U.S. markets open in 2 hours 55 minutes
  • S&P Futures

    3,828.25
    -14.25 (-0.37%)
     
  • Dow Futures

    30,692.00
    -150.00 (-0.49%)
     
  • Nasdaq Futures

    13,518.50
    +33.00 (+0.24%)
     
  • Russell 2000 Futures

    2,126.60
    -19.20 (-0.89%)
     
  • Crude Oil

    52.83
    +0.22 (+0.42%)
     
  • Gold

    1,842.10
    -8.80 (-0.48%)
     
  • Silver

    25.33
    -0.20 (-0.79%)
     
  • EUR/USD

    1.2126
    -0.0043 (-0.35%)
     
  • 10-Yr Bond

    1.0400
    0.0000 (0.00%)
     
  • Vix

    24.89
    +1.70 (+7.33%)
     
  • GBP/USD

    1.3733
    +0.0002 (+0.01%)
     
  • USD/JPY

    103.8000
    +0.1730 (+0.17%)
     
  • BTC-USD

    31,507.88
    -847.63 (-2.62%)
     
  • CMC Crypto 200

    633.53
    -6.39 (-1.00%)
     
  • FTSE 100

    6,614.68
    -39.33 (-0.59%)
     
  • Nikkei 225

    28,635.21
    +89.03 (+0.31%)
     

U.S. Investment Sanctions on Chinese Military-Linked Companies (Executive Order 13959)

·3 min read

PHILADELPHIA, Jan. 7, 2021 /PRNewswire/ --

Aberdeen Asset Management Inc. At Aberdeen, asset management is our business. We only manage assets for clients, allowing us to focus solely on their needs and deliver independent, objective investment advice. We know global markets from the local level upwards, drawing on more than 1,900 staff, across 32 offices in 23 countries. Investment teams are based in the markets or regions where they invest, delivering local perspective in a global investment environment. (PRNewsFoto/Aberdeen Asset Management Inc.)
Aberdeen Asset Management Inc. At Aberdeen, asset management is our business. We only manage assets for clients, allowing us to focus solely on their needs and deliver independent, objective investment advice. We know global markets from the local level upwards, drawing on more than 1,900 staff, across 32 offices in 23 countries. Investment teams are based in the markets or regions where they invest, delivering local perspective in a global investment environment. (PRNewsFoto/Aberdeen Asset Management Inc.)

Background

On November 12, 2020, U.S. President Donald Trump issued Executive Order 13959 (the "Executive Order"), which prohibits U.S. Persons from purchasing "publicly traded securities" of 35 Chinese companies identified as Communist Chinese Military Companies ("CCMCs") or engaging in any transaction in "any securities that are derivative of, or are designed to provide investment exposure to" prohibited CCMC securities. Under the Executive Order, U.S. Persons cannot make purchases of CCMC securities effective January 11, 2021 and have until November 11, 2021 to divest from these securities.

On December 28, 2020, the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC") issued requirements regarding restrictions and processes in connection with the Executive Order.

OFAC's guidance restricts U.S. Persons from investing in securities in any foreign or U.S. fund, including registered funds that hold publicly traded securities of a CCMC. OFAC also confirmed that the prohibitions on CCMC securities do not apply to securities of subsidiaries unless and until the subsidiary is listed by OFAC, in which case the prohibitions will take effect 60 days after the subsidiary is listed by OFAC.

Aberdeen Standard Investments ("ASI")

To ensure compliance with requirements of the Executive Order, Aberdeen Standard Investments ("ASI") can confirm that none of our U.S.-domiciled funds, including our U.S. registered funds*, hold any sanctioned CCMC securities or are in the process of divesting from these positions in accordance with OFAC's requirements and timelines. In the limited instances where divestment is required under the Executive Order, the exposure to CCMC securities does not represent a significant portion of the portfolio (no more than 3%).

ASI's sanctions compliance framework has been amended to comply with the requirements of the Executive Order via our screening processes, pre-and post-trade guidelines, and oversight procedures in connection with investment and client activity. ASI will continue to monitor and ensure the procedures and controls for our sanctions compliance program addresses updates to the CCMC list and additional actions required in connection with the Executive Order.

If you have any questions or further information is required, please contact ASI's Investor Relations team or your designated Business Development Manager or Client Service Associate.

* Aberdeen Standard Investments U.S. Registered Funds

ASI Mutual Funds


ASI Closed-End Funds

Series of Aberdeen Funds Trust


Aberdeen Emerging Markets Equity Income Fund, Inc. (AEF)

Aberdeen Japan Equity Fund, Inc. (JEQ)

Series of Aberdeen Investment Funds Trust


Aberdeen Global Dynamic Dividend Fund (AGD)

Aberdeen Asia-Pacific Income Fund, Inc. (FAX)



Aberdeen Total Dynamic Dividend Fund (AOD)

Aberdeen Global Income Fund, Inc. (FCO)


The India Fund, Inc. (IFN)

Aberdeen Income Credit Strategies Fund (ACP)


Aberdeen Australia Equity Fund, Inc. (IAF)

Aberdeen Global Premier Properties Fund (AWP)


Aberdeen Standard Global Infrastructure Income Fun (ASGI)


© 2021, Standard Life Aberdeen

aberdeenstandard.us

Aberdeen Standard Investments
1900 Market Street, Suite 200, Philadelphia, PA 19103

In the United States, Aberdeen Standard Investments ("ASI") is the marketing name for the following affiliated, registered investment advisers: Aberdeen Standard Investments Inc., Aberdeen Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management, LLC, Aberdeen Standard Investments ETFs Advisors LLC and Aberdeen Standard Alternative Funds Limited. Member of the Standard Life Aberdeen Group of Companies.

Cision
Cision

View original content to download multimedia:http://www.prnewswire.com/news-releases/us-investment-sanctions-on-chinese-military-linked-companies-executive-order-13959-301203034.html

SOURCE Aberdeen Standard Investments Inc.