Assertion: fund's board | /r/CapableOf | approve procedure
Facets:
value: in a timely manner.5
type: MANNER
Source sentences:
text: See, e.g., rule 10f-3 (permitting funds to purchase securities in a primary offering when an affiliated broker-dealer is a member of the underwriting syndicate if the fund’s board, including a majority of its independent directors, (i) approves procedures regulating purchases of these securities and (ii) determines at least quarterly that the purchases complied with the board-approved procedures).
text: Consequently, it will be virtually impossible for closed-end funds to develop a manageable process for obtaining and evaluating each syndicate member's compliance policies and procedures and presenting appropriate information to the fund's board to allow the board to approve the policies and procedures in a timely manner.5