Fidelity Bans U.S. Investors Overseas From Buying Mutual Funds
Fidelity Investments and other asset managers are telling U.S. clients who live outside the country that they can no longer buy or trade mutual funds in their brokerage accounts.The change will affect about 50,000 accounts, or less than 0.3% of Fidelity's 20 million accounts
Observers said fund managers are becoming more conservative in the wake of global developments such as the U.S. Foreign Account Tax Compliance Act and other U.S. efforts.
The spokesman said the changes were made "in accordance with U.S. anti-money-laundering and 'Know Your Customer' policies" and in response to recent tightening of European laws limiting sales of funds not registered in their jurisdictions.
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