Review of Minimum Number of Participants in Mutual Funds

The Costa Rica Financial Supervisory Authority is proposing changes to the minimum number of investors required to keep a fund running.

Wednesday, November 27, 2013

The controversy generated on June 2 over the reduction of the minimum number of investors needed for investment funds led the regulatory authority of the financial market to propose a new change to the rules, with the difference being this time the moment of constitution of the fund from the operational stage.

The rule proposes differentiating when a fund is established and the moment when it comes into full operation. For its constitution a minimum of 50 investors is needed to open a fund, 25 for real estate development funds and 5 for venture capital funds.

Once the minimum number of investors has been obtained for the creation of the fund, this fund could operate with a minimum of 35, 15 and 4 people respectively.

"... The adjustment being studied has the objective of protecting investors holding these instruments, by creating a reasonable space so that in situations where market conditions lead to a reduction in the number of participants in the funds, regulation does not lead to a forced and hasty liquidation," noted an article in

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