Consolidated Act On Calculation Of Emission And Redemption Prices By Subscription And Redemption Of Units In Unit Trusts, Specialist Associations, Professional Associations, Approved Fåmandsforeninger And Hedge Funds

Original Language Title: Bekendtgørelse om beregning af emissions- og indløsningspriser ved tegning og indløsning af andele i investeringsforeninger, specialforeninger, professionelle foreninger, godkendte fåmandsforeninger og hedgeforeninger

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Read the untranslated law here: https://www.retsinformation.dk/Forms/R0710.aspx?id=125531

Consolidated Act on calculation of emission and redemption prices by subscription and redemption of units in unit trusts, specialist associations, professional associations, approved fåmandsforeninger and hedge funds

Under section 48 (5) of section 110 (m) (1), § 113, section 114 (f) and section 132 (3) of the Act on investment associations and special associations and other collective investment schemes, etc., see. lovbekendtgørelse nr. 929 by 18. September 2008, as amended by Act No. 392 of 25. May 2009, fixed:

§ 1. An Association's articles of association must contain provisions on whether or not the Association's, a Department or a cooperative class emission and redemption prices shall be calculated either according to § 2, section 3 or section 4. The Association shall in its prospectus for the Association or the Department and in its promotional material for the Association, Department or cooperative class specify which method it uses to calculate the emission and redemption prices as well as any statement dates after §§ 3 and 4.

(2). If shares in a Fund, Department or cooperative class is admitted to listing or trading on a regulated market, to double price method, see. § 2, used in the calculation of emission and redemption prices.

(3). The intrinsic value of a Union or branch shares is calculated by dividing the assets value on the inventory date with the nominal value of the subscribed shares.

(4). The intrinsic value of a cooperative class share is calculated by dividing the on statement date settled part of the Department's assets that corresponds to the proportion of the common portfolio, as cooperative class entitled to a return of, corrected for any class specific assets and the costs to be borne by the cooperative class, with the nominal value of the subscribed shares in the cooperative classroom.

Double price method

§ 2. Issue price shall be fixed to the inner value determined at the time of emission in accordance with the same principles used in the annual report, together with an amount to cover expenses for the purchase of financial instruments and the necessary costs of emissions.

(2). The redemption price shall be fixed to the inner value determined at the time of redemption in accordance with the same principles used in the annual report, after deduction of an amount to cover expenses from the sale of financial instruments and the necessary costs of redemption.

Single price method

§ 3. The Association shall establish one or more times for the estimation of the value of shares in the Association, Department or cooperative class. To the settlement of requests for issuance and redemption of shares, which the Association has received, the Association must determine issue price and redemption price to the intrinsic value on the next statement date calculated in accordance with the same principles used in the annual report.

Variable single pricing method

§ 4. The Association shall establish one or more times for the estimation of the value of shares in the Association, Department or cooperative class. To the settlement of requests for issuance and redemption of shares, which the Association has received, the Association must determine issue price and redemption price to the intrinsic value on the next statement date calculated in accordance with the same principles used in the annual report. The Association can put a fee to pay for the placing on the market and of financial intermediaries to the issue price.

(2). In the absence of inventory at the time of emission of more shares than requests for redemption of shares, the internal value is calculated on the basis of the cost of acquisition of the Corporation's total holdings of instruments. There is at the time of assessment requests for redemption of shares more than the emission of shares, the internal value is calculated on the basis of the cost of the sale of the Corporation's or the Department's total holdings of instruments.

§ 5. If an association attaches a fee for placing on the market and to financial intermediaries, in accordance with article 3. § 4 (1) in calculating the issue price of shares in the Association, in a Department or in a cooperative class, the Association in its prospectus for the Association or the Department and in its promotional material for the Association, Department or cooperative class indicate when it attaches to a fee, respectively, do not attach to a fee and amount of that fee.

Penal provisions and entry into force, etc.

§ 6. Violation of section 1, paragraphs 1 and 2, § 3, section 4, paragraph 1 1. and 2. PT., and § 5 are punishable by a fine.

§ 7. The notice shall enter into force on the 1. July 2009.

(2). At the same time repealed Executive Order No. 713 of 21. June 2007 on the calculation of emission and redemption prices by subscription and redemption of units in unit trusts, specialist associations, approved fåmandsforeninger and hedge funds.
The Danish financial supervisory authority, the 25. June 2009 Ulrik Nødgaard/Anne Marie Pico