Bankowość · 13/08/2020

OCC Issues Interim Final Rule on Withdrawal Periods for Collective Investment Funds

The Office of the Comptroller of the Currency (OCC) has issued an interim final rule to establish a standard withdrawal period for collective investment funds (CIFs) and create a limited exception for banks to withdraw accounts beyond the standard period, under certain conditions, to preserve fund assets during severe market conditions, such as the ongoing COVID-19 pandemic.