Advanced Search

Notice Of Information In Investment Associations, Specialised Associations, Professional Associations, Fåmandsforeningers And Hedge Associations Approved Prospectuses

Original Language Title: Bekendtgørelse om oplysninger i investeringsforeningers, specialforeningers, professionelle foreningers, godkendte fåmandsforeningers og hedgeforeningers prospekter

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
Table of Contents

Publication of information in investment associations, specialist associations, professional associations, approved sheep-man associations and hedgeunials 1)

In accordance with section 74 (4), 2, section 110 h, paragraph 2, section 113, section 114 f, paragraph 1. 1 and 2, and Article 132 (2). 3, in the Law on investment associations and special associations, as well as other collective investment schemes, etc., cf. Law Order no. 929 by 18. September 2008, as amended by law no. 392 of 25. May 2009 :

§ 1. The complete prospectus of a unifying must contain the information referred to in section 2-5. A simplistic prospectus must contain the information referred to in Section 9, cf. however, paragraph 1 Two and three.

Paragraph 2. The full and simplified prospectuses of a special association must be provided in addition to the information specified in paragraph 1. 1 shall contain the information referred to in section 6.

Paragraph 3. The full prospectuses of a hedge union and professional association and the simplified prospectuses of a hedge union must be provided in addition to the information provided for in paragraph 1. 1 contain the information referred to in section 7.

Paragraph 4. An approved sheep-male association should only issue a simplified prospectus, cf. § 9.

Paragraph 5. A professional association should only issue a complete prospectus, cf. § § 2-5, § 7 and § 8.

Paragraph 6. If the association is divided into departments, the prospectus must also include information for each department in a manageable way, together with the common information for the association. In the case of the creation of the other classes in a section, the listing particulars must be provided in addition to the characteristics of the characteristics of all the other classes.

Paragraph 7. The association of the association instead of a separate prospectus for each department or group of departments within the same association shall include the information referred to in each prospectus.

§ 2. The members of the Board shall sign the complete prospectus and declare ;

1) the information referred to in the listing particulars is correct and not as a result of the omissions has distorts the image to which the prospectus is given and the prospectus must be given ; and

2) the listing particulars contain any significant information that may affect the potential members of the association, as defined in section 3, no. 7.

Paragraph 2. If it is not possible to obtain all the signatures of the board members, the prospectus must be signed at least by the chairman of the board and a majority of the members of the board. The members of the board who have not signed the prospectus must sign this on the next board of directors.

§ 3. The complete prospectus of a unifying prospectus must include at least the following information on the relationship of association :

1) The name of the association and the possible departmental and shareholdings.

2) The address of the association.

3) Registration number of the Finance SEC and CVR-NR registration number

4) The date of establishment, if any, of the division and other classes of shares are set up.

5) The date of publication of the listing.

6) The approval or registration of the Financial Control Board shall be sought if such approval or registration is not yet available, if any.

7) Who the association receives from, cf. Section 4 (4). 1, no. Paragraph 5, section 5. 1, no. 1, section 111, paragraph 1. 1, no. Paragraph 1, or paragraph 110 (a), 1, no. 1, in the Law on investment associations and special associations, as well as other collective investment schemes, etc., including a profile of the typical member, as the association, the department or the other classes are receiving funds from.

8) The names of the board members and their main employment, by setting out their position, employment and recruitment or residence.

9) The name of the president of the association (CEOs) or the name of the investment management company of the association and the CVR-NR and the name of the director of this company (CEOs).

10) Name (names) and address (name) and address (addresses) and CVR-NR approved auditor (s) and registered auditors (addresses) and registered auditors (addresses) and registered auditors.

11) Name, address, and CVR-NR at the company's depot company and information on the content of the Agreement with the debit company. The information shall include a description of the benefit, the price for the performance and the termination notice of the contract. In the case of the association's debit company shares in the investment management company of the association, this must be provided with an indication of the size of the owner's share.

12) Names and addresses of undertakings to which the association has agreed on the advice and indication of their principal activities and information as to whether or not the advisor is the company's depotcompany or is a company that is affiliating with the debit or investment management company. If the advisor is the company's depot company or company which is affiliating with the debit or investment management company, the content of the Agreement must be reported. The information shall include a description of the benefit, the price for the performance and the termination notice of the contract.

13) Whether the association has concluded an agreement on the marketing and dissemination of the facilitators of the association with the company's depots company or a company that is companies associated with the debit or investment management company. If this is the case, the content of the Agreement shall be stated. The information shall include a description of the benefit, the price for the performance and the termination notice of the contract.

14) The annual report shall be submitted in accordance with the applicable notification of financial reports for investment associations and special associations and other collective investment schemes and other collective investment schemes ; etc., section 55, with regard to professional associations.

15) The previous yield of the association, the department of the department or of the other classes, expressed in kr. per share and percentage for the last 5 years.

16) The previous result of the association, department or other classes to date. 100 kroner for the last 5 years and a warning to draw conclusions from this on the forthcoming outcome.

17) The overall administrative costs of the association, department, or other classes to date, expressed as a percentage of the average amount of money (cost percentage) for the last five years.

18) The assets of the association or department and the value of the part of the department's wealth as each of the holdings, which are made up of a return on the basis of the latest annual report or the latest semi-annual tax return.

(19) The size or budgeted size, of the remuneration of the management board, management or investment management company and the Financial supervision specified in the individual items. In the case of updating, information on the amount of the remuneration in the latest annual report shall be specified in detail on the individual records.

20) If the association or department invests a significant share of its wealth in units in other associations or departments or other UCITS, cf. Section 90 of the Law on investment associations and special associations as well as other collective investment schemes, etc., shall the association be responsible for the maximum administration fees which may be charged to the association, department or the other classes themselves. or the department shall also consider the maximum administration fees for the other associations, departments or other classes to which the association is investing in.

21) Where the annual report and the department ' s annual report and semi-annual tax return are being delivered.

(22) Whether the association, the department or the other classes are evidence-issuing or account-leading.

23) Whether the association, the department or the other classes are issuing physical evidence, or whether the evidence is issued through and registered in a security service, when the association, department or the other classes are proven.

24) Whether the association, the department or the other classes are extraccussive or accumulating.

25) The tax rules applicable to the association, department or other classes and a general description of how the return of the department, department or shareholdings are taxed by different types of member.

26) The provisions of the Staff Regulations relating to the association, or the department ' s administration costs, cf. ~ 10 (1)) 1, no. 24, in the Law on Investment Associations and special associations, as well as other collective investment schemes, etc.

27) The provisions of the Staff Regulations relating to the voting rights of the Members, cf. ~ 10 (1)) 1, no. 11, in the Law on investment associations and special associations, as well as other collective investment schemes, etc.

28) Under what circumstances, the General Assembly may decide to dissolve the association, the department, or the other classes.

29) How a member can move its investment from one association or department to another or between the other classes in the same department and the costs associated with it.

§ 4. The complete prospectus of a association shall include at least the following information on the other elements :

1) Where the shares may be acquired and, where appropriate, a drawing period of the drawing, and that the association or department subsequently has an ongoing emission without the highest amount determined, cf. however, section 6 (4). 3 and 4 and section 7.

2) How the emission price is fixed, including how much of the emission price is estimated to go to the costs of the association, department or other classes of transferable securities, administration, depotany functions, dissemination, the placing on the market and the course of the Member ' s exchange rate, etc. otherwise specified in the individual items.

3) Payment for and the deadline for delivery or registration in VP Securities A/S by the andages.

4) The sum of the assets of the association, department or other classes at the beginning of the emission set out in million shall be set out in million. DKK or information that an unconditional guarantee has been provided under the law on investment associations and special associations, as well as other collective investment schemes, and so on to update the listing particulars, that information may be dispensed with.

5) The size and minimum income of the part, if the minimum income differs from the size of the shares.

6) The name of the regulated markets or other regulated markets to which the shares are busy for trade on or will be sought in trade on.

7) The possible fondcodes of the elements.

8) Where the shares can be noted when the association, the department or the other classes are in evidence.

9) The Member States ' right of action, including in the case of cases, may be subject to exposure, and to special associations concerning limitations in the course of action, in accordance with the case of a reduction in the law. § 48, paragraph. Two-four, in the law on investment associations and special associations, as well as other collective investment schemes, etc.

10) Method for the determination of the solution price, cf. rules laid down by the Financial supervision referred to in Article 48 (3). 5, in the Law on investment associations and special associations, as well as other collective investment schemes, etc.

11) Publication of the emission and depositing price or inner value, cf. law on investment associations and special associations, as well as other collective investment schemes, etc. § 77 and § 114 d, paragraph 1 3, as well as the information on where publication takes place.

12) Provided that there are limitations on the rights of members of the Member States to resell the shares.

13) How often the association, the department or the other classes pay dividends, including the question of whether the association, the department or the other classes contain the tax of possible yields to the members.

14) If the association, department or other classes, following the provisions of the Staff Regulations, may be engraded by the assets in order to ensure a stable encoding rate.

15) If the association, department or other classes may or must be granted units without the right to yield until the ordinary general assembly, including the emission and solution price for such units, shall be established.

16) What facilities are available for the purposes of payments to the members or the accommodation of the shares and dissemination of information about the association, department or the other classes. If the shares are placed on the market in another Member State within the European Union or countries concluded by the Community in the financial sphere, the information referred to above shall be given in respect of that country and the prospectus, they shall be published there shall contain such information.

§ 5. The complete prospectus of a association shall include at least the following information on the investment policy of the association or department :

1) The funds or resources of the department must be placed in accordance with the rules laid down in Title IX, X, X a respectively, in Part XI of the Law on investment associations and special associations, as well as other collective investment schemes, etc.

2) Which markets or parts of the association or department are located on. The market must be indicated by its official name. In the case of a market situated in another Member State within the European Union or countries with which the Community has concluded an agreement in the financial sphere or a market that is a member of the World Federation of Exchanges, or there are Full Members or Associate Members of the Federation of European Securities Exchanges (FESE), this entry may replace the indication of the name of each of the markets.

3) the investment objectives of the association or department, including a statement on which the instruments or instruments of the association or department are placed in. This statement shall include, inter alia, information on possible benchmarks and any other elements included in the investment policy and in which geographical areas, industrial sectors and business sizes of association, or the funds shall be affixed to the department. If the instruments are selected on the basis of their credit rating, the investment restrictions, the association or the department have in relation to the rating, shall also be described in the statement. The statement may appear in an annex to be attached as a component of the prospectus. Section 2 shall also apply to the Annex.

4) In the case of the creation of the other classes in a section, the listing particulars must be provided by the characteristics of each other category, including the information on :

a) the currency of the second class is denominated in,

b) the type of investor shareplacing on the market across the street ;

c) emission allowance and deposit-deduction ;

d) administrative expenses, consulting costs and marketing costs,

(e) the price calculation method used,

(f) how much of the wealth of shares, the association can be used for class-specific assets,

g) encoding profile,

(h) minimum investment ;

i) Characteristics covered by Section 3 (3). 2, in the announcement of the other classes of investment associations, specialised associations, professional associations, approved sheep ' s associations and hedge funds ; and

j) If a department has class-specific assets, it must show what the purpose is and what impact it has for the investment policy of the individual and each other.

5) The last five years performance for benchmark if such use is used, and the performance of the association, department, or change classes for comparison.

6) Whether or not the association, the department or the other classes can use derivative financial instruments. In addition, it must be reported whether financial instruments may be used on deck or extractor basis and the possible impact of the use of derivative financial instruments on the risk profile.

7) The risks associated with the intended or already planned investments of the association or of the other classes, including whether significant fluctuations in the net value of the unifying, department or other classes are likely to be expected to be carried out as a result of the following : the composition of the portfolio or the investment strategy used.

8) The measures that the association, department or other classes have been able to maintain their risk profile.

9) The States, public authorities or international institutions of a public nature which issue or guarantee the securities in which the association or department intends to invest more than 35%. Of his fortune.

§ 6. In addition to that in section 2-5, a specialised association of specialists must include information on the extent to which the association is a Band-Aging Association, a monetary union, an investment institution or a vocational and vocational training association.

Paragraph 2. In addition, the prospectuses of professional vocational training associations shall include the following information :

1) Principles of valuation of shares not traded on a regulated market, and parties and on the up and down of these.

2) The investment of the association or department in capital shares in companies that are not traded on a regulated market generally are more risky than investment in transferable securities traded on a regulated market.

3) The provisions of the Staff Regulations that the association, department or other classes are not open to emissions and that no Member may request that the association of the association of the association of the association of the institution or of the other members.

4) Any general assembly decisions on the emission and / or settlement under the Law on UCITS and special associations as well as other collective investment schemes, etc. ~ 10 (1)) 3 and 4.

5) Information about the association has the possibility of concluding 'lockup' agreements and ownership of shares traded on a regulated market that exceeds the limits of section 93 (3). 1, no. 1, as well as other collective investment schemes and other collective investment schemes, etc., in a period of up to a period of up to a period of up to one year after the industrial sale of the portfolio or company's admission to trade in a regulated market, cf. Article 109 (1). 4 and 7. 5 in the Law on investment associations and special associations, as well as other collective investment schemes, etc.

§ 7. In addition to that in section 2-5, a hedge union and a professional association must include information on the health of the association, department or other part-class classification. The prospectus of a hedge fund must at the same time contain information on how often the association is emitting and incorporating units in the association. The prospectus of a hedge union and a professional association must also include information on how the internal value is made up in cases where it is not possible to calculate the value of the internal value on the basis of current prices.

Paragraph 2. In addition, a hedge union and professional association must include information on possible earlier headlines of the risk and possible management board decisions of the association and of any executive board decisions for the last five years ; on the amendment to the risk of association, including amendments that have not yet come into force. This information may be given in an annex to the prospectus. Section 2 shall also apply to the Annex.

§ 8. The association's statutes must be attached to the full prospectus as a component of this.

§ 9. In addition to the full prospectus, a association must draw up a simplified prospectus, cf. however, section 1 (1). The simplified prospectus must provide the most important information about the unification of the Union and its possible departments and its shareholdings in a clear, synthesis and easily understandable way. The simplified prospectus can be attached to the complete prospectus, as a part that can be removed, or as part of marketing materials, by the way.

Paragraph 2. Section 2 (2). 1, no. Paragraph 1 and paragraph. It also applies to the simplified prospectus.

Paragraph 3. In summary form, the simplified prospectus must contain at least the information referred to in section 3 (3). 1-5, 7, 9-14, 16, 19, 22, 24 to 26, 29, section 4, number. 1-3, 5, 9, 13, 15, and section 5, number. 1, 3 to 4, 6 8, for special associations as well as section 6 and for hedge funds as well as section 7.

Paragraph 4. The simplified prospectus must carry out a statement of the Financial Supervisory Authority, including the address, telephone number, fax number and home page.

Paragraph 5. Finally, the simplified prospectus must contain information that the full prospectus and the annual report and the annual report and semi-annual tax return can be requested free of charge by way of a call to the association.

Paragraph 6. The complete prospectus of the association or department cannot be replaced by the simplistic prospectus.

§ 10. Heading 1-6, section 7, paragraph 7. Paragraph 1 and paragraph. TWO, ONE. and 3. pkt., sections 8 and section 9 (4). ONE, ONE. and 2. pkt., and paragraph. 2-6, punishable by fine.

§ 11. The announcement shall enter into force on 1. July, 2009.

Paragraph 2. At the same time, publication no. 715 of 21. June 2007 on information in investment associations, specialised associations, professional associations, approved sheep-man associations and hedge associations prospectuses.

Financial supervision, the 25th. June 2009Ulrik Nutgaard / Anne Marie Pico
Official notes

1) The commuting shall contain provisions implementing Council Directive 85 /611/EEC of 20. This December 1985 on the coordination of laws, regulations and administrative provisions concerning certain undertakings for collective investment in transferable securities (investment investment institutions) (EC Official Journal, 1985, nr. L 375, s. Directive 3), as amended in part, by Directive 2001 /107/EC of the European Parliament and of the Council of 21. 1 January 2002 for the purpose of regulating management companies and simplified prospectuses, (EC Official Journal 2002, nr. L 41, s. Directive 20), Directive 2001 /108/EC of the European Parliament and of the Council of 21. in January 2002, in the case of investment institutions ' investments, (EC Official Journal 2002, nr. L 41, s. Council Directive No 35. 88 /220/EEC of 22. 'March 1988,' (EC '88', no. L 100, s. Directive 31) (amended investment policy), Directive 19 of the European Parliament and the Council. 95 /26/EC of 29. June 1995, the Official Journal of the European Communities. L 168, s. 7) (reinforcement of supervision-"BCCI-Directive") and parts of the European Parliament and Council Directive no. 2004 /39/EC of 21. April 2004 on the markets for financial instruments, amending Council Directive 85 /611/EEC (EU-begging 2004). L 145, s. 1) (The MIFID Directive).