Key Benefits:
Chapter 1 Securities
Chapter 2 Peanal market instruments
Chapter 3 Copying share or bond index
Chapter 4 Penalty provisions
Chapter 4 Entry into force into force
Compensation for investment securities and money-money instruments for investment associations and special associations and approved sheep's associations, which are investing as investment associations 1)
In accordance with § 92 a and § 132, paragraph 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. 133 of 24. In February 2009 :
Chapter 1
Securities
§ 1. Investment associations and special associations and approved sheep's associations, which invest as investment associations, must invest only in transferable securities, cf. Section 3, paragraph 3. 1, no. 2, in the Law on investment associations and special associations as well as other collective investment schemes, etc., which meet all the following criteria :
1) The potential loss incurred by a association or a department may be limited to the amount of securities paid by the association or department in the possession of the relevant securities.
2) The liquidity of the securities does not bring the ability of the association or department to comply with the requirement for the incorporating of shares in paragraph 48 (3). Two-four, in the law on investment associations and special associations, as well as other collectitious investment schemes, etc. in jeopardition.
3) A reliable value hire of the securities is available in the following manner :
a) For transferable securities which are included in trade in a regulated market, cf. Article 87 (2). 1-3, in the Law on investment associations and special associations and other collective investment schemes, etc., in the form of accurate, reliable and regularly fixed prices, which are either market prices or prices made available by providers of : exchange rate information which is independent of the securities issued by the issuers.
b) For transferable securities, cf. Article 87 (2). In the form of a periodic valuation based on information from the issuer of the securities or reliable investment analyses, in the form of a periodic valuation based on information obtained from the issuer of securities.
4) Relevant information about the securities files is available in the following form :
a) For transferable securities which are included in trade in a regulated market, cf. Article 87 (2). 1-3, in the Law on investment associations and special associations, as well as other collective investment schemes, etc. in the form of regular, precise and detailed information to the market on the securities or, where appropriate, the securities portfolio.
b) For other transferable securities covered by Article 87 (2), 4, in the Law on investment associations and special associations, as well as other collective investment schemes, etc., in the form of regular and precise information to the association of the securities or, where appropriate, the securities portfolio.
5) The securities are negotiable.
6) The acquisition of the securities must be in accordance with the investment objectives or investment policy of the association or of the department, or both, in accordance with Chapters 13, 14, 15 and 16 of the Act ; investment associations and special associations, as well as other collective investment schemes, etc.
7) The risk management process of the unification must, in an appropriate way, capture the risks associated with the investment in the securities, cf. § 37, paragraph. 1, no. 5, in the Law on investment associations and special associations, as well as other collective investment schemes, etc.
Paragraph 2. Unless the association has access to information showing the opposite, it shall be assumed in relation to paragraph 1. 1, no. 2 and 5, that securities admitted to trading in a regulated market do not bring the association or department's ability to comply with the requirement in section 48 (3). Two-four, in the law on investment associations and special associations, as well as other collective investment schemes, etc. in danger. These securities are also assumed to be a negotiable one.
Paragraph 3. The following financial instruments are also covered by the definition of securities, cf. Section 3, paragraph 3. 1, no. 2, in the Law on investment associations and special associations as well as other collective investment schemes, etc. :
1) Parts in UCITS of the closed type formed as investment firms or as investment funds and which meet the following criteria :
a) the units shall meet the criteria laid down in paragraph 1. 1,
b) the UCITS are subject to the principles of good company service that apply to undertakings, and
c) if the management of the property is carried out by a different unit on behalf of the institution of the closed type, this unit shall be subject to national legislation on investor protection.
2) Parts in institutes of the closed type formed in accordance with the Agreement Court and which fulfil the following criteria :
a) the units shall meet the criteria laid down in paragraph 1. 1,
b) the UCITS are subject to the principles of good self-management, similar to those applicable to undertakings, and
c) the UCITS shall be managed by a unit which must be covered by national legislation on investor protection.
3) Financial instruments which meet the criteria laid down in paragraph 1. 1 and which have been assured or coupled with the resulting development of other assets that may differ from those referred to in section 87-92 of the Law on investment associations and special associations, as well as other collective investment schemes, etc.
Paragraph 4. Where a security of securities which falls under paragraph 1 shall be made. 3, no. 3, contains a derivative instrument as referred to in section 16 of the notice of the use of derivative financial instruments by means of the investment associations, the specialised financial instruments, and in section 37 (1) of the marketing of the financial instruments. 1, no. 5, and the requirements of section 97 to 99 of the law on investment associations and special associations, as well as other collective investment schemes, etc. shall apply to this securities.
Chapter 2
Peanal market instruments
§ 2. Investment associations and special associations and approved sheep's associations, which invest as investment associations, must invest only in money-saving instruments, cf. Section 3, paragraph 3. 1, no. 3, in the Law on investment associations and special associations as well as other collective investment schemes, etc. Pengal market instruments include both cash-market instruments available for trade in a regulated market and money-arding instruments, which are available for use in the field of money ; is not included in trade in a regulated market.
Paragraph 2. Peanal market instruments that are normally converted into the money market, cf. Section 3, paragraph 3. 1, no. 3, in the Law on investment associations and special associations as well as other collective investment schemes, etc., are financial instruments that satisfy one of the following criteria :
1) the instruments shall have, at the time of the emission, a duration of not more than 397 days ;
2) the instruments have a residual maturity of not more than 397 days,
3) the returns of the instruments are regularly regulated and at least once every 397 days in accordance with the development of the money market, or
4) the risk-risk profile of the money market, including credit and interest-rate instruments, matches the risk profile of financial instruments with a duration as specified in point (s). Paragraph 1 or 2, or their returns are regulated as specified in paragraph 1. 3.
§ 3. Likaware money-saving instruments, cf. Section 3, paragraph 3. 1, no. 3, in the Law on investment associations and special associations as well as collective investment schemes, etc., are financial instruments that can be dispose of limited costs within a satisfactory short time period, taking into account the association ' s association ; or the undertaking ' s obligation to withdraw or collect its units at the request of any participant.
Paragraph 2. Any market instruments which can be valued at any time, cf. Section 3, paragraph 3. 1, no. 3, in the Law on investment associations and special associations and other collective investment schemes, etc., are financial instruments for which precise and credible supply of exchange information are available which meet the following criteria :
1) the information shall enable the association to calculate the net value of assets corresponding to the value to which the financial instrument in the portfolio will be exchanged between well-informed and preparedness parties in a arm-alarm transaction ; and
2) the information is based on either market data or value function models that includes systems based on amortization costs.
Paragraph 3. The people in paragraph 3. The criteria of 1 and 2 shall be deemed to have been met in the case of financial instruments which are normally traded on the money market, cf. Section 3, paragraph 3. 1, no. 3, in the Law on investment associations and special associations and other collective investment schemes, etc., which are engaged in trade in a regulated market, unless the association has access to information showing the opposite.
§ 4. Other cash-arcing instruments other than those traded on a regulated market and for which the mission or emitter itself is regulated to protect investors and savings, cf. Article 87 (2). 4, in the Law on investment associations and special associations and other collective investment associations, etc., shall be financial instruments that satisfy the following :
1) One of the criteria in section 2 (2). 2 and all the criteria laid down in section 3 (3). 1 and 2,
2) adequate information is available on the financial instruments, including information enabling an appropriate evaluation of the credit risk associated with the investment in such instruments, cf. paragraph 2, 3 and 4, and
3) the financial instruments may be transferable freely.
Paragraph 2. For money-arding instruments, cf. Article 87 (2). 4 in the Law on investment associations and special associations as well as other collective investment schemes, etc., or money instruments issued by a central, regional or local authority in a country within the European Union, a country which Whereas the Community has concluded an agreement in the financial sphere or a third country or of an international institution of a public nature which is part of one or more Member States, but not guaranteed by a Member State, shall include appropriate, information in paragraph 1. 1, no. 2, as follows :
1) information on both the emission or the emission programme and the legal and financial situation of the emitter prior to the Emission of the monetary instrument,
2) updates to those in paragraph 1 1 mentioned information at regular intervals and every time a significant event occurs,
3) the in no. 1 mentioned information was verified by duly qualified third parties that do not receive instructions from the contagion, and
4) available and reliable statistics on the emission or emission programme.
Paragraph 3. In the case of money-saving instruments, cf. § 87 a (2) (a) 2, no. 4, in the Law on investment associations and special associations and other collective investment schemes, etc., shall include the appropriate information referred to in paragraph 1. 1, no. 2, as follows :
1) information on the emission or emission programme or on the legal and financial situation of the emitter prior to the Emission of the monetary instrument,
2) updates to those in paragraph 1 1 information shall be periodical and each time a material event occurs, and
3) available and reliable statistics on the emission or emission programme or other data enabling an appropriate rating of the credit risk linked to investment in such instruments.
Paragraph 4. For money-arding instruments, cf. § 87 a (2) (a) 2, no. 1-3, in the Law on investment associations and special associations and other collective investment schemes, however, with the exception of the cash archangel instruments set forth in paragraph 1. 2, and the cash-arding instruments issued by the European Central Bank or by the central bank of an EU Member State, shall include appropriate information, cf. paragraph 1, no. 2, information on the emission or emission programme or on the legal and financial situation of the emitter prior to the Emission of the monetary instrument instrument.
Paragraph 5. An undertaking which is subject to the supervision rules which the competent authorities consider to be at least as strict as Community rules in accordance with the rules laid down in the Community. Article 87 (2). 4, in the Law on investment associations and special associations as well as other collective investment schemes, etc., is an emittent subject to the supervisory rules and fulfils one of the following criteria :
1) the emitter is a resident of the European Economic Area,
2) the emitter is the resident of the OECD countries belonging to the G-10 group,
3) the emittent has achieved at least "investment grade rating", or
4) Whereas it is possible, on the basis of an in-depth analysis of the emitter, that the supervisory rules applicable to the emitter are at least as strict as Community rules.
Chapter 3
Copying share or bond index
§ 5. Copying the composition of a particular stock or bond index, cf. Section 95 of the Law on investment associations and special associations and other collective investment associations, etc., are the duplication of the composition of the underlying assets index.
Paragraph 2. An index whose composition is sufficiently varied, cf. Section 95, paragraph. 2, no. 1, in the Law on investment associations and special associations as well as other collective investment schemes, etc., meet the following criteria :
1) the risk-life rules in section 95 (5) ; 2, in the Law on investment associations and special associations as well as other collective investment schemes, etc., and
2) The index is made up in such a way that price movements or commercial activities affecting a single component will not have an undue influence on the development of the total index.
Paragraph 3. The index that represents an appropriate benchmark, cf. Section 95, paragraph. 2, no. 2, in the Law on investment associations and special associations as well as other collective investment schemes, etc., meet the following criteria :
1) the index measures the development of a representative group of underlying assets in appropriate and appropriate ways ;
2) the index is audited or balanced at regular intervals to ensure that it continues to reflect the markets that it is referring to in accordance with public criteria, and
3) the underlying assets are sufficiently liquid, making it possible for users to copy the index if necessary.
Paragraph 4. The index that is published in an appropriate manner, cf. Section 95, paragraph. 2, no. 3, in the Law on investment associations and special associations as well as other collective investment schemes, etc., an index satisfying the following criteria :
1) the process of the index ' s publication is based on solid procedures for the collection of prices and the calculation and subsequent publication of the index value ;
2) relevant information on issues such as index calculation and balancing methods, index changes, or any operational difficulties related to providing current and precise information, will be corrected broadly and in due time, and
3) the index of the index is independent of the index opiate association. However, it does not precluse the fact that the index producer and the association can belong to the same group, provided that effective systems for resolving conflicts of interest have been introduced.
Chapter 4
Penalty provisions
§ 6. Inherit of the provisions of sections 1 and § 2 shall be punished by fine.
Chapter 4
Entry into force into force
§ 7. The announcement shall enter into force on 1. May 2009.
Paragraph 2. At the same time, guidance 9102 of 23 March 2008 on investment assets for investment associations, specialised associations and approved sheep ' s associations.
1) The announcement contains provisions implementing Commission Directive 2007 /16/EC of 19. March 2007 concerning the implementation of Council Directive 85 /611/EEC on the coordination of laws, regulations and administrative provisions relating to collective investment in transferable securities (UCITS) with regard to the clarification of certain definitions ; (EU-timing 2007 no. L 79, s. 11).
