sector.

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