What is a collective investment fund (CIF)?
A CIF is a trust that pools assets from multiple clients and is held by a bank or trust company. The federal securities laws generally require entities that pool securities to register those pooled vehicles (such as mutual funds) with the Securities and Exchange Commission (SEC). However, CIFs are exempt from SEC registration and reporting requirements, so long as a bank or other authorized entity offers the CIF and as long as participation in the CIF is restricted to only customers covered by the exemption.
Last Reviewed: October 2020
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