The Investment Funds Act 2006 (Funds Act) was amended by the
Investment Funds Amendment Act 2019 (Amendment Act). The Amendment
Act becomes operative on 1 January 2020.
The Amendment Act brings within scope closed-ended investment
funds and overseas investment funds. A person operating a
closed-ended fund or an overseas investment fund prior to 1 January
2020 may continue to operate the fund without the fund being
authorised, registered or designated under the Funds Act for a
period of 6 months. Operators of funds should use the transition
period to assess whether the changes to the Funds Act are
applicable to them.
CLOSED-ENDED INVESTMENT FUNDS
As noted above, closed-ended funds will be brought within the
scope of the Funds Act effective 1 January 2020. Closed-ended funds
were previously outside the scope of the Funds Act as the Funds Act
only applied to certain arrangements which entitled participants to
have their units redeemed in accordance with the
