The SEC has initiated emergency action against a Cayman fund and two individuals. It charges the fund and individuals with defrauding investors. The Income Collecting 1-3 Months T-Bills Mutual Fund is run by Ofer Abarbanel and Victor Chilelli. Their $106 million fund, domiciled in Cayman in 2017, is alleged by the SEC to be fraudulent.

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Term limits for fund board directors seems to be welcomed by just about everyone with an opinion on fund governance. It was one of the clearest findings from The NED’s research study with investors this spring.  Will regulators introduce term limits for directors of funds in their jurisdictions?

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