December 6, 2022

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U.S. Expense Sanctions on Chinese Navy-Linked Businesses (Govt Order 13959)

PHILADELPHIA, Jan. 7, 2021 /PRNewswire/ —


On November 12, 2020, U.S. President Donald Trump issued Executive Order 13959 (the “Govt Order”), which prohibits U.S. Individuals from buying “publicly traded securities” of 35 Chinese firms recognized as Communist Chinese Military Corporations (“CCMCs”) or engaging in any transaction in “any securities that are spinoff of, or are intended to present financial investment exposure to” prohibited CCMC securities. Beneath the Govt Get, U.S. Individuals are not able to make buys of CCMC securities successful January 11, 2021 and have right until November 11, 2021 to divest from these securities.

On December 28, 2020, the U.S. Treasury Department’s Business office of Overseas Belongings Control (“OFAC”) issued prerequisites concerning limitations and processes in relationship with the Government Get.

OFAC’s steering restricts U.S. Individuals from investing in securities in any overseas or U.S. fund, together with registered cash that keep publicly traded securities of a CCMC. OFAC also confirmed that the prohibitions on CCMC securities do not utilize to securities of subsidiaries except and till the subsidiary is detailed by OFAC, in which situation the prohibitions will just take impact 60 days right after the subsidiary is outlined by OFAC.

Aberdeen Standard Investments (“ASI”)

To make certain compliance with necessities of the Executive Order, Aberdeen Standard Investments (“ASI”) can verify that none of our U.S.-domiciled money, such as our U.S. registered funds*, keep any sanctioned CCMC securities or are in the method of divesting from these positions in accordance with OFAC’s prerequisites and timelines. In the restricted occasions exactly where divestment is needed beneath the Govt Buy, the publicity to CCMC securities does not depict a considerable portion of the portfolio (no additional than 3%).

ASI’s sanctions compliance framework has been amended to comply with the prerequisites of the Government Buy through our screening procedures, pre-and submit-trade suggestions, and oversight methods in connection with investment and client action. ASI will go on to keep an eye on and make certain the treatments and controls for our sanctions compliance program addresses updates to the CCMC list and supplemental actions necessary in relationship with the Govt Buy.

If you have any queries or even further data is needed, please get in touch with ASI’s Investor Relations workforce or your selected Organization Improvement Manager or Client Support Affiliate.

* Aberdeen Regular Investments U.S. Registered Resources

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ASI Closed-Close Money

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Aberdeen Emerging Marketplaces Fairness Earnings Fund, Inc. (AEF)

Aberdeen Japan Equity Fund, Inc. (JEQ)

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Aberdeen Worldwide Dynamic Dividend Fund (AGD)

Aberdeen Asia-Pacific Cash flow Fund, Inc. (FAX)

Aberdeen Total Dynamic Dividend Fund (AOD)

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The India Fund, Inc. (IFN)

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Aberdeen Australia Equity Fund, Inc. (IAF)

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