Consolidated Act On Calculation Of Emission And Redemption Prices By Subscription And Redemption Of Shares In Danish Ucits, Etc.

Original Language Title: Bekendtgørelse om beregning af emissions- og indløsningspriser ved tegning og indløsning af andele i danske UCITS m.v.

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Consolidated Act on calculation of emission and redemption prices by subscription and redemption of shares in Danish UCITS, etc.

Under section 54, paragraph 3, section 55, paragraph 8, § 187, paragraph 3, article 188, paragraph 5, and section 221, paragraph 3, of the Act on investment associations, etc., see. lovbekendtgørelse nr. 935 of 17. September 2012, fixed: scope



§ 1. The notice applies to mutual funds, Sikav and securities funds (hereinafter referred to as "Danish UCITS") as well as on special funds, hedge funds, professional associations and approved fåmandsforeninger (hereinafter referred to as "associations").

(2). The Board referred to in section 6, paragraph 2, must be understood as the Board of Directors of a mutual fund, a SIKAV, a special Association, a hedge fund, a professional association, an approved fåmandsforening, or of the management company or investment management company that manages a securities Fund.

§ 2. A Danish UCITS ' or ' society of association or fund rules shall include provisions on whether or not a Department emission and redemption prices shall be calculated either by price method in section 4, section 5 or section 6.

(2). A Danish UCITS or an association must in its prospectus for the Danish UCITS, the Association or a Department and in its promotional material for the Danish UCITS, Association, Department, or cooperative class specify which method it uses to calculate the emission and redemption prices and any inventory dates for sections 5 and 6.

(3). If shares in a Department or cooperative class is admitted to trading on a regulated market, the Department must use the double price method, see. section 4, for the purpose of calculating emission and redemption prices.

(4). The intrinsic value of a departmental share is calculated by dividing the assets value on the inventory date with the number of subscribed shares in the Department.

(5). 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 number of subscriptions of members ' shares in cooperative class.

§ 3. Danish UCITS, which is the master-or feederinstitutter, together with the second Department in masterfeederstrukturen coordinate the time they calculate and publish the intrinsic value of their shares, in order to avoid differences in the institutions ' internal value, due to the different times for the publication of the internal value of institutions, can be exploited.

Double price method



§ 4. After double price method must be a Danish UCITS or association set emission price 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). After double price method must be a Danish UCITS or association set the redemption price for the intrinsic value of a fixed amount on the redemption date 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



§ 5. After the single price method must be a Danish UCITS or association determine one or more times for the estimation of the value of shares in a Department or cooperative class. To the settlement of requests for issuance and redemption of shares should the Danish UCITS or the Association set 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.

Modified single price method



§ 6. After the modified single price method must be a Danish UCITS or association determine one or more times for the estimation of the value of shares in a Department or cooperative class. To the settlement of requests for issuance and redemption of units, the Danish UCITS or the Association set issue price and redemption price on the basis of intrinsic value on the next statement date calculated in accordance with the same principles used in the annual report.

(2). If the period's net emissions exceed a fixed number of shares, the Board of Directors of the Association of Danish UCITS or set emission price to the intrinsic value, calculated in accordance with section 2, conferred on a fee to cover the costs of trade. If the period's net redemptions exceed a fixed number of shares, the Board of Directors of the Association of Danish UCITS or set the redemption price for the equity value, calculated in accordance with section 2, deducted a fee to cover the costs of trade. The Danish UCITS ' or the Association's Board of Directors shall determine the amount of this fee.

§ 7. If a Department in a Danish UCITS or association using modified single price method, see. § 6, the Danish UCITS and the Association publish the size of the number of shares, which triggers an adjustment of the internal value. Must also UCITS and the Danish Association publish the size of the fee, as the internal value is adjusted with. The publication must take place in the Danish UCITS ', the Association's or Department's prospectus and in the sales literature for the Danish UCITS, Association, Department, or cooperative class.

Penal provisions and entry into force, etc.



§ 8. Violation of article 2, paragraphs 1, 2 and 3, and sections 3 to 7, is punishable by a fine.

§ 9. The notice shall enter into force on the 1. January 2013.

(2). At the same time repealed Executive Order No. 906 of 12. August 2011 for calculating emission and redemption prices by subscription and redemption of units in unit trusts etc.

The Danish financial supervisory authority, the 14. December 2012 Ulrik Nødgaard/Anna Frost-Jensen