Office of the Comptroller of the Currency May 26, 2021 – Federal Register Recent Federal Regulation Documents

Collective Investment Funds: Prior Notice Period for Withdrawals
Document Number: 2021-11130
Type: Rule
Date: 2021-05-26
Agency: Department of Treasury, Office of the Comptroller of the Currency
The OCC is adopting as final, with one minor change, the interim final rule published in the Federal Register on August 13, 2020, that codifies and creates an exception to the standard withdrawal period for a bank administering a collective investment fund invested primarily in real estate or other assets that are not readily marketable (a covered CIF). Pursuant to the interim final rule, a bank administering a covered CIF may request OCC approval to extend the standard withdrawal period under limited circumstances and if certain conditions are met. The final rule adopts as final the changes made by the interim final rule and introduces a minor revision to one of the conditions necessary for the extension.