​Management of Mutual Fund

22. Additional rules for a retirement mutual fund (RMF)

22.1 RMFs of all types

(1) The mutual fund management company shall establish a system for examination of purchase or redemption of investment units by unitholders.

(2) The mutual fund management company shall not pay a dividend to the unitholders.

(3) The mutual fund management company shall prepare and submit a report on investment in the investment units for the unitholders who redeem the units according to the rules and procedures set out by the AIMC.

(4) In the case of transferring units among the RMFs, the mutual fund management companies must complete the transactions within five business days from the date of accepting transfer orders from the unitholders.

(5) In the case of fund dissolution, the mutual fund management company shall transfer the units to other RMFs without charging any fees.

(6) In the case that the unitholders wish to transfer to the other RMF, the transfer fees shall be waived if it is the first transfer order made by the unitholders within the specified period.

22.2 RMFs receiving transfer of proceeds from provident funds

(1) Develop and implement a system which separates the unitholders who receive proceeds from a provident fund (“PVD") from the general unitholders of the RMF.

(2) Develop and implement a system that separates proceeds from the PVD into two parts as contributions and non-contributions.

(3) Maintain information of each unitholder about age, duration of the membership or of being a unitholder of a PVD or RMF, so that the duration of the membership can be continued.

​(4) In disclosing NAV of the RMF, the mutual fund management company shall specify that PVD proceeds were included in the NAV. The mutual fund management company shall not use the amount of PVD proceeds to calculate any amount of the investments, and any overall figures of the mutual fund business.