Finance C'ttee oks mutual fund reforms

The Knesset Finance committee on Tuesday approved the reforms in the country's mutual funds market introduced by Finance Minister Ronnie Bar-On last week.

By MATTHEW KRIEGER
October 17, 2007 07:55

 
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The Knesset Finance committee on Tuesday approved the reforms in the country's mutual funds market introduced by Finance Minister Ronnie Bar-On last week. Under the new rules, financial institutions will be able to form a fund of funds, money market funds and closed-end mutual funds. Additionally, the reforms will allow the general public to invest in hedge funds and to also sign REPOs, or repurchase agreements. They also will ease limits on mutual funds investing overseas to include, among other things, bonds with lower investment grades than previously allowed.

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