Restrictions Lifted on Long-term Funds in Costa Rica

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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.

The National Chamber of Investment Companies (CNSFI) understood that these provisions limited freedom of investment for fund managers, so they sued CONASSIF and SUGEF, obtaining the court verdict.

As Juan Pablo Arias of Nacion.com reports that, executive director of CNSFI, Víctor Chacón, stated: "What is gained is the flexibility to manage the funds according to the needs of customers."

Source: Nacion.com

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