## Framework Administered Account for Selected Fund Activities: International Forum of Sovereign Wealth Funds Subaccount (_032012)

## Source details

**Canonical URL:** [Framework Administered Account for Selected Fund Activities: International Forum of Sovereign Wealth Funds Subaccount (_032012)](https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2012/_032012.pdf)

## Other formats

- [Markdown version](/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2012/_032012.pdf.md)
- [Structured JSON version](/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2012/_032012.pdf.json)

---

### Purpose and request
- Management requests Executive Board approval to establish the International Forum of Sovereign Wealth Funds Subaccount (the “Subaccount”) under the terms of the SFA Instrument.
- The request follows the establishment in March 2009 of a Framework Administered Account to administer external financial resources for selected Fund activities (the “SFA Instrument”).
- Document date: March 20, 2012.

### Secretariat role and activities
- The Fund has provided a secretariat function to International Forum of Sovereign Wealth Funds (“IFSWF”) members since 2009.
- The proposed Subaccount will finance the continued provision of a secretariat hosted at the IMF focused on providing technical services and support to IFSWF members.
- Secretariat functions include:
  - Technical and logistical support to the IFSWF in organizing meetings, including the annual meetings.
  - Preparing financial reports.
  - Preparing materials for communications and outreach.
- The partnership with IFSWF members will take the form of a multi-donor subaccount.

### Essential terms and conditions of the Subaccount
- Resources:
  - The resources of the Subaccount shall consist of amounts contributed to the Subaccount by IFSWF members (“Contributors”), and earnings that accrue as a result of the investment of these amounts (net of any costs associated with such investments).
  - The resources will be used to finance the IFSWF Secretariat function including technical assistance and related activities, consistent with the purposes of the Subaccount.
- Contributor consent and entry:
  - Contributors, acting through the IFSWF, will consent to essential terms and conditions of the Subaccount before the Managing Director may accept the Contributor’s resources into the Subaccount.
  - Resources will be placed in the Subaccount by each Contributor after signature of a Letter of Understanding between the IFSWF, acting on behalf of Contributors, and the Fund.
  - The Subaccount will permit Contributors to transfer resources from any bilateral subaccount under the SFA Instrument to the International Forum of Sovereign Wealth Funds Subaccount.
  - Contributors may join the Subaccount at any time.
  - A Contributor’s consent to the essential terms and conditions of the Subaccount will constitute the Contributor’s ex ante concurrence to any additional Contributor joining the Subaccount on the latter’s consent to the same essential terms and conditions.
- Withdrawal and continuity:
  - A Contributor may withdraw from the Subaccount without precipitating the termination of the Subaccount.
- Fund reimbursement:
  - To help defray the expenses incurred by the Fund in the management of the Subaccount, reimbursement equal to seven percent of the expenses financed from the Subaccount will be paid to the Fund from the Subaccount.

### Consistency and proposed action
- The essential terms and conditions of the Subaccount are consistent with the terms of the SFA Instrument.
- The activities to be financed from the Subaccount are consistent with the purposes of the Fund.
- Proposed action: Executive Board approval of the establishment of the Subaccount.

*Prepared by the Legal and Finance Departments, and the Office of Technical Assistance Management; Approved by Sean Hagan, Andrew Tweedie, and J.R. Rosales.*

---


_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2012/_032012.pdf_