Key Benefits:
See the copyright notice Conditions of use .
In accordance with the decision of the Parliament:
This law shall apply to the activities of the management company and the depositary and to the marketing of the units of the ucits to the public.
Fund companies shall be subject to the investment facility (18/07/2012) As provided for in this Act and Article 4 of Chapter 1 of the Investment Services Act.
The management company may manage the Law on Alternative Fund Managers (162/2014) in Chapter 2, Article 1 , provided that it has an alternative fund manager for this activity or is registered as financial supervision as provided for by the said Law. The manager of an outsourced alternative fund, as provided for by the Law on Alternative Fund Managers, may manage investment funds, provided that it has a management company authorisation for this activity. The aifm authorised for this activity or registered for the purposes of financial supervision, as provided for by the said Law, may manage the special-purpose investment fund as defined in Article 3a of this Act. Provides. In addition, the aifm shall be subject to the provisions of Articles 8, 8c, 21, 37, 38, 51, 52, 54, 56, 57, 57, 57, 57, 63, 87 or 127d of this Act.
The foreign EEA management company may carry out activities within the meaning of Article 5 in accordance with the authorisation received in Finland in accordance with Article 5, with the exception of activities referred to in Chapter 12, as provided for in Chapters 2a, 2b and 20a. The UCITS may market its units in Finland to the public, as provided for in Articles 128, 128 a-12d and 131.
For the purposes of this law:
(1) Investment management activities The mobilisation of funds from the public for a common investment and the investment of these funds, mainly in financial instruments or in real estate and in real estate securities or other investment assets, and Administration and the marketing of shares/units; (17/04/2013)
(2) Investment fund The assets acquired in the investment fund operation as well as the assets invested in Finland and in accordance with Chapter 11 and the obligations arising therefrom; (29.12.2015)
2a) Special investment fund The assets acquired in the field of investment fund operations, as well as the assets invested in, and the obligations arising from, the Special Investment Fund rules and Chapter 12; (17/04/2013)
(2b) By the feed fund By way of derogation from Article 68, Article 69 (1), Articles 71 and 71 (a), 72 (5) and (6), 73, 74 (3), 75 and 80 (1), at least 85 % shall be placed in another The units of the mutual fund or of the ucits (the underlying fund); (29.12.2015)
(2c) From the Structural Funds An investment fund, which includes at least one feeder fund and which is not itself a feeder fund and whose assets are not invested in the input of the input fund and the UCITS which, on the basis of the legislation of the home Member State, Meets the requirements equivalent to those mentioned above; (29.12.2015)
(3) Management company As a general rule, a Finnish limited liability company;
3a) The host State of the management company Any EEA State other than Finland, which is not the home country of the management company but which has a branch or provides its services; (29.12.2015)
(3b) The EEA State receiving the investment Any EEA State other than Finland which is not a home State of the AIF but where the shares of the IF are marketed; (29.12.2015)
(4) By depositary activities The maintenance of the assets of the IF and its monitoring of compliance with the law, other provisions and provisions and the rules of the Fund; (17/04/2013)
(5) Depositary A Community of depositary activities;
(6) With a fund share A share equal to or equal to or equal to a fraction of the assets of the IF or the AIF; (29.12.2015)
(7) The fund-owner-owner A person, a community or a foundation, or a foreign private or legal person who owns one or more fund shares or a fraction thereof;
(8) securities securities markets (746/2012) in Chapter 2, Article 1 A defined security; (14.12.2012/765)
(9) The investment fund directive Directive of the European Parliament and of the Council on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (ucits) 2009 /65/EC; (29.12.2015)
(10) UCITS Any collective investment undertaking authorised in the EEA State other than Finland which, on the basis of the legislation of its home Member State, fulfils the conditions of the investment fund directive; (29.12.2015)
10a) A foreign management company An entity pursuing an activity within the meaning of Article 5 (2) of this Law, which has obtained a licence equivalent to that referred to in Article 5a in a State other than Finland; (17/04/2013)
(10b) With a foreign EEA Fund A company within the meaning of the IF Directive, which has obtained the authorisation of a management company as referred to in Article 5a in another EEA State other than Finland; (29.12.2015)
Paragraph 10c is repealed by L 7.3.2014/163 .
(11) The home State of the foreign EEA Fund An EEA State other than Finland, where the management company has its registered office; (29.12.2015)
(11a) Home state of the UCITS An EEA State other than Finland in which a UCITS has been granted an authorisation equivalent to the authorisation referred to in Article 18c (1); (29.12.2015)
(12) Financial instrument Financial instruments, money market instruments and deposits referred to in Article 10 of Chapter 1 of the Investment Services Act in credit institutions; (14.12.2012/765)
(13) Money market instrument A debt instrument normally traded on a money market that can be easily converted into money and whose value can be accurately defined at any time; (2 APRIL 2004)
13a) Real estate and real estate security What the real estate fund (1173/1997), Lays down; (30.3.2007)
(14) OTC derivative contract Other than a derivative contract traded in the law on trade in financial instruments (19/08/2012) Within the meaning of the regulated market or other regulated, regularly functioning, recognised and open market position; (14.12.2012/765)
(15) Significant links The close interest referred to in Article 4 (1) (38) of Regulation (EU) No 575/2013 of the European Parliament and of the Council amending Regulation (EU) No 575/2013 on the prudential requirements of credit institutions and investment firms and amending Regulation (EU) No 648/2012; (88/2014/626)
16) Cross-border merger :
(a) the merger of investment funds or UCITS, of which at least one is established in Finland and one in the EEA State other than Finland; or
(b) The merger of investment funds established in Finland to the other EEA State other than that established in Finland, the newly established UCITS or UCITS established in the same EEA State other than those established in Finland The merger with a newly established investment fund established in Finland;
(29.12.2015)(17) Domestic merger with international coupling; The merger of investment funds established in Finland where a notification referred to in Article 127 has been made in respect of at least one of the fund shares of the investment fund in the EEA State other than Finland; (29.12.2015)
(18) EEA State A State belonging to the European Economic Area; (29.12.2015)
19) Branding A management company's place of business elsewhere than in Finland and the place of business of a foreign EEA management company in Finland, which is not a legal person but which is part of a management company or a foreign EEA management company and provides a management company Services in accordance with the authorisation granted; (17/04/2013)
20) Competent authorities The authorities designated by the EEA State other than the Finnish authorities responsible for carrying out the obligations laid down in the IF Directive and which have been notified by the EEA State to the European Commission; (17/04/2013)
21) By a professional investor The entity referred to in Article 18 (1) (1) to (4) of Chapter 1 of the Investment Services Act, the Community investor referred to in paragraph 5 and the other investor if this has been communicated in writing to the management company or the UCITS or its agent In the light of their professional skills and location experience, professional investors and investors shall meet at least two of the following requirements:
(a) the investor has carried out significant transactions on the relevant market on average 10 times a quarter of the last four quarters;
(b) the investment position of the investor exceeds EUR 500 000;
(c) the investor works or has worked in the financial sector for at least one year in a professional capacity, which requires knowledge of the planned transactions;
(17/04/2013)22) Non-professional client A non-professional client within the meaning of Article 18 (3) of Chapter 1 of the Investment Services Act; (17/04/2013)
23) Credit rating The credit assessment referred to in Regulation (EC) No 1060/2009 of the European Parliament and of the Council on credit rating agencies. (17/04/2013)
For the purposes of paragraph 1 (19) of this Article, all business locations established by the management company in the same EEA State or in the same third country and all business locations set up by a foreign EEA management company in Finland shall be considered as one of the following: As a branch. (17/04/2013)
The provisions of this Act concerning the fund shares of the mutual fund shall also apply to the units of the UCITS. (29.12.2015)
The Commission's Key Information Regulation For the purposes of this Act, the implementation of Directive 2009 /65/EC of the European Parliament and of the Council as regards key investor information and the provision of key information or prospectus of a durable medium other than paper; or Commission Regulation No 583/2010 as regards the conditions to be complied with on the website.
By the Commission's notification Means in this Act the implementation of Directive 2009 /65/EC of the European Parliament and of the Council as regards the form and content of the standard model of the notification letter and the form and content of the UCITS certificate, Commission Regulation (EU) No 584/2010 of the European Parliament and of the Council on electronic communications and on-the-spot checks and investigations and procedures for the exchange of information between competent authorities.
The Commission's risk management directive Means in this Act the implementation of Directive 2009 /65/EC of the European Parliament and of the Council as regards organisational requirements, conflicts of interest, conduct of business, risk management and a contract between the depositary and the management company Commission Directive 2010 /43/EU on the content.
Commission Merger Directive For the purposes of this Act, Commission Directive 2010 /44/EU concerning the implementation of Directive 2009 /65/EC of the European Parliament and of the Council as regards certain provisions relating to fund mergers, master-feeder structures and notification procedure.
ESMA Authority Referred to in this Act establishing a European Supervisory Authority (European Securities and Markets Authority) and amending Decision No 716 /2009/EC and repealing Commission Decision 2009 /77/EC The European Securities and Markets Authority referred to in Regulation (EU) No 1095/2010.
In addition to this law, the management company and the depositary shall be governed by the Commission regulations referred to in Article 2a. In addition, the provisions relating to the management company and the depositary shall be in the European Commission delegated acts referred to in the Investment Fund Directive and in the technical standards adopted by the Commission Regulation or Decision.
Investment fund operations shall only be conducted by the management company and the depositary shall be exercised only by the depositary. In addition, the condition is that they are authorised for action. The right of a foreign EEA company to operate in Finland is governed by Article 1 (4).
Notwithstanding the provisions of this Act, the management company, which manages special investment funds, shall be governed by the law on alternative fund managers as provided for in Article 5 of Chapter 1 of the Act. Special investment funds shall be governed by this law as provided for in Article 3a.
The Special Investment Fund shall be subject to Articles 19, 20 and 22, Article 23 (2), Articles 25 and 27, Article 28 (2) and (3), 29, 29a, 29b, 30, 36, 38 to 41, 45 to 50, Article 52 (1), 53, 55, 57, 57, 57, 57, 58, 60-62 and 64 to 67, Chapter 15, 17 Chapter, 119-123, 126, 134-137, 139 and 140 of the investment fund. The provisions of Chapter 16 shall be subject to the provisions of Chapter 16, as provided for in Article 107 (2), in respect of a non-cross-border merger of the IF and a domestic merger with an international connection. Articles 36, 37, 39 and 40 of this Act shall apply to special investment funds only in so far as they relate to the financial statements and audits of the Special Investment Fund. Special investment funds shall also be subject to Articles 57 (d), 57e, 57 (f), 57 g, 141, 144a and 144 (b) of this Act in so far as they provide for a special investment fund. If the authorisation of the aifm managing the special-purpose reserve fund is withdrawn, the administrator shall be liquidated, the keeper's assets are declared bankrupt or the manager otherwise ceases to operate, the provisions of Article 118 shall apply. Articles 8, 19 to 22, Article 36 (1), Article 36 (1), and Articles 66, 139, 140, 140a and 142 shall not apply to a special investment fund which may contain less than 50 dividers.
Articles 26, 26b, 31, 33, 34 and 34 (d) shall apply to the Special Investment Fund, which is not obliged to apply for the authorisation of an alternative fund manager. Special investment funds subject to Regulation (EU) No 345/2013 of the European Parliament and of the Council of the European Parliament and of the Council on European Venture Capital Funds or of European Social Entrepreneurship Funds Regulation (EU) No 346/2013 of the European Parliament and of the Council shall apply this law, subject to the above-mentioned Regulations.
The provisions of this Act concerning management companies, the keeper of alternative funds, and what is provided for in the depositary, shall apply to the depositary and the special depositary within the meaning of the law on alternative fund managers and the special depositary when this Article: Shall apply to special investment funds.
Financial supervision is subject to the supervision of this law, as laid down in this Act and the Law on Financial Supervision (878/2008) And acts as a competent authority within the meaning of the IF Directive. The reference to the financial audit in this Act shall be understood as referring to financial supervision.
Financial supervision shall have the right to obtain the information necessary for the supervision of the UCITS and the EEA Fund and copies of the documents deemed necessary for monitoring purposes. (17/04/2013)
The management company must ensure, in exceptional circumstances, by taking part in the contingency planning of the financial markets and preparing in advance in exceptional circumstances and by taking other measures ( Preparation ).
Where the tasks to be incurred as a result of paragraph 1 require measures which are clearly different from the activities of the management company which are normally considered as normal, such costs may be offset by additional costs, The law on security of supply (1390/1992) From the Guarantee Fund.
The financial audit may provide guidance on the application of paragraph 1.
Externalisation Means an arrangement relating to the operation of a management company, on the basis of which the other service provider produces a function or service to the management company which the management company would otherwise have carried out.
The management company shall be allowed to conduct investment fund activities and activities which are substantially related to investment management activities, where such activities are not likely to harm the interests of the shareholders of the fund.
The management company may also provide:
(1) asset management within the meaning of Section 11 (4) of Chapter 1 of the Investment Service;
(2) investment advice as referred to in Article 11 (5) of Chapter 1 of the Investment Services Act;
(3) the maintenance of the financial instruments referred to in Article 11 (9) of Chapter 1 for investment funds and units of collective investment undertakings.
The management company shall not be authorised only for the activities referred to in paragraph 2. Furthermore, the management company shall not be authorised only for the activities referred to in paragraph 2 (2) (2) or (3) where the authorisation has not been granted or, at the same time, applied for the activities referred to in paragraph 2 (1). The asset treatment referred to in paragraph 2 (1) shall also be treated as a liability of a management company under the responsibility of the Commandiite alternative fund, as a company man or a liability company or an alternative fund, unless: The shares in the Commandiite company offer the public and the company's assets are not invested in non-financial instruments. (17/04/2013)
The management company which carries out the activities referred to in paragraph 2 shall be obliged to be part of an investor compensation fund.
The management company providing the services referred to in paragraph 2 shall be subject to Section 4 of Chapter 1 of the Investment Services Act.
Financial supervision shall grant the authorisation of the management company upon application. The application shall be accompanied by sufficient explanations concerning the applicant and the ownership, management and control of the management company, internal control and risk management and financial conditions. The explanations and the contact details to be attached to the application for a licence shall be governed by a decree of the Ministry of Finance. (17/04/2013)
Where an entity applying for authorisation is a subsidiary of a management company, an investment firm, a credit institution or an insurance company or a management company, an investment firm, authorised in another Member State of the European Economic Area, A subsidiary of the parent undertaking of a credit institution or an insurance company, upon application, shall request the opinion of the relevant supervisory authority in that State. The same shall apply if the Community authority applying for authorisation is in the same natural or legal persons as the foreign management company, the investment firm, the credit institution or the insurance company. In order to assess the suitability of the shareholders and the reputation and experience of the directors involved in the management of another company in the same group, the opinion of the opinion shall be requested, in particular: Information relevant to the granting of the authorisation or the supervision of the management company. (18 APRIL 2008/294)
The management company's authorisation shall be granted to a Finnish limited company if, on the basis of the report received, it can be ascertained that the owners of the company comply with the requirements laid down in Article 5f and in Article 5e, and the company's intended business To ensure that the management company is managed in a professional manner and in accordance with sound and prudent business principles. The authorisation of the authorisation shall also be conditional on the company having its head office in Finland, reliable management, adequate financial conditions and compliance with the other requirements laid down in this law. In addition, it is necessary that, on the basis of the report, it cannot be considered likely that a significant link between the management company and any other legal person or natural person, or any natural or natural person, The provisions of the third country and the administrative provisions applicable to a person or legal person prevent effective supervision of the management company. The authorisation may also be granted to a management company to be set up prior to its registration.
The application shall be settled within six months of receipt of the application or, if the application has been incomplete, when the applicant has provided the documents and explanations necessary for the purpose of the case. However, the decision on authorisation shall always be taken within 12 months of receipt of the application. If the decision has not been adopted within the prescribed period, the applicant may lodge a complaint with the Helsinki Administrative Court. The appeal shall be deemed to have been submitted to the decision rejecting the application. Such a complaint may be lodged until the decision has been taken. Financial supervision shall inform the appeal authority if the decision has been taken after the appeal has been lodged. For the purposes of this paragraph, the application and processing referred to in this paragraph shall otherwise apply, mutatis mutandis, as provided for by the Law on Financial Supervision.
Before a decision is taken, the financial supervision shall request an opinion on the application of the investor compensation fund if the management company applies for authorisation to carry out the activities referred to in Article 5 (2).
The management company may start operations, subject to the conditions of the authorisation, immediately after authorisation has been granted. If the authorisation has been granted to a start-up company, the management company shall also be registered. The management company shall inform the Financial Supervisory Board when it will become operational.
The financial audit shall indicate the authorisation to be registered. Where authorisation has been granted for the pursuit of the activities referred to in Article 5 (2), the financial audit shall also inform the investor compensation fund. The authorisation granted to the management company and the European company transferring the home seat to Finland shall be registered at the same time as the company is registered.
Financial supervision shall notify the European Securities and Markets Authority. As regards the right to financial supervision and the obligation to disclose information, Article 71 of the Law on Financial supervision. (29.12.2015)
The service shall include the services referred to in Article 5 above which the management company has the right to provide in addition to the exercise of its investment fund activities. After the authorisation has been granted, the financial audit may, upon application by a management company, amend the authorisation in respect of the provisions laid down in this paragraph.
The financial audit shall have the right, after consultation with the applicant, to set limits and conditions necessary for the supervision of the management company's business activities.
The management company's Board of Directors, the Executive Director and other senior management must manage the management company in a professional manner and in accordance with sound and prudent business principles. The members and alternates of the Board of Directors, the Deputy Managing Director and the Executive Director, as well as other senior management, shall be reliable persons who are not bankrupt and whose viability is not limited. Such persons shall also have a general knowledge of investment management activities as is necessary in view of the quality and extent of the management company's operations. In addition, the management company which has been authorised to manage the property referred to in Article 5 (2), a member of the Board of Directors and an alternate member, the managing director and the Deputy Managing Director, and other senior management, shall also be: General knowledge of investment services as is necessary for the quality and extent of the management company's activities. The members of the management company's Board of Directors, selected in accordance with Article 8 (2) of the Fund, are not required to know the investment fund or investment activity. (17/04/2013)
It shall not be considered to be reliable:
(1) during the previous five years of imprisonment or in the course of the preceding three years, a penalty for a criminal offence which may be considered as proving that he is manifestly unfit for membership of the management company; or As an alternate member, Executive Director or Deputy Managing Director or other senior management; or
(2) By way of an otherwise earlier operation, it has shown that it is manifestly inappropriate for the task referred to in paragraph 1.
However, if the judgment referred to in paragraph 2 (1) has not obtained the law, the sentenced person may continue to carry out the task referred to in paragraph 1 if it is his or her previous activity, the circumstances leading to the conviction and other relevant factors. As a whole, it is considered to be manifestly well founded.
The management company shall immediately inform the Financial Supervisory Committee of any changes to the management positions referred to in paragraph 1.
Anyone who, directly or indirectly, owns at least 10 % of the share capital of the management company or a share of at least 10 % of the voting rights generated by its shares must be reliable.
It shall not be considered to be reliable:
(1) during the previous five years, a prison sentence or three years prior to the assessment of a financial penalty for a criminal offence which may be considered to indicate that he is manifestly unfit to own a management company; or
(2) By way of an otherwise earlier operation, it demonstrated that it is manifestly inappropriate to own a management company.
However, if the judgment referred to in paragraph 2 (1) has not obtained the force of the law, the sentenced person may continue to exercise the authority of the management company of the management company if it is his or her previous activity, the circumstances leading to the judgment, and Other relevant factors as a whole are deemed to be manifestly well founded.
The capital of the management company shall be at least EUR 125 000. The share capital shall be fully subscribed when the authorisation is granted.
The management company shall, in addition to the minimum capital provided for in paragraph 1 above, have own funds of 0,02 per 100 % of the total amount of investment funds managed by it to exceed EUR 250 million. However, the total own funds of the management company do not need to exceed EUR 10 million.
For the purposes of calculating the capital requirement laid down in paragraph 2, the value of IFs managed by the management company shall be included in the calculation of all investment funds managed by the management company, including investment funds for which the management of the investment activity is: Given to another company. The calculation of the capital requirement shall not take into account the assets of the investment fund managed by the management company on the basis of the mandate given by the other management company.
Notwithstanding the requirements set out in paragraph 2, the amount of own funds of the management company shall not be less than one quarter of the fixed costs shown by the recognised profit and loss account of the previous financial year or, if the management company's operations are: After the adoption of significant changes, the amount fixed by the Fund for the application of the management company's application.
The management company which carries out the activities referred to in Article 5 (2) shall always comply with the requirements laid down in Article 2 (1) of Chapter 6 of the Investment Services Act, irrespective of the provisions of paragraphs 1 to 4 of this Article. Such a management company shall be subject to the provisions of paragraph 4 of the latter. (14.12.2012/765)
The financial audit shall, in order to implement the requirements of the ucits Directive, make the necessary provisions necessary for the application of the requirements of the management company's own funds under this Article.
Paragraph 1 has been repealed by L 2.4.2004/224 .
Only a management company conforming to this law shall have the right to use the name of a management company or a limited liability company in the name of the business name or otherwise.
The board of the management company shall have at least three members. (2 APRIL 2004)
The fund-owners shall select at least one third of the members of the management company's Board of Directors, as laid down in the statutes of the management company. A member of the management company's Board of Directors, elected by the fund-holders, shall not:
(1) the management company or the depositary;
2) the accounting law (1336/1997) in Chapter 1, Article 5 The controlling user of a management company or a representative of such a controlling authority; or
(3) a member of the other management company or of the depositary or executive board.
A management company cannot be set up in a management board.
The operation of the management company shall be organised in a reliable manner, taking into account the nature of its investment fund activities. The management company shall have the resources, administrative procedures and control systems necessary for the proper exercise of its activities. Article 26 provides for measures to be taken by the management company in the event of a conflict of interest.
For the implementation of the Commission's risk management directive, financial supervision shall provide for more detailed provisions on the organisation of the management company's activities.
The management company shall take adequate measures to prevent the taking of an active role in personal transactions if it is liable to give rise to a conflict of interest with a transaction or service in which he is involved in the context of his/her status, or If he has inside information within the meaning of the securities market, or if he/she has confidential information relating to investment funds or transactions on behalf of them. The confidentiality of such information must be sought, mutatis mutandis. (17/04/2013)
Impressive status Means:
(1) a member of the board of the management company, the Executive Director and other senior management and employees or any other natural person whose services are under the supervision of a management company or which are involved in the management company's activities; Investment fund activities;
2) a natural person who participates in the provision of a service from the management company's external investment fund activities.
The management company shall keep records of personal transactions. The management company shall provide the Financial Supervisory Board with an annual report on how the management company has monitored compliance with the provisions of the provisions on personal transactions, the provisions of the management company and the management company's internal instructions, and on what measures The management company has taken action where the provisions, provisions or instructions have not been complied with. (14.12.2012/765)
For the purposes of implementing the Commission's risk management directive, financial supervision shall provide for more detailed provisions on personal transactions. Financial supervision may also provide more detailed provisions for the report referred to in paragraph 3 and its transmission to the Financial Supervisory Board. (14.12.2012/765)
The management company shall keep records of any transaction involving an investment fund or a special investment fund for at least five years. The storage of information on transactions and services within the meaning of Article 5 (2) shall be governed by Article 9 of Chapter 10 of the Investment Services Act.
For the implementation of the Commission's risk management directive, financial supervision shall provide for more detailed provisions for the retention of data.
The supervision of the depositary shall be granted by the financial supervision. The application shall be accompanied by adequate explanations concerning the applicant and the applicant company's ownership, management and control, internal control and risk management and financial conditions. The explanations and the contact details to be attached to the application for a licence shall be governed by a decree of the Ministry of Finance. (17/04/2013)
The depositary may, under the conditions set out in the licence, also carry out activities inherent in depositary activities.
A depositary authorisation shall be granted to a Finnish limited company if, on the basis of the report received, it can be ascertained that the owners of the company comply with the requirements laid down in Article 9e and in Article 9d thereof and the company's intended business To ensure that the depositary is to be managed in a professional manner and in accordance with sound and prudent business principles. The authorisation of the authorisation shall also be conditional on the company having its head office in Finland, reliable management, adequate financial conditions and compliance with the other requirements laid down by this law. In addition, it is necessary that, on the basis of the report received, it cannot be considered likely that a significant link between the depositary and any other legal person or natural person, or of such a relationship, is likely to: The provisions of the third country and the administrative provisions applicable to a natural or legal person prevent the effective supervision of the depositary. The authorisation may also be granted to the depositary before it is registered.
The application shall be settled within six months of receipt of the application or, if the application has been incomplete, when the applicant has provided the documents and explanations necessary for the purpose of the case. However, the decision on authorisation shall always be taken within 12 months of receipt of the application. If the decision has not been adopted within the prescribed period, the applicant may lodge a complaint with the Helsinki Administrative Court. The appeal shall be deemed to have been submitted to the decision rejecting the application. Such a complaint may be lodged until the decision has been taken. Financial supervision shall inform the appeal authority if the decision has been taken after the appeal has been lodged. The lodging and processing of a complaint referred to in this paragraph shall otherwise be valid mutatis mutandis, as provided for in the Administrative Loan Act.
The depositary may commence its activities, subject to the conditions of the authorisation, immediately after authorisation has been granted. If the authorisation has been granted to a start-up company, the depositary shall be registered. The depositary shall inform the Financial Supervisory Board when it will become operational.
The financial audit shall indicate the authorisation of the depositary. The authorised depositary shall be registered at the same time as the company is registered.
The concession for the depositary shall include the services referred to in Article 9 (2) above which the depositary has the right to provide in addition to the practice of depositary activities. Following the authorisation of the depositary, the financial audit may, upon application by the depositary, modify the authorisation in respect of the elements provided for in this paragraph.
The financial audit shall have the right, after consultation with the applicant, to set restrictions and conditions necessary for the business of the depositary in relation to its business.
The depositary's Board of Directors and the Executive Director shall lead the depositary in a professional manner and in accordance with sound and prudent business principles. The members and alternates of the Board of Directors, the Deputy Managing Director and the Executive Director, as well as other senior management, shall be reliable persons who are not bankrupt and whose viability is not limited. The Board of Directors and the Deputy, Executive Director and Deputy Managing Director and other senior management must also have a general knowledge of depositary activities as well as the quality and scope of the functioning of the depositary. Shall be necessary. (17/04/2013)
It shall not be considered to be reliable:
(1) during the previous five years of imprisonment or in the course of the three years preceding the assessment, a fine for a criminal offence which may be considered as proving that he is manifestly unfit to be a member of the Government of the Or alternate member of the Executive Director or Deputy Managing Director or other senior management; or
(2) By way of an otherwise earlier operation, it has shown that it is manifestly inappropriate for the task referred to in paragraph 1.
However, if the judgment referred to in paragraph 2 (1) has not obtained the law, the sentenced person may continue to carry out the task referred to in paragraph 1 if it is his or her previous activity, the circumstances leading to the conviction and other relevant factors. As a whole, it is considered to be manifestly well founded.
The depositary shall immediately inform the Financial Supervisory Authority of any changes to the senior management referred to in paragraph 1.
Anyone who, directly or indirectly, holds at least 10 % of the share capital of the depositary or a share that generates at least 10 % of the voting rights generated by its shares must be reliable.
The Trustee shall not be trusted to:
(1) during the preceding five years in prison or in the course of the preceding three years, a penalty for a criminal offence which may be considered as proving to be manifestly inappropriate for the establishment or ownership of A depositary; or
(2) By way of an otherwise earlier operation, it has shown that it is manifestly unfit to own a depositary.
However, if the judgment referred to in paragraph 2 (1) has not been obtained, the sentenced person may continue to exercise the discretion of the depositary in the depositary, if it is in his past, the circumstances which led to the conviction. And other relevant factors as a whole, it is considered to be manifestly well founded.
The share capital of the depositary shall be at least EUR 730 000. The share capital shall be fully subscribed when the authorisation is granted.
The authorisation referred to in Article 5 (a) or (9) shall also be granted in accordance with Council Regulation (EC) No 2157/2001 of the European Parliament and of the Council on the Statute for a European Company responsible for the European Economic Area (SE), hereinafter referred to as the European Company Statute, , which intends to transfer its registered office to Finland in accordance with Article 8 of the Regulation. In addition, the financial audit shall request the opinion of the UCITS and management companies in that State on the application for authorisation. The same applies to the creation of a European company by a merger with a registered company incorporated in another State registered as a European company in Finland.
Notwithstanding Article 9, the depositary may act as an investment firm or a credit institution under Article 9 (1) (1) of Chapter 1 of the Investment Service (610/2014) Article 7 of Chapter 1 The credit institution referred to in paragraph 1.
In addition, the depositary may act as a foreign EEA investment firm within the meaning of Article 9 (1) (7) of Chapter 1 of the Investment Services Directive or a foreign EEA credit institution within the meaning of Article 7 (3) of Chapter 1 of the Law on the operation of credit institutions:
1) with a branch in Finland;
(2) meeting the economic conditions laid down in Article 10;
(3) in its home state, entitled to exercise depositary activities within the meaning of the ucits Directive.
Articles 12 to 15 have been repealed by L 2.4.2004/224 .
Any person intending to acquire, directly or indirectly, shares of a management company shall be informed in advance of the financial supervision if:
(1) the acquisition would result in at least 10 % of the share capital of the management company;
(2) his ownership would be so large that it would correspond to at least 10 % of the voting rights generated by all shares; or
(3) he would otherwise be entitled to exercise comparable or otherwise significant influence over the management company's administration as referred to in paragraph 2.
If the ownership referred to in paragraph 1 is to be increased to at least 20 %, 30 % or 50 % of the share capital or ownership of the management company would be equivalent to the same proportion of the voting rights of all shares or the management company would become a subsidiary, including: Shall be notified in advance to the Financial Supervisory Board.
For the purpose of calculating the shareholding and the voting rate referred to in paragraphs 1 and 2, the provisions of Sections 4 and 9 of Chapter 9 of the Securities and Markets Act shall apply. For the purposes of this paragraph, no account shall be taken of shares which, for a period of up to one year, have been acquired by the reporting agent in connection with the issuance of securities or under a market guarantee and under which the reporting obligation does not: Is not entitled to exercise voting rights in the Community or otherwise affect the activities of the Community's management.
The notification referred to in paragraphs 1 and 2 shall also be made if the number of shares held is falling below the holding provided for in paragraphs 1 or 2, or the management company ceases to be a subsidiary undertaking.
The management company and its holding entity shall notify the financial supervision of the owners and the size of the holdings referred to in paragraphs 1 and 2 at least once a year, and shall immediately inform the Changes.
The notification referred to in paragraphs 1 and 2 shall contain the necessary information and explanations:
1) the reporting obligation and the reliability and financial situation of the person concerned;
(2) the ownership and other interests of the management company;
(3) procurement contracts, financing of the acquisition and, in the case referred to in paragraph 2, objectives of ownership.
The information to be attached to the notifications referred to in paragraphs 1 and 2 shall be subject to more detailed provisions by the Government Decree.
The provisions of paragraphs 1 to 7 for the acquisition and disposal of the shares of the management company shall apply accordingly to the acquisition and disposal of the depositary's shares.
As regards the right of financial supervision, the acquisition of a holding referred to in Article 16 is provided for in Article 32a of the Financial Supervisory Law and Article 32b of the Act on the adoption of the prohibition decision.
The reporting obligation shall not acquire the shares referred to in Article 16 of this Law until the financial supervision has made a prohibition decision referred to in paragraph 1 or the time limit laid down in Article 32b of the Financial Supervision Act , unless otherwise specified in the proceedings.
The law governing the members of the management company or of the Board of Directors and the Executive Director shall apply accordingly to the Deputy Head of Government and to the Deputy Managing Director.
The foreign EEA management company may establish a branch in Finland after the competent authority of its home State has announced the establishment of a branch of the Financial Supervisory Authority. The notification shall include:
1) a branch action plan containing information on what activities and how the management company intends to operate in Finland, information on the management structure of the branch and the description of the risk management methods and the description of the activities referred to in Article 18h. The measures, procedures and arrangements;
(2) the address of the branch from which documents can be ordered and obtained;
(3) information on the persons responsible for the activities of the branch;
(4) information on the hedgeprotection system for the protection of the branch investors or its absence.
Where a foreign EEA management company intends to manage the AIF in Finland, the notification referred to in paragraph 1 shall contain a certificate stating that the management company has a licence equivalent to that referred to in Article 5a, a description of the management company's licence And details of any restrictions on the types of investment fund managed by the management company.
Article 8a and Article 26 (1) and (2) shall apply to the activities of the branch of the EEA Fund.
The branch may start operations two months after the financial supervision received the information referred to in paragraph 1. The financial supervision shall, within two months of receipt of the notification, indicate the information required for the supervision of the branch.
A foreign EEA management company shall notify the Financial Supervisory Authority in writing of any changes to the information referred to in paragraphs 1 to 3 of paragraph 1 at the latest one month before they enter into force.
If the information reported under paragraph 2 changes, the foreign EEA management company may operate in Finland by hand, provided that the financial supervision receives a notification from the competent authority of the EEA management company. Updated information on the changes and the certificate referred to in paragraph 2.
A foreign EEA company has the right to pursue activities in Finland without setting up a subsidiary or a branch.
The foreign EEA management company may start operations in Finland after the competent authority of its home State has notified the Financial Supervisory Authority. The notification shall include an action plan of a foreign EEA management company containing information on what activities and how the management company intends to pursue in Finland, and a description of the management company's risk management methods and a description of Article 18h. , procedures and arrangements. In addition, the notification shall include information on or interference with the protection of investors.
Where a foreign EEA management company intends to manage the AIF in Finland, the notification referred to in paragraph 2 shall contain a certificate stating that the management company has a licence equivalent to that referred to in Article 5a, a description of the management company's licence And details of any restrictions on the types of investment fund managed by the management company.
After the notification referred to in paragraph 2, the EEA management company shall start to provide services in Finland. The financial supervision shall, within two months of receipt of the notification, indicate the information required by the foreign EEA Fund company for supervision. The establishment of an investment fund in Finland is set out in Chapter 2b.
A foreign EEA management company shall inform in writing in advance of any changes to the information referred to in paragraph 2 of the financial supervision.
Where the information reported under paragraph 3 changes, the foreign EEA management company may operate in accordance with paragraph 1 in Finland, provided that the financial supervision receives notification from the competent authority of the EEA management company Updated information on the changes and the certificate referred to in paragraph 3.
The marketing of the shares of the UCITS in Finland is governed by Articles 128 and 12128 d.
Financial supervision shall grant an application for an investment fund to Finland by the foreign EEA management company. An authorisation shall be conditional on the approval of the financial supervision by the Financial Supervisory Authority, as provided for in Chapter 7, and the choice of the depositary.
In addition to the rules and the information concerning the depositary, the application for authorisation shall include:
(1) a statement that the applicant is authorised in his home State to manage the investment funds and the authorisation to market their shares in its home country;
(2) a declaration of persons referred to in Article 9d of the depositary of the AIF;
(3) the agreement referred to in Article 34c (1) between the management company and the depositary;
(4) information on the arrangements for the outsourcing of tasks related to the management and management of investments.
The application referred to in paragraph 1 may refer to the information submitted if the foreign EEA company already manages the same type of investment funds in Finland. Financial supervision shall have the right to request, in order to ensure compliance with its supervisory provisions, the necessary clarifications and information from the competent authorities of the foreign EEA management company in accordance with paragraph 2, paragraphs 3 and 4. , and on the basis of the certificate referred to in Article 18a (2) and Article 18b (3), whether the type of investment fund for which authorisation is sought is subject to the authorisation of a foreign EEA management company.
Financial supervision shall reject the application referred to in Article 18c (1) of the foreign EEA Fund if:
(1) the company does not comply with the requirements laid down in Article 18c (1) and does not comply with the provisions and provisions of Article 18 (i) of the Financial Supervisory Authority;
(2) the company does not have the permission of the competent authorities of its home Member State to manage the type of investment fund for which authorisation is sought; or
(3) the company did not submit the documents referred to in Article 18c (2) (3) and (4).
Before settlement, the financial supervision shall consult the competent authorities of the foreign EEA management company.
An application for the establishment of an investment fund of a foreign EEA management company shall be settled within two months of receipt of the application or, where the application has been incomplete, where the applicant has provided the necessary Documents.
A foreign EEA management company shall inform the Financial Supervisory Authority of any material changes to the documents referred to in Article 18c (2) (3) and (4).
The foreign EEA management company or depositary of the investment fund referred to in Article 18c (1) shall not be exchanged or the rules of the IF shall be amended without the approval of the financial supervision.
The financial supervision website shall have access to the laws, regulations and administrative provisions adopted for the implementation of the investment fund Directive relating to the establishment and operation of an investment fund, at least one In a language customary in the sphere of international finance.
The foreign EEA management company shall, in accordance with this law and the provisions adopted pursuant to it, take the measures referred to in Article 1212a and put in place appropriate procedures to ensure that they deal properly with: Investors' complaints, and that investors can fully exercise their rights. On the basis of these measures, investors shall be able to submit their complaints in Finnish or Swedish.
In addition, a foreign EEA management company shall establish appropriate procedures and arrangements for making the information available at the request of the public or of financial supervision.
A foreign EEA management company shall comply with this law and the provisions adopted pursuant to it and its provisions in respect of the IF it manages in Finland:
1) strengthening the rules;
(2) the issue and redemption of units;
(3) the calculation of overall risk and leverage, as well as other investment policies and investment limits;
(4) limitation of borrowing, lending and uncovering sales;
(5) asset valuation and accounting;
(6) the calculation of the issue and redemption price and the errors made in the calculation of the net asset value and the remuneration of the related investors;
(7) the distribution and re-establishment of returns;
(8) reporting and reporting requirements, such as the provision of a management prospectus, a key investor information leaflet and periodic reporting;
(9) the arrangements made for marketing;
(10) the relationship of ownership;
(11) merger and restructuring;
(12) unloading and settlement procedures;
(13) the content of the ownership register;
(14) the exercise of the voting rights of the shareholders and other rights attachedto paragraphs 1 to 13 of the unit owners.
The authorisation and control fees of a management company managing the investment fund referred to in paragraph 1 shall be subject to the provisions of the Law on the supervision of the financial supervision (179/2008) Provides.
The obligation of a foreign EEA management company to provide the tax administration with the information necessary for the performance of its tasks is laid down in the Law on Tax Procedure (188/1995) .
If a foreign EEA management company which has a branch in Finland or which provides services without a branch in Finland does not comply with this law or any provisions adopted pursuant to it, financial supervision may take the form of financial supervision The measures provided for in Article 61 of the Act. Where a foreign EEA management company manages an investment fund in Finland, the financial supervision may, in the circumstances referred to in Article 61 (3) and (6) of that law, require the management company to cease managing the investment fund. Financial supervision may require an end to the management of the AIF, after consultation with the management company concerned, if the management of the investment fund has been substantially infringed in Finland in order to safeguard the public interest law in force. Financial supervision shall inform the European Securities and Markets Authority and the European Commission of the above measures.
If Financial Supervision considers that the measures referred to in Article 61 (3) of the Financial Supervisory Law are insufficient, the competent authority of the home State of the EEA management company may take the measures referred to in paragraph 1 , shall inform the European Securities and Markets Authority.
Financial supervision may, prior to the adoption of the measures referred to in paragraphs 1 or 2, prohibit any action against this law if, because of the urgency of the matter, the prohibition is necessary for the protection of the interests of investors or of those persons who: The service is provided. Financial supervision shall inform the European Commission, the European Securities and Markets Authority and the competent authority of the home State of the foreign EEA management company as soon as possible of such measures.
Chapter 2c has been repealed by L 7.3.2014/163 .
In accordance with the rules of this Act or of the AIF, matters to be decided by the fund-holders shall be settled by the fund-owners' meeting, which shall be kept under the rules.
The shareholders' meeting shall apply mutatis mutandis as regards the procedure for the association's meeting, in so far as the AIF rules or law do not provide otherwise.
The owner of the fund shall exercise his/her rights at the shareholders' meeting in person or through an agent. The document must be presented by the client. The authorisation shall apply to one meeting, unless otherwise specified in the credentials. However, the proxy is valid for a maximum of three years from its adoption.
The fund-owner and the agent may have an assistant at the fund-owners' meeting.
Each fund of funds in the IF produces a single vote at the shareholders' meeting.
The shareholder, who is controlled by a management company within the meaning of Article 5 of Chapter 1 of the Accounting Act, shall not, himself or through the trustee, be entitled to vote at the fund-owners' meeting of the fund-shareholders of the management company.
Paragraph 2, which provides for the ownership of the ownership of the fund, shall also apply to the entity or the foundation in which the owner of the fund is controlled by virtue of Article 5 of Chapter 1 of the Accounting Act.
An additional fund owners' meeting shall be held when the board of the management company considers it to be warranted, or if the auditor is required in writing to deal with the case. What is provided for by the auditor is the same as the owners of the fund-owners, who put together a total of at least one twelfth of all the shares in circulation.
The rules of the investment fund may stipulate that the meetings of the fund-holders of investment funds managed by the management company shall be held by the representative bodies charged with deciding on common issues relating to the investment funds in question, Where the number of auditors selected for the management of the management company's Board of Directors or of the management company and the management company to be managed by the management company and the management company to be managed by the management company shall be subject to The amount of investment funds to be managed. At that time, the rules must state the role of the representative, the way in which they are elected and the parliamentary term.
Rule 19 (2) shall apply mutatis mutandis to the representative office.
It shall not be possible for the shareholder to be elected or represented within the meaning of Article 20 (2).
The third paragraph of Article 20 (3) shall also apply to the shareholder or to the owner of the fund.
A management company authorised to manage investment funds may establish one or more investment funds in the EEA State. A management company which has a licence in accordance with the law on alternative fund managers or which has been registered in accordance with that law in respect of financial supervision may set up one or more specialised investment funds or any other alternative fund To the EEA State, as provided for by the law on alternative fund managers. The management company may be a member of the limited company of a commandites company, which manages an alternative fund for a limited number of companies. This type of commandites company applies what the law on alternative fund managers provides for in the alternative fund. In addition, the Kommandiite company must comply with Articles 81 to 86 and 86 a of the investment fund. Management companies shall not set up a joint investment fund, a special investment fund or a limited partnership. (17/04/2013)
The investment fund must have rules. The management company's board of directors shall be decided by the management company.
The management company shall not initiate the marketing of the shares of the investment fund it manages to the public and the investment fund may not be mobilised until the fund rules have been established.
The management company shall inform the financial audit when it will start operations of the AIF.
If the management company has not started its operations within two years of its first adoption in accordance with Article 43, it shall be deemed to have lapsed. (2 APRIL 2004)
The assets of the investment fund belong to the shareholders of the fund. The fund-owners are not personally responsible for the investment fund obligations.
The management company shall keep the assets of the IF separately from the assets of the management company by providing them with the depositary. The assets of the investment fund shall not be foreclosed on the liability of the management company.
The management company shall represent an investment fund in its own name. The legal actions relating to the investment fund shall state which fund the management company operates on behalf of the IF.
The management company shall conduct investment management activities with care, independence and expertise, in the interest of the AIF and its shareholders. The management company shall act on an equal footing with the owners of funds. (29.12.2015)
The management company shall, when organising its investment fund activities and business structures, endeavour to avoid conflicts of interest and, when they arise, ensure that investment funds managed by the management company, their fund-owners And other customers of the management company are treated equally. (29.12.2015)
For the purpose of implementing the Commission's risk management directive, financial supervision shall be subject to the following provisions:
1) how to act in the interests of the mutual fund;
2) on the principles to ensure that management companies make proper use of the resources and procedures necessary for the proper conduct of their business;
(3) measures specifying the structures and organisational requirements relating to the limitation of conflicts of interest;
(4) measures to identify and prevent conflicts of interest and the criteria for defining conflicts of interest.
(29.12.2015)A management company carrying out the activities referred to in Article 5 (2) (1) shall not invest its clients in the units of the investment funds it manages, unless it has received prior approval from the customer. (2 APRIL 2004)
The management company shall have at least one permanent establishment for its activities. The management company may also carry out its activities in branches and other places of work.
The management company may conduct its business through an agent or otherwise outsource its activities relevant to its business if it does not interfere with the management of the management company's risks, internal control or, otherwise, significantly Business management.
The activity is significant for the operation of the management company if the error or lack thereof may be significantly impeded by the provisions of the law relating to the operation of the management company, the provisions adopted pursuant to them or the conditions for the authorisation of the management company. , the financial position of the management company or the continuity of business.
The outsourcing of a significant activity shall be concluded in writing, indicating the content of the mandate and the duration of the contract.
The management company which, after the authorisation has been granted, intends to conduct business through an agent or otherwise outsource an activity relevant to its business activities, shall inform the financial audit in advance of the outsourcing. Any significant change in the contractual relationship between the management company and the outsourced activity shall be notified to the financial audit. The financial audit shall provide the necessary detailed provisions for the content of the notification.
However, the notification referred to above does not need to be made if the agent or other outsourced activity falls within the scope of the Law on the same consolidation group or the pool of deposit banks (599/2010) Of the consortium. (24.6.2010/608)
The management company shall ensure that it receives the necessary information from the management company's authority, the management and internal control of the management company, and that it has the right to release the information further. Financial audit.
By way of derogation from paragraphs 1 to 7, the outsourcing of investment services provided by the management company shall be governed by Article 4 of Chapter 1 of the Investment Services Act. (14.12.2012/765)
The use of a client shall not prevent the management company from acting in the interest of the shareholders of the AIF that it manages. Taking into account the tasks assigned to it by the management company, the agent shall have sufficient professional competence to perform its tasks. The management company shall ensure that, during the period of validity of the mandate given to the Ombudsman, it may issue further instructions and terminate the contract with an agent immediately if it is in the interests of the shareholders.
Where an agent is used for the management of an investment activity, the agent may act only by an entity which has been authorised or registered for this activity and whose prudential activity is subject to prudential supervision. Where the agent is domiciled in a country other than the European Economic Area, the cooperation between the supervising authority and the financial audit shall be adequately ensured. The management company shall periodically inform the Ombudsman of the general criteria for the investment activity.
The management of the tasks related to the management of the investment fund shall not be used as an agent for the depositary or any other entity whose interests may conflict with the interests of the management company or the shareholders. The agreement to transfer the responsibility of the management company to a third party is invalid. The Ombudsman shall apply the provisions of Article 133 (1).
As regards the tasks relating to the management of the investment fund and the tasks referred to in Article 31 (1) of the depositary, the management company or its agent and the depositary of the investment fund managed by it shall not: In the service of the same persons.
The management prospectus of the investment fund shall specify the extent to which the management company uses the agent. (29.12.2015)
Investment fund assets ( Minimum capital ) Shall not be less than EUR 2 million and the IF shall have at least 50 units of fund shares. Notwithstanding the provisions of Article 2 (1) (1), a special investment fund investing in real estate and in real estate securities shall, however, be sufficient to buy ten depositaries if, according to its rules, each The fund unit owner shall make a significant contribution of at least EUR 1 million. Notwithstanding the provisions of Article 2 (1) (1), the special investment fund shall, however, have at least ten depository holders. Where, according to the rules of such a specialisation fund, each shareholder has a significant share of the fund shares of at least eur 500 000, the special investment fund may have less than 10 units, provided that: In accordance with the rules, the total capital of the Fund shall be at least eur 2 million. However, where, according to the rules of such a specialisation fund, at least one fund owner has a significant share of the fund shares of at least EUR 2 million, the special investment fund shall have a single fund owner. For the purposes of calculating the number of fund-holders as a whole, the shareholder-owner and the entity or a foreign undertaking comparable to that referred to in Article 5 of Chapter 1 of the Accounting Act shall be considered to be the owner of the fund. A depositary shall not be considered as a single asset owner if the treasurer fulfils the requirements of Article 57g of this Act. Where a special investment fund has less than 50 units of unit ownership, these must be professional investors or comparable private individuals. The amount of the minimum investment fund and the minimum number of fund-holders shall be reached within six months of the start of the operation of the investment fund. (17/04/2013)
For a specific reason, financial supervision may, in order to ensure confidence in the securities markets or in the property market, or in the interest of the fund-holders, grant an exemption from the time limit referred to in paragraph 1: Within the period referred to in paragraph 1, the amount of the minimum capital of the fund and the minimum number of fund shares shall be reached for a maximum period of six months from the end of the period referred to in paragraph 1. The derogation provided for in this paragraph may not be granted to a special investment fund referred to in paragraph 1, which has less than 50 fund shares. (17/04/2013)
The management company shall immediately inform the financial audit where the minimum capital referred to in paragraph 1, or the minimum number of fund-holders, reaches or exceeds or falls below the limit referred to in that paragraph.
The funds of the investment fund shall be invested without undue delay as provided for in Chapter 11. (17/04/2013)
The management company shall not invest its assets at a higher price than the market value or dispose of them at a lower price than the market value unless there is a specific reason for it.
The financial audit shall provide for more detailed provisions on the disclosure of information on the capital of the investment fund referred to in Article 27 and on the amount of the shareholders of the AIF and the AIF referred to in paragraphs 1 and 2. (2 APRIL 2004)
The management company's Board of Directors shall adopt objectives and policies for the exercise of the voting rights of shares in the assets of the AIF in the general meeting of the limited liability company. The management objectives shall be indicated in the management prospectus. The investment fund's half-yearly report and the annual report shall provide information on how the voting rights of the investment fund have been used during the reporting period.
Where the management company has invested in the shares of the investment funds managed by the management company in the shares of the same limited liability company which, other than temporarily, exceeds one twelfth of the voting rights generated by all shares, it shall: The annual report shall make public the objectives of corporate governance in that limited liability company in so far as they differ from those notified in accordance with Article 1 (1). (30.3.2007)
If the management company intends to transfer its place of residence to another country within the European Economic Area, as provided for in Article 8 of the European Company Statute, the management company shall send a copy of Article 8 (2) of the European Companies Regulation to the Financial Check The transfer plan and report referred to in paragraph 3 without delay following notification by the management company of the plan to be registered.
If the management company intends to continue the investment fund operation in Finland after the transfer of the home place, it shall be subject to the provisions of the right of a foreign management company to carry out such activities in Finland.
The registration authority shall not issue a European Company Law (742/2004) (5), where the financial audit has informed the registry authority prior to the granting of the authorisation referred to in paragraph 2 of the same paragraph that the management company has not complied with the transfer of the place of origin or the operation in Finland The provisions on the merger, winding up or administration of an investment fund managed by the Member States. The permit may be issued before a month has elapsed since Article 16 (6) of Chapter 16 (2) only if the financial audit has indicated that it does not object to the transfer of the seat. (21.7.2006/648)
Where a management company participates in a cross-border merger or division in the European Economic Area, the registration authority may not issue such a merger under Article 4 (3) of the European Company Statute or Article 26 of Chapter 16 of the Companies Act, or The certificate referred to in Article 25 of Chapter 17, where the financial audit has communicated to the registry authority before the authorisation is granted that the management company has failed to comply with the merger, division and operation in Finland. Of an investment fund or of an investment fund Provisions relating to mergers, dissolution or extradition. The permit may be issued before a month has elapsed from the date referred to in Article 6 (2) of Chapter 16 or Article 6 (2) of Chapter 17 of the Companies Act only if the financial audit has indicated that it does not object to the merger, division or The transfer of the seat related to the creation of a European company.
If, after the merger or division, a registered company registered in another State intends to continue the investment fund activity in Finland, the company shall be subject to the rights of a foreign management company to pursue investment management activities in Finland. Provides.
If a management company carrying out an activity under Article 5 (2) is transferred to another State or a company receiving a merger or division is registered or registered in another State, the management company's obligation to: The establishment of a compensation fund report and the right to terminate the investor shall be governed by Article 9 of Chapter 13 of the Investment Services Act.
The management company shall not own shares in the other management company or the fund shares of the fund it manages.
The management company shall not be allowed to take such a risk that it poses an essential risk to the solvency of the management company. The management company shall have adequate internal control over its activities and adequate risk management systems.
A transfer of tasks related to the management and other internal control of the management company to a company which does not belong to the same consolidation group or the Banking Association Act with the management company , the provisions of Article 26a shall apply. (24.6.2010/608)
The financial audit shall lay down more detailed provisions for the risk management systems and other internal control measures referred to in paragraph 1, as well as the requirements for sound administration. (26.10.2007)
The liquidity of a management company which carries out activities within the meaning of Article 5 (2) shall be sufficiently secured against the management company's activities.
The total amount of own funds of the management company shall always be at least equal to the minimum capital provided for in Article 6. When at least two management companies merge, the financial audit may grant an exemption from this requirement. However, the amount of own funds of the receiving management company or the management company to be set up shall not be less than the aggregate amount of own funds at the time of the merger.
If the management company's own funds are reduced below the minimum amount provided for in Article 6 above, the management company shall immediately inform the Financial Supervisory Board and take measures to meet the requirements of the own funds. The financial audit shall, after receiving the notification referred to above or otherwise information on the reduction of own funds under the law, set a period within which the management company's own funds requirement shall be subject to the withdrawal of the authorisation. Meet. If, after the expiry of that period, the requirement has not been met, the financial audit may take a decision to withdraw the authorisation.
If the own funds of the management company are less than those provided for in Article 6 above, the management company shall not distribute any profit or any other return on its own capital unless the financial audit is limited in time. The authorisation may be granted if the management company has submitted a mid-term review of the financial audit and the financial audit concludes that the granting of the authorisation does not jeopardise the fulfilment of the deadline for the management company's own funds Within the meaning of paragraph 2.
The calculation of the own funds of the management company shall be subject to the provisions of Regulation (EU) No 575/2013 of the European Parliament and of the Council amending the solvency requirements of credit institutions and investment firms and amending Regulation (EU) No 648/2012. (88/2014/626)
The depositary shall be responsible for:
(1) keep the assets of the IF;
(2) comply with orders issued by the management company if they are not contrary to the rules of the law, the regulatory authority or the AIF;
(3) ensure that the value of the shares/units is calculated in accordance with the law, the regulatory provisions and the rules of the IF;
(4) ensure that the issuance and redemption of shares/units complies with the law and the rules of the AIF;
(5) ensure that the consideration of the funds related to the fund's operations is made in general within the time limit; and
(6) ensure that the revenues of the AIF are used in accordance with the law and the rules of the IF.
The assets of the investment fund shall be kept separate from the depositary's assets and other customers and investment funds, and shall be kept in a reliable manner. The assets of the investment fund shall not be foreclosed on the depositary's debt.
The depositary shall perform its tasks independently in the interest of the owners of funds.
The depositary of an investment fund may only act as a depositary referred to in Article 9 or an entity established in Finland as referred to in Article 11. (29.12.2015)
If the depositary decides not to comply with the mandate of the management company or it detects otherwise in the activities of the management company referred to in Article 31 (1) and the company does not withdraw its decision or any other way of acting, the depositary shall: Shall inform the financial audit.
The assets of the investment fund shall be kept together in a depositary.
The depositary may, in the performance of its tasks, be assisted by entities subject to a financial audit or to the equivalent of a foreign authority responsible for carrying out its tasks.
The management company and the depositary shall agree in writing on the maintenance of the assets of the individual investment fund and the other tasks referred to in Article 31 (1). The agreement must contain provisions for the replacement of the depositary.
The management company shall transmit the depositary agreement of the AIF it manages and the amendments thereto immediately to the financial audit. (2 APRIL 2004)
The management company shall present, upon request, the contract or a copy of the contract referred to in paragraph 1, as referred to in paragraph 1.
If the depositary intends to transfer its place of residence to another country within the European Economic Area, as provided for in Article 8 of the European Companies Regulation, the depositary shall send a copy of the European Companies Regulation to the Financial Check The transfer plan and report referred to in Article 2 (2) and (3) without delay following notification by the depositary of the plan to be registered.
The registry authority shall not issue a certificate within the meaning of Article 9 (5) of the European Company Statute if the financial audit has informed the registry authority before granting the authorisation referred to in paragraph 2 of the same Article that the depositary is not Complied with the provisions on the transfer of the place of origin or the cessation of activities in Finland. The permit may be issued before a month has elapsed from the date referred to in Article 6 (2) of Chapter 16 of the Companies Act only if the financial audit has indicated that it does not object to the transfer of the seat. (21.7.2006/648)
If the depositary participates in a cross-border merger or division in the European Economic Area, the registry authority shall not issue such a merger under Article 4 (3) of the European Company Statute or Chapter 16, Section 26 of the Companies Act, or The certificate referred to in Article 25 of Chapter 17, where the financial audit has notified the registry authority before granting the authorisation referred to in Article 2 (2) that the depositary has failed to comply with the merger; Provisions on division or cessation of activities in Finland Or Article 11 (2) of this Act. The permit may be issued before a month has elapsed from the date referred to in Article 6 (2) of Chapter 16 or Article 6 (2) of Chapter 17 of the Companies Act only if the financial audit has indicated that it does not object to the merger, division or The transfer of the seat related to the creation of a European company.
The acquiring company, registered in another country, may, after the merger or division, continue the activities of the depositary in Finland under the conditions laid down in Article 11 (2).
The depositary shall conclude an agreement with the foreign EEA management company managing the investment fund in Finland, defining the exchange of information necessary to enable the depositary to carry out its tasks. The Agreement may be applied to the investment fund managed by several foreign EEA management companies, provided that the contract lists all the investment funds covered by it.
For the purpose of implementing the Commission's risk management directive, financial supervision shall adopt the necessary provisions for the content of the agreement referred to in paragraph 1.
The depositary shall ensure that, upon request, the depositary receives from the depositary all the information necessary for the supervision of the AIF that the depositary has received in the performance of its tasks.
Article 35 has been repealed by L 9.2.2007/134 .
For each financial year, the General Meeting of the management company shall select at least one auditor and alternate for the purposes of the audit of the company and the IFs managed by it. In addition to the abovementioned auditor, the fund-owners shall select at least one auditor and a deputy. (13.4.2007/477)
At least one auditor shall be a kHT auditor or an audit firm which has to be the head auditor of the KHT auditor. (18/05/1198)
L to 1198/2015 (2) shall enter into force on 1 January 2016. The previous wording reads:
At least one auditor shall be (459/2007) Or the KHT community as referred to in paragraph 2. (13.4.2007/477)
Similarly, the statutory auditor shall apply to the auditor of the auditor.
Financial supervision shall specify the eligible auditor if:
(1) Article 36 (1) or (2) or the (1141/2015), Chapter 2, Article 1 The provisions have been infringed;
(2) the auditor is not independent within the meaning of Section 6 or Article 7 of Chapter 4 of the Court of Auditors; or
(3) the provisions on the number or eligibility of auditors of the management company's statutes have not been complied with.
Financial supervision shall request from the Board of Auditors of Patentand the Registry of the Board of Auditors for its opinion on the independence referred to in paragraph 1 (2) prior to its resolution.
A management company or a depositary referred to in Section 7 of Chapter 7 of the Sharehold Companies Act shall issue financial supervision.
The management of the management company shall be consulted prior to the provision of the order referred to in this Article. The order shall remain in force until the auditor referred to in paragraph 1 is replaced by the statutory auditor.
L to 1198/2015 Article 37 shall enter into force on 1 January 2016. The previous wording reads:
The financial audit shall specify the eligible auditor if:
(1) breach of Article 36 (1) or (2) or Article 3 of the Code of Auditing;
(2) the auditor is not independent within the meaning of Articles 24 or 25 of the Court of Auditors; or
(3) the provisions on the number or eligibility of auditors of the management company's statutes have not been complied with.
(13.4.2007/477)The financial audit shall be requested from the Audit Board of the Central Chamber of Commerce for an opinion on the independence referred to in paragraph 1, paragraph 2, before it is resolved. (13.4.2007/477)
A management company or a depositary referred to in Section 7 of Chapter 7 of the Sharehold Companies Act shall be subject to a financial audit. (21.7.2006/648)
The management of the management company shall be consulted prior to the provision of the order referred to in this Article. The order shall remain in force until the auditor referred to in paragraph 1 is replaced by the statutory auditor.
At least one of the auditors referred to in Article 36 (2) shall, at least six times a year, verify the accuracy of the calculation of the value of the fund's share in such a way that the frequency of the checks is at least one month and not more than three months. However, the special investment fund invested in real estate and in real estate securities accounts for the fact that the accuracy of the calculation of the value of the fund shares is audited annually in the context of the audit. (17/04/2013)
The auditor shall prepare a written inspection report and submit it to the management company.
For each financial year, the annual accounts shall be prepared separately for the management company and for each investment fund, including the statement of the profit and loss account and the balance sheet and the statement of the profit and loss account and balance sheet. The financial statements shall be accompanied by an activity report.
Articles 1 and 3 to 10 of Chapter 12 of the Law on credit institutions are applicable to the financial statements of the management company. (88/2014/626)
The profit and loss account and balance sheet of the management company and the AIF, as well as the details of the profit and loss account and balance sheet and the information to be reported in the activity report are laid down by a decree of the Ministry of Finance. Before issuing the regulation, the Ministry of Finance shall request the opinion of the Financial Supervisory Board and the Accounting Board.
The financial audit shall provide more detailed provisions for the preparation of the accounts referred to in paragraph 1. Before issuing an order, the financial audit shall request the opinion of the Ministry of Finance and the Accounting Board. In the event of a financial audit instruction or an opinion on the application of this Article or of a Regulation of the Ministry of Finance on the basis of it, is significant for the purposes of the general application of the accounting law or regulation or of the Companies Act, Before issuing a guideline or opinion, the financial audit shall be requested by the Accounting Board.
The financial audit, on application by the management company, may, for a specific reason, be authorised to derogate from the provisions referred to in paragraph 4 where a derogation is necessary to obtain a true and fair view of the activities of the applicant or of the The result and financial position. Where the case is significant for the purposes of the general application of the accounting law or regulation or of the provisions on the annual accounts of the Companies Act, the financial audit shall, before settling the case, request the opinion of the Accounting Board.
The management company shall, without undue delay, send to the Financial Supervisory Board an annual report and half-yearly financial report and copies of:
1) the financial statements of the management company and the AIF;
(2) the preparation of auditors and the management of the management company's and the management company's audit reports, as well as the management company and the fund management documents;
(3) the minutes of the company's general meetings and fund-holders' meetings;
4. The inspection report referred to in Article 38 (2).
The investment fund rules shall specify at least:
(1) the name of the fund and the business name of the management company and the depositary;
(2) the purpose of the investment activities of the AIF and the investment of the assets of the
3) the nature of the fund shares;
(4) criteria for the remuneration of the management company and the depositary;
(5) An explanation of the costs regularly incurred by the other investment fund;
(6) the more detailed criteria for calculating the value of the fund and the marking and redemption price;
(7) where and how funds shares are subscribed and redeemed;
(8) where, when and how the value of the fund contribution is made public and the information on the rating and redemption price of shares/units is available to the public;
(9) the financial year of the management company and the fund;
(10) the criteria for the distribution of income, and how and where the distribution of income takes place;
(11) when and where the fund prospectus, a key investor information leaflet, half-yearly financial report and the annual report of the AIF and the management company are available to the public; (29.12.2015)
(12) the time and the convening and summoning of the fund-owners' meetings and the way in which the other declarations are made available to the fund-owners; and
13) how and on what basis the members of the management company's Board of Directors are selected.
In addition, the investment fund rules shall indicate where the operation of the AIF is intended to apply the possibility of the law:
Paragraph 1 has been repealed by L 2.4.2004/224 .
(2) the investment criteria of the AIF;
(3) the inclusion of fund shares, co-operative or cooperative series in the value-share system; (29.12.2015)
(4) that the shares/units can be divided into fractions as well as fractions of shares;
Paragraph 5 has been repealed by L 2.4.2004/224 .
(6) situations in which the management company may suspend or have an obligation to suspend the redemption of fund shares;
7. The States referred to in Article 76 (2), local public bodies or international bodies governed by public law with which the management company intends to invest more than 35 % in securities issued or guaranteed; The assets of the IF; and
8) the tasks of the representative, the method of selection and the election.
In addition, the rules of the special fund shall clearly indicate the reasons why the investment fund is deemed to be a special investment fund.
Where derivative contracts are used for the investment activities of the AIF, its rules shall include:
(1) the intended use of derivative contracts, the types of derivative contracts used and the extent of the use;
2) Counterparties to OTC derivative contracts;
3) the risk control measures which the management company intends to implement.
(14.12.2012/765)The investment fund rules shall state:
(1) the intention of the management company to conclude loan or repurchase agreements on securities and money market instruments in the assets of the IF;
(2) the maximum amount of the investment in the securities and money market instruments or assets of the IF which may at the same time be the subject of the agreements referred to in paragraph 1; and
3) the entity referred to in paragraph 1, whose services are intended to be used by the management company.
(2 APRIL 2004)The management company shall comply with the restrictions on the investment of funds provided for in the rules referred to in this Article. (17/04/2013)
The investment fund shall have the name of the investment fund. Only an investment fund within the meaning of this law may be referred to as an investment fund.
The investment fund shall be clearly distinguishable from the investment funds that have been consolidated before it.
The name of the special fund shall clearly reflect its specific nature in such a way as to include the word "special investment fund". Only a special investment fund under this law may be referred to as a special investment fund. The name must not be likely to mislead the investors. The Special AIF shall be clearly distinguishable from the special investment funds provided to the Financial Supervisory Board prior to it. The special investment fund, which invests mainly in real estate or in real estate securities, shall have the right to use the name relating to the establishment of real estate in its name or otherwise. (17/04/2013)
Financial supervision shall lay down, upon application by the management company, the rules of the IF and its amendments. The rules of the investment fund and their amendments shall be established if they are in accordance with the law and are clear.
The change in the rules of the investment fund shall enter into force one month after the financial supervision has confirmed the change and the change has been brought to the attention of the depositaries in the manner provided for in the rules of the IF, subject to the supervision of the financial supervision Decide on the extent of the change and taking into account the interests of the fund-holders.
The rules of the special fund must be in accordance with the law and be clear. The rules shall be communicated to the Financial Supervisory Board.
Financial supervision may require modification of the rules of the Special AIF or impose restrictions and conditions necessary for supervision if it is considered likely that:
(1) the stability, functioning of financial markets or confidence in the functioning of financial markets may be jeopardised;
(2) the provisions on investment rules are insufficient for risk management and investor protection;
(3) the rules must otherwise be considered to be in the interest of the shareholders of the special fund.
The amendment of the rules of the special fund shall enter into force one month after the date on which the change has been brought to the attention of the depositary in the manner provided for in the rules of the Special AIF.
The management company shall not start to market the shares of the special investment fund it manages to the public and the Special Investment Fund may not be mobilised before the rules of the aifm have been approved under Article 23 (2) of the management company. In accordance with The management company shall inform the financial supervision of when it will start operations of the special fund. If the management company has not started the operation of the special fund within two years of the first transmission of its rules to the Financial Supervisory Board in accordance with this Article, the notification shall be deemed to have lapsed.
Articles 3 and 4 of this Article shall not apply to the Special Investment Fund, which, in accordance with Article 27, may be less than the 10-fund owner.
The Decree of the Ministry of Finance may lay down further provisions on matters to be taken into account when assessing the impact of the activities of the Special Investment Fund on the stability and functioning of financial markets and the functioning of financial markets. To the trust that has been made.
An investment fund whose rules meet the requirements of the ucits Directive cannot be converted into a special investment fund.
The management company shall calculate the fund shares of the IF that it manages. The investment fund rules may, for particular reasons as a consequence of the nature of the investment activities of the AIF, determine that the shares are to be issued only at the time specified in the AIF rules.
Notwithstanding the provisions of paragraph 1, the management company may temporarily suspend the issuance of the shares of the AIF under the aif rules. The issuance of fund shares may be suspended only if the equity of the fund-holders or the other weighty advantage of the fund-holders is particularly required.
Financial supervision may determine the suspension of the issue of shares/units if necessary to ensure confidence in the securities markets or in the property market, to safeguard the interests of the fund-holders or Other particularly weighty reasons.
The management company may refuse to issue a share of funds and the acceptance of a stake in the fund's share if such refusal is a weighty criterion specified in the AIF's rules. The base should be related to the client or his previous behaviour, or to the fact that there is apparently no real need for a management company. The grounds for refusal shall be communicated to the customer.
Paragraph 4 shall not apply where Article 144 or the law on the prevention and detection of money laundering and terrorist financing (103/2008) Because of something else.
Where the management company has temporarily suspended the issuance of the shares of the investment fund referred to in paragraph 2, it shall immediately inform the Financial Supervisory Board of its decision. If the management company, within the meaning of paragraph 4, has refused to issue a share of the fund and the acceptance of the entry for the fund, it shall notify its decision to the Financial Supervisory Authority by the end of the following month.
The investment fund shall have the right to a share of funds.
The fund shares may, if provided for in the Fund's rules, be divided into fractions. The rules of the Fund shall indicate how many equal parts of each fund share are allocated.
The investment fund shares/units shall be income or annual income. The fund rules may stipulate that the fund has both a return and an annual income. The special investment fund which invests in real estate and in real estate securities, as well as the special investment fund, which, in accordance with Article 27, has less than 50 shares, shall be allocated annually to all At least three-fourths of the profit of the financial year, excluding unrealised value adjustments, in the same proportion. (17/04/2013)
The investment fund rules shall provide for the basis of assessment of the annual return on the assets of the Fund and the annual return on the capital contribution.
The fund rules may stipulate that the contributions of the Fund may differ from the amount of the fund's contribution to the fund's management by the management company. The rules shall in this case provide for the conditions under which the investor may subscribe to different proportions of the compensation. The rules may also provide that income and annual income may be issued in different currencies or that a different type of index, inflation, interest rate or currency protection or other hedging may be acquired. (29.12.2015)
The fund shares of the same species shall be equal to each other in the same investment fund and shall generate equal rights to the assets of the mutual fund. (2 APRIL 2004)
The management company shall each day ( Business day ), in which case the deposit banks are generally open, calculate the value of the fund shares, with the exception of the special-purpose investment fund, which invests mainly in real estate and real estate securities, the value of which shall be calculated and disclosed; Monthly on the last business day of each month. (30.3.2007)
The value of the fund shall be the value of the AIF divided by the number of shares in circulation. The value of the investment fund shall be calculated in such a way as to reduce the Fund's liabilities in respect of the Fund. The investment fund may, in order to promote the long-term investment activities of the unit-owners, establish a pricing methodology to compensate for the costs of trading and exchange rate differences for the Fund, as well as to promote Equality and which is specified in the Fund's rules. This method must be transparent and in the interest of the shareholders. (29.12.2015)
The assets of the investment fund shall be assigned a value according to their market values. If the market value is not or cannot be obtained due to circumstances, the value of the investee shall be determined in accordance with the criteria set out in the AIF rules. The hedge fund rules also provide for further details on the calculation of the value of the fund share. Where the value of the fund shares cannot be reliably determined in the event of an exceptionally unstable and unforeseeable market situation or otherwise exceptional circumstances or other weighty reasons, the value of the contribution may be In order to safeguard the equality of the owners of funds, it is temporarily excluded. If the management company has temporarily withheld the value of the fund, it shall immediately inform the Financial Supervisory Authority of its decision. (29.12.2015)
The special investment fund which invests mainly in real estate and in real estate securities shall value non-proprietary real estate in its balance sheet at fair value and acquire and disclose the properties of its properties And non-public trading or multilateral trading of real estate securities in real estate funds (143/1997) , the assessment of the assessor approved by the Central Chamber of Commerce and the statement of accounts or the notes to the financial statements shall designate and disclose the property valuers they use. The Special Investment Fund may, for a specific reason, appreciate non-domestic properties at a non-fair value, or decide not to use a real estate assessor, in which case the Special AIF enters into an activity report or The notes to the financial statements justify their procedures. (21.8.2009, P.
Financial supervision provides more detailed provisions for the calculation of the value of the fund. (29.12.2015)
At the request of the Fund, the management company shall, in accordance with the provisions of the AIF, be subject to the redemption of the fund's share of the fund's share of the fund which it manages. The amount of the fund shall be redeemed immediately from the assets of the IF in respect of the value of the redemption day determined in accordance with Article 48. The redemption shall be carried out in the order of the requirements. Redemption shall be conditional on the transfer of the certificate to the management company, if any. By way of derogation from the above provisions, the management company shall, at the request of the unit owner of the special investment fund investing mainly in real estate and real estate securities, redeem this fund's share in the rules in a specified manner. No later than six months after the date of submission of the redemption requirement and in such a way that the redemption and marking of such a special investment fund can be made every six months. (17/04/2013)
If the assets are to be purchased by the sale of securities, the securities shall be sold without undue delay, but no later than two weeks after the submission of the redemption requirement. The fund shall be redeemed as soon as the funds for the sale of securities, real estate and real estate securities have been obtained. The financial audit may, in particular, be authorised to exceed the time limit for the sale of securities, real estate and real estate securities.
The management company may temporarily suspend the redemption of the shares of the IF under the rules of the AIF. The redemption of the fund shares may be suspended only if the equality of the fund-holders or the other weighty advantage of the fund-holders in particular requires. (29.12.2015)
The management company shall suspend the redemption of fund shares in respect of the value of the AIF's assets or the amount of the fund-holders calculated below the minimum specified in the law or in the fund rules, if the situation has not been corrected 90 Within 24 hours of the submission of the minimum requirement. However, the redemption prohibition shall not apply until the expiry of the period referred to in Article 27. In all the marketing material of the AIF, the period of suspension shall mention the exceptional situation of the IF. (2 APRIL 2004)
The financial audit may order the redemption of fund shares to be suspended if it is necessary to ensure confidence in the securities markets or the property market, in the interest of the fund-owners or any other Especially for a reason.
If the management company has suspended the redemption of fund shares, as referred to in Article 50, it shall immediately inform the financial audit of its decision.
In the case referred to in Article 50 and in the case referred to in Article 51, the management company shall, in the case referred to in Article 51, notify its decision without delay to the competent authorities of all the States of the European Economic Area where: The fund shares of the fund in question have been marketed.
The management company shall keep a register of funds for fund shares, which shall be marked at least by: (29.12.2015)
(1) the name and postal address of the fund-owner;
(2) the amount of dedicated fund shares;
(3) breakdown of shares/units of different species; (29.12.2015)
(4) the date of registration of the fund shares; and
(5) the serial number of the cooperative certificate or fund entry.
A mark may be entered in the FPAP only after it has been ensured that the price of the subscription to the fund will be made available to the investment fund within the normal time limit. The subscription price of the fund shall be paid in cash or by giving the investment fund an amount equal to the subscription price of the securities or money market instruments referred to in Article 69 (1) (1) in such a way that, at the time of the entry at the time of the entry marking, the The distribution of securities or money market instruments is equivalent to the value of the fund-specific investment activity and the aggregate market value of the securities or money market instruments specified in the AIF's rules. The subscription price of a special investment fund for real estate and real estate securities may also be paid by providing real estate or real estate securities with a combined market value corresponding to them. The value of the contribution to be received if the rules of the AIF have been taken into account that the amount of the fund may be entered in the form of rights or obligations to place assets in a special investment fund other than money ( Apporttie ). The price of the subscription fee for the special investment fund referred to in Chapter 12 and the price of the subscription to the fund shares of the FFF referred to in Article 115 (a) may be paid by means of the financial instruments referred to in Chapter 11 As an apporite. In the case of the special investment fund referred to in Chapter 12, it is also necessary that its rules contain a provision stating that each shareholder of funds shall have a significant amount of funds of at least EUR 1 million. The value of the apportisations and the effect on the equity of the fund-owners shall be preceded by an assessment by an independent and external real estate agent within the meaning of the real estate funds Act, or unless: The asset item includes property or property securities, an opinion from a KHT auditor or an audit firm whose opinion the responsible auditor should be a kHT auditor. (18/05/1198)
L to 1198/2015 (2) shall enter into force on 1 January 2016. The previous wording reads:
A mark may be entered in the FPAP only after it has been ensured that the price of the subscription to the fund will be made available to the investment fund within the normal time limit. The subscription price of the fund shall be paid in cash or by giving the investment fund an amount equal to the subscription price of the securities or money market instruments referred to in Article 69 (1) (1) in such a way that, at the time of the entry at the time of the entry marking, the The distribution of securities or money market instruments is equivalent to the value of the fund-specific investment activity and the aggregate market value of the securities or money market instruments specified in the AIF's rules. The subscription price of a special investment fund for real estate and real estate securities may also be paid by providing real estate or real estate securities with a combined market value corresponding to them. The value of the contribution to be received if the rules of the AIF have been taken into account that the amount of the fund may be entered in the form of rights or obligations to place assets in a special investment fund other than money ( Apporttie ). The price of the subscription fee for the special investment fund referred to in Chapter 12 and the price of the subscription to the fund shares of the FFF referred to in Article 115 (a) may be paid by means of the financial instruments referred to in Chapter 11 As an apporite. In the case of the special investment fund referred to in Chapter 12, it is also necessary that its rules contain a provision stating that each shareholder of funds shall have a significant amount of funds of at least EUR 1 million. The value of the apportisations and the effect on the equity of the fund-owners shall be preceded by an assessment by an independent and external real estate agent within the meaning of the real estate funds Act, or unless: The asset item includes property or property securities, a statement by a KHT auditor or a kHT entity. (17/04/2013)
The amount notified to the management company of the fund-owner, including a reliable statement, as well as any other change to the management company that has been entered in the register referred to in paragraph 1, is significant without delay. In the register of funds.
The management company shall have the obligation to provide the information referred to in paragraph 1 to the prosecutor and pre-trial authority for the purpose of the investigation of the offence and to any other authority empowered to obtain such information under the law. The register of funds shall be held for the purpose of meeting the shareholders' meeting.
At the request of the fund manager, the management company shall issue a share certificate.
A certificate may relate to a number of shares or fractions thereof, and may only be placed in the name of a person, entity or foundation registered in the register of funds.
The certificate shall state:
(1) the name of the fund-owner and the investment fund and the business name of the management company and the depositary;
(2) the serial number of the cooperative certificate;
(3) the quality and the number of contributions to the cooperative certificate; and
4) how the fund contribution is redeemed.
The certificate shall be dated and must be signed by the management company's Board of Directors or by a person authorised by it. The signature may be carried out by printing or other comparable means.
The beneficiary of the fund shall not have the right to exercise the rights laid down in this Act for the shareholder of the fund, before the fund is registered or received in accordance with Article 53, and an explanation of that has been disclosed to the management company. However, this does not apply to a right which is used by means of a certificate or a dividend ticket.
When the certificate of participation is handed over or pledged, the amount of the certificate must be applied accordingly. Articles 13, 14 and 22 of the 622/1947 Is provided for in promissory notes. For the purposes of those provisions, it is the person who holds the certificate of entry and which, according to the label of the management company's cooperative certificate, is, as the owner-owner of the fund, as the owner of a fund of funds, equivalent to that in which the promissory note 13 § 2. Requires the right to be issued by the promissory note.
The dividend on the dividend certificate is provided for in Articles 24 and 25 of the promissory note.
In the absence of a dividend or a certificate of participation in the certificates of participation, the rules of the AIF may take the form of an order that the entity entered in the register of funds as the owner-owner of the fund is entitled to increase the amount of the funds to be allocated to the fund. Future return. The non-profit-making charge shall be considered valid for a person, entity or foundation registered in the register of funds, even if it had no right to do so unless the management company knew or should have known.
In addition, in the absence of a contribution certificate, the fund participation register shall also include a significant amount of the lien or other equivalent entitlement to the fund company. (29.12.2015)
The shares/units owned by a foreign or foreign entity or the foundation may be entered in the register of funds in such a way that it is replaced by a fund manager instead of the manager of a fund, who, under the terms of the mandate, is Funds shares on behalf of the fund-owner. It shall be recorded in the register of funds that the treasurer manages the shares in question, on behalf of the owner, as well as the information referred to in Article 53 (1) of the fund section.
The registration of the contribution provided for in paragraph 1 shall be subject to the condition that the management company's right to be informed of the final owner of the fund's share shall be safeguarded as laid down in this Chapter. (29.12.2015)
The management company may operate as a management company, a credit institution within the meaning of the Law on the activity of credit institutions, or an investment firm within the meaning of the Investment Service, which is entitled to provide an investment service under Article 11 (9) of Chapter 1 of the Investment Services Act. Of the financial instruments referred to in paragraph 1, and an entity authorised in another EEA State. The contribution of the Fund may also be governed by the Law on Shares and Clearing and Settlement Law (12/09/2012) A central securities depository and a securities depository or securities depository in the European Economic Area.
The management company shall conclude a written agreement with the fund manager on the management of the fund shares of the AIF. The agreement can only be concluded with a party that is reliable, reputable and professional. The contract shall agree that the manager of the fund shares the information required by Article 53 on the owners of the fund shares administered by the management company and the other information required by the management company under its operating legislation.
The fund shall carry out a written agreement with the owner of a foreign fund unit or a representative credit institution or an investment firm or any other party, in which the fund shares are to be ascertained: The obligation of the manager to provide the information necessary for the ownership of the fund.
Where a treasurer considers a register of rights to fund shares in another State, the rights of the fund owner or any other rightholder shall be governed by the law of that State, except where the fund of funds is entered in the register of funds Of labelling.
The fund manager shall have the right to exercise only the financial rights attaching to the units of the fund he manages.
The fund shares managed by the fund manager shall not be entitled to participate in the shareholders' meeting.
A contribution certificate shall not be issued for the shares subscribed by the Fund.
The manager of the fund shall be liable for any damage caused intentionally or negligently to the shareholder or other person of the damage caused by the damage.
The manager of the fund shall, upon request, be required to inform the Financial Supervisory Authority of the name of the owner of the fund shares which he manages, the home country and the number of shares/units owned by him. The financial supervision may, alternatively, accept that the manager of the fund shares the relevant information on the client acting on behalf of the fund-owner and the written assurance given by him that the shareholder is not Finnish.
The financial supervision may provide for more detailed provisions on the manner in which the information required under this Act concerning the shareholder or agent acting on his behalf, as well as the information necessary for their knowledge, shall be reported, as well as on matters which are: Be taken into account in the conclusion of the agreement between the management company and the fund manager.
The management body shall have an obligation to provide information on the ownership of the fund to the prosecutor and pre-trial authorities in order to investigate the offence and to the other authority empowered to obtain such information under the law.
Notwithstanding the provisions of Article 49 (1) and Chapter 9, the rules of the AIF may be taken into account for the inclusion of fund shares, co-operative or cooperative series in the value-share system. The decision of the management company shall provide for the time during which the connection of the fund shares will take place. The share of the fund's share of the fund is not issued with a share certificate. The right to such a fund share, as well as the fulfilment of the performance obligation based on a fund share, has been decided by the law on book-entry accounts (827/1991) . (29.12.2015)
The certificate of impact shall be submitted no later than the date on which the management company decided in the decision of the management company to enter a book of values for the registration of the title. The ad valorer controller must find out who the owner is. At the time of registration, the fund-owner shall issue a certificate of participation to the controller, which shall be required to provide it with an indication of the connection to the value-share system.
At the latest on the date of registration, the holder and the other rightholder shall declare their rights to be entered in the book-entry account of the fund owner. If the fund-owner does not have a value-share account and the applicant presents the necessary report of his/her right and gives the certificate of entry to the value of the cooperative registry administrator, the value-share registrant shall open up to the name of the fund owner A value-share account to which the fund share and the holder's right are recorded. In this case, the deposit may be settled without the written consent of the account holder.
By the date of registration, the management company shall, by the date of registration, notify the managing authority of the fund shares which, pursuant to Article 54 (1), are not accompanied by a cooperative certificate, or of which the cooperative certificate is to be held in the management company. On behalf of the fund-owner, to be entered in a book-entry account of the fund-owner. If the fund-owner does not have a value-share account, the value cooperative register of the central securities depository shall be opened in the name of the fund-unit owner account, which shall be entered in the register of funds referred to in Article 53 notified by the management company. The details of the notification.
At the date of registration, the fund-holders who have not submitted their Certificate of Cooperative Certificate to the book entry register shall, on the date of registration, open a common value account in the value cooperative account of the CSD, which: The account holder is entered on behalf of the fund-owners who are not notified.
A separate list shall be drawn up at the central securities depository, which shall include the depositories of the fund shares/units of funds whose certificates were not filed by the date of the registration as referred to in Article 58. However, the list does not need to be drawn up if the incorporation of fund shares into the value-share system takes place with the rights of the fund-owner's rights and the acceptance of the central securities depository, in which the certificates are equipped with: A mark on the basis of which their connection to the subscription to the book of shares of the fund owner can be identified. The entries for qualifying holdings in the accounts shall be able to determine the serial number of the cooperative certificate.
The person who presents a report on the right to hold funds entered in the account referred to in paragraph 1, as well as the relevant certificates, shall be entitled to require the recognition of their rights as provided for in Article 58.
No later than four months before the date of registration, the management company shall notify to the owners of the fund owners the address of which is known to the company, the decision referred to in Article 58 and the way in which the fund-owner or the person holding it The certificate must be applied in order to obtain the entitlement to a fund share in a book-entry account. The corresponding instructions shall also be given on how other rights to the fund share can be recorded.
In addition, the decision referred to in Article 58 of the management company shall be communicated in the form of an invitation to a meeting of the shareholders of the fund to be transmitted according to the rules of the fund. It shall also be published in the Official Journal and at least in one national newspaper. Guidelines and information sheets shall continue to be sent to the administrators of the book of values.
Where appropriate, the rules of the CSD may specify the procedure referred to in paragraphs 1 and 2.
Within five years from the date of registration, the management company may decide to redeem the shares in the joint book-entry account referred to in Article 59 (1) on behalf of their owners. The decision of the management company shall be notified to the owners of funds referred to in the decision and to the person referred to in Article 58 (3) and shall invite them to subscribe to the value-cooperative system of the fund contribution, Otherwise redeemed. The request shall be sent to the shareholders and to the person referred to in Article 58 (3) if their name and address are known to the management company and shall be published in the Official Journal. In addition, the request shall be notified in the form of an invitation to the shareholders' meeting of the shareholders of the fund.
Unless, within a period of one year pursuant to a decision pursuant to a decision, the owner of a fund of funds belonging to a common value payment account or a person referred to in Article 58 (3) has not, pursuant to a decision adopted pursuant to paragraph 1, called for the right to be registered as Article 58 provides that he has lost his entitlement to a fund share. The management company shall, without delay, redeem the fund's share of the fund's assets.
The management company shall be responsible for the deposit of money, values, securities or documents in the form of payment or exemption from other obligations under the (19,1931) , the deposit of the assets minus the costs of notification and redemption, in custody of the management company's place of residence, without having any right to recover the deposit. The shareholder or the person referred to in Article 58 (3) may raise the share of the share of the funds corresponding to the share of the contribution.
The distribution or future payments to the fund shares referred to in Article 59, which have been decided after the date of registration, cannot be raised until the amount of the fund's share in the register of shares has been entered in the book-entry register. For.
The shareholder of the fund, who is registered in the register of funds before the date of registration, or who has been informed and cleared by the management company, may exercise the rights listed in paragraph 1, other than those listed in paragraph 1, in the IF, although he/she does not: Would have submitted a certificate of ownership for the recognition of ownership in the register of values. At the request of the management company, the fund-owner shall present a certificate of participation or an explanation of where they are, or any other explanation of the fact that the ownership of the fund share has not yet been entered in the book of values.
After the date of registration, the fund does not share the right provided for in Article 59 (3) of that investment fund. Following the date of registration, the effect of the release of the certificate of impact shall be applied, as provided for in Articles 27 and 29 to 31 of the Code. Even after the date of registration, the certificate may be killed, as provided for in the report.
The fund shares/units and their owners are considered to be part of the fund-owners' list by means of automated data processing as provided for in Chapter 6, Section 3, of the Code of Shares and Clearance. § § Article 53 (2) of this Act shall apply to the recognition of the contribution of the Fund to the book-entry account and the list of shareholders' shares. (14.12.2012/765)
The Fund's shareholders' list shall be included in the register of values in which the fund shares/units are recorded and the information which, according to Article 53 (1) (1) to (4), must be entered in the register of funds.
The registered fund shares shall be entered separately in the reserve-unit list of shares in such a way as to include the information on the manager of the fund section, as provided for in the above mentioned above, and the reference to: Management registration.
In the case of government-registered fund shares, and in the case of shares/units in respect of which the non-fund-owner-owner is entitled, according to the terms of the book-entry account, to receive contributions based on the fund share, it shall: The relevant value-share register shall be entered as a payment address in the list of shares/units.
The list of shareholders' names and the list of waiting lists shall be subject to the provisions of Article 53 (4). However, the keeper of the fund-purchase list shall be obliged to disclose to the management company the information affixed to the fund-owner list.
If the recipient's sag is a provisional entry within the meaning of Article 18 of the Law on Shareholders, it must not be entered in the list of shareholders of the fund, but a separate list must be kept at the central securities depository ( Waiting list ), which shall be marked until the final entry has been recorded. In the case of a temporary report, the beneficiary of the transferee shall also be removed from the fund-owner list and entered in the list of waiting lists.
A beneficiary of a qualifying holding system shall not have the right to exercise the rights of a fund owner in the investment fund until he is included in the shareholder list of the fund, unless Article 62 (2) or Subject to Article 1 (2) of the Law on the Cooperative Society and the Settlement of Settlement Law. (14.12.2012/765)
The rules of the investment fund shall include a provision that, after the date of registration, the right to receive the proceeds from the investment fund shall be limited to:
(1) which is, on the date of the reconciliation, entered in the fund-owner's list of shares of the fund-owner;
(2) the entitlement to a direct payment is recognised on the day of reconciliation by the fund-owner's book-owner's book-owner's book-entry account; or
(3) if the fund shares are the holding registered with the value-entry account on the date of reconciliation, and the treasurer of which is the treasurer on the day of reconciliation, pursuant to Article 1 of Chapter 8 of the Law on cooperative and settlement activity; Included in the fund-owner's list of shareholders as a fund manager. (14.12.2012/765)
If the ownership of the fund shares is indicated on the waiting list on the day of reconciliation, the right referred to in paragraph 1 shall be entitled to the person who shows that the fund share has belonged to him on the day of reconciliation.
The right to participate in a fund-owners meeting in the investment fund whose shares/units, co-operative or cooperative is connected to the value-of-share system, is limited to the fund-owner, which is 10 days before the fund-owners The meeting is designated as the owner-owner of the fund-owner list, subject to Article 62 (2). For the purposes of calculating the amount of the shareholder's contribution, no account shall be taken of the fund shares subscribed to him on the list of shareholders. (29.12.2015)
The invitation to the fund-holders' meeting shall be submitted no later than one week before the date referred to in paragraph 1.
The management company may decide that the fund shares of the investment fund managed by it will be removed from the value-share system. In such cases, the provisions of Articles 58 and 60 shall apply mutatis mutandis.
The relevant value-cooperative registry administrator shall issue a certificate of entry into the value cooperative account entered in the management company's decision at the date specified in the decision of the management company for the ownership of the fund, unless the owner's book entry account Of labelling.
The fund shares which are not issued at the latest on the date of registration shall be entered in the register of funds with information in accordance with the list of shareholders' names.
Paragraphs 1 and 2 shall not apply where the removal of funds shares from the CIT system is due to the termination or merger of the AIF.
The management company shall disperse the risks arising from investment activities in investing the assets of the investment fund.
The management company shall invest in the assets of the IF: (2 APRIL 2004)
(1) securities and money market instruments traded on a regulated market within the meaning of the Law on trade in financial instruments, or which are traded on a regulated market other regulated, regular, recognised and For the public at the open market place; (14.12.2012/765)
(2) securities issued with a commitment to make the securities admitted to trading within one year of their issue in the interchange system referred to in paragraph 1, provided that all transactions are The likelihood of starting to expire at the latest.
The financial audit may, after consulting the management companies, give more detailed provisions on the conditions under which the market place may be deemed to meet the requirements laid down in paragraph 1 (1). (2 APRIL 2004)
Paragraph 3 has been repealed by L 2.4.2004/224 .
The investment fund shall have the cash required for operations.
The management company may invest in the money market instruments which are not traded on the market place referred to in Article 69 (1) (1), provided that their issue or issuer is subject to: The regulation on the protection of investors and savings, and provided that:
(1) the issuer or guarantor is a central, regional or local authority or central bank of the European Economic Area, the European Central Bank, the European Union or the European Investment Bank, other than that of the European Economic Area; A State or a State of such State, or an international public entity with at least one State belonging to the European Economic Area as a member; or
(2) the issuer is an entity whose securities are admitted to trading on the market place referred to in Article 69 (1) (1); or
(3) the issuer or guarantor is an entity that is subject to prudential supervision in accordance with the criteria laid down in European Community legislation, or an entity to which the prudential rules apply and which complies with prudential rules; European Community legislation; or
(4) the issuer is another entity whose investment in money market instruments is subject to an investor protection equivalent to those set out in paragraphs 1, 2 or 3, and the issuer's own capital is at least 10 million; The euro, which shall draw up and publish its accounts in accordance with Council Directive 78 /660/EEC, or an entity which belongs to a group consisting of one or more companies whose securities are admitted to trading under Article 69 (1) In the market place referred to in paragraph 1 and specialising in The financing of the group or the entity specialising in the financing of securitisation instruments using the credit institution's liquidity limits.
The management company may invest not more than one-tenth of the assets of the investment fund in the securities and money market instruments referred to in Article 69 and in this Article.
The management company may invest funds in deposits with credit institutions, provided that:
(1) the deposit is to be repayable or repayable on demand within 12 months at the latest; and
(2) the credit institution shall have its seat in a State belonging to the European Economic Area, or where the credit institution is domiciled in a Member State other than the European Economic Area, provided that the credit institution is subject to such Prudential rules in line with European Community law.
The management company may invest in the assets of the AIF in respect of other investment funds or UCITS, as well as in the EEA State or third country, as referred to in the Act on Alternative Fund Managers. For the purchase of alternative funds, if they are intended to be a collective investment of funds raised from the public in Articles 69, 71 or 7a, or financial instruments other than those referred to in this Article, or other financial assets And if they act on the principle of risk spreading and if: Their shares are redeemed directly or indirectly from the holder's claim with the assets of those collective investment undertakings. However, the investment fund's assets may not be invested in units of an investment fund, a UCITS or an aif whose assets are to be invested in a total of more than one tenth of the assets in accordance with its rules or articles of association. The shares of other investment funds, ucits or alternative funds. (17/04/2013)
In the alternative fund referred to in the Act on Alternative Fund Managers, or in the aif established in a third country, the assets of the AIF may be invested, provided that: Alternative fund:
(1) under domestic law, it is subject to supervision corresponding to European Union law, and the cooperation between the supervising authority and the financial supervision is sufficiently ensured;
(2) the protection of the unit-owners shall be equivalent to the protection of the assets of the AIF and of the UCITS, and in particular the separation of funds, borrowing, lending, securities lending and securities and money market instruments; Is consistent with the requirements of the ucits Directive; and
(3) shall be published in the form of a half-yearly financial report and an annual report allowing an assessment of its assets and liabilities and of revenue and investment activities from the reporting period.
(17/04/2013)The investments referred to in paragraph 2 may not exceed three tenths of the assets of the investment fund.
Where the assets of the IF are invested in the units of investment funds, UCITS, or the aif referred to in paragraphs 1 and 2, which are directly or directly managed by the same management company or any other company to which: The management company is linked to a joint management or control, or by direct or indirect ownership, the management company or any other company may not charge a subscription or redemption premium for the investment of the Investment funds, ucits or For the purchase of alternative funds. (17/04/2013)
The management company may invest not more than one-fifth of the assets of the AIF in the shares of the AIF, the UCITS or the aif referred to in paragraphs 1 and 2. (17/04/2013)
For the purpose of calculating the investment restrictions laid down in this Chapter, no account shall be taken of the assets of IFs, UCITS or the aif referred to in paragraphs 1 and 2 to which the assets of the IF are invested. (17/04/2013)
A maximum of one-tenth of the investment fund's assets may be invested in securities or money market instruments of the same issuer. Up to one fifth is allowed to invest in deposits in the same credit institution.
The counterparty risk exposure to OTC derivative contracts shall not exceed one-tenth of the assets of the same counterparty if the counterparty is a credit institution as referred to in Article 71a, and in any other case, one twentieth Of the fund's assets. (14.12.2012/765)
The total amount of investment in securities or money market instruments of the same issuer exceeding one twelfth of the AIF shall not exceed two fifths of the assets of the AIF. This limit shall not apply to deposits or to investment in OTC derivative contracts where the counterparty is a credit institution referred to in Article 71a. (14.12.2012/765)
A maximum of one fifth of the investment fund's assets may be invested in securities and money market instruments of the same issuer, deposits received by the entity in question, or in OTC derivative contracts for which: The investment fund shall be subject to the counterparty risk to the entity concerned. (14.12.2012/765)
In the calculation of the restrictions provided for in this Article and in Article 75, Article 76 (1) and Article 77 (1), the entities belonging to the same group must be regarded as one entity as a whole. However, in the case of securities and money market instruments issued by entities belonging to the same group, a total of up to one fifth of the assets of the investment fund may be invested.
Notwithstanding the restrictions provided for in Article 73, the management company may invest in shares or bonds of the same issuer up to a maximum of one-fifth of the assets of the investment fund where the investment activities of the IF are intended to: In accordance with its rules, imitate a given stock or bond index in a given financial market. The composition of the index shall be sufficiently diversified and the index shall describe in sufficient detail the market whose development it is intended to demonstrate. There must be sufficient information on the composition and development of the index.
Subject to the conditions set out in paragraph 1, a management company may invest in shares or bonds of the same issuer up to a total of 35 out of a total of a total of 35 % of the assets of the fund if justified by exceptional market conditions And in particular on a regulated market where certain securities are in a very dominant position. Investments up to this limit shall be allowed only for one issuer.
The management company shall not exercise significant influence over a limited liability company whose shares it has invested in the assets of the investment funds it manages. The management company shall not exercise the voting rights exceeding one tenth of the voting rights of all shares in any other company in which it has invested funds of the investment funds it manages. Where the management company has invested in the shares of the investment funds managed by the management company in the shares of the same limited liability company which, other than temporarily, exceeds one twentieth of the voting rights produced by all shares, it shall disclose: The objectives of corporate governance in that limited liability company as laid down in Article 29 (2). The above limitations shall also apply to the investment fund's assets in units of investment funds, collective investment undertakings or alternative funds which are not redeemed, directly or indirectly, by the investment fund With the funds of undertakings engaged in collective investment. The above restrictions shall not apply in the case of funds invested through the special investment funds managed by the management company. (17/04/2013)
The management company may acquire an investment fund of up to one tenth of the same issuer:
(1) non-voting shares;
(2) bonds; and
3) money market instruments.
The management company may acquire an investment fund of up to one quarter of the shares of the same investment fund or UCITS.
The restrictions referred to in paragraphs 2 and 3 of paragraph 2 and in paragraph 3 do not need to be respected at the time of the acquisition, unless it is possible at that time to calculate the sum of the bonds or the money market instruments or the investment fund or The net amount of units of the UCITS.
Notwithstanding the provisions of Article 73 (1), (3) and (4), the management company may invest not more than one quarter of the assets of the IF in the bonds of the same issuer if: (2 APRIL 2004)
(1) the issuer is, by law, a credit institution subject to the protection of the holders of promissory notes, which is domiciled in a Member State of the European Economic Area; and
(2) in accordance with the law, the funds resulting from the issue are to be invested in a secure manner, provided that the said funds can be used for that purpose if the issuer is unable to perform its performance; The payment obligation.
A total of up to four fifths of the assets of the same issuer for the same issuer's bonds in excess of one twelfth of the AIF shall not exceed four fifths.
Financial supervision shall provide the European Securities and Markets Authority and the European Commission with a list of the bonds referred to in paragraph 1 and of issuers authorised to issue under paragraph 1. Debt securities qualifying for such conditions. The list shall be accompanied by an indication of the type of guarantees offered. (29.12.2015)
Notwithstanding the provisions of Article 73 (1), (3) and (4) and Article 74 (2) (2) and (3), the management company may invest not more than 35 hunts of the assets of the same issuer or guarantor in securities or money market instruments, Where the issuer or guarantor is a Finnish State, a Finnish municipality or a municipal group or a State belonging to the European Economic Area, the State of such State or any other local public body, other oecd OECD A Member State or an international public body with a member At least one State belonging to the European Economic Area.
In accordance with the principle of risk-diversification, the management company may invest more than 35 out of the shares in securities or money market instruments referred to in paragraph 1 above. It is required that this has been included in the rules of the IF and that, according to the rules, the securities or money market instruments originate from at least six different issues and not to invest in the same issue. A quantity exceeding three tenths of the assets of the AIF, and if the owners of funds can be guaranteed equivalent protection to the investment fund which complies with Article 73 (1), (3) and (4) and Article 74 (2) (2) and (3), These restrictions.
Investments referred to in Article 73 (1) to (4), Article 75 and Article 76 (1), for securities or money market instruments of the same issuer, or for deposits received by it or to the OTC derivative contracts in which the entity concerned is: The counterparty shall not exceed the amount corresponding to the amount of 35 out of the assets of the investment fund. (14.12.2012/765)
The securities and money market instruments referred to in Article 75 and Article 76 (1) need not be taken into account for the purposes of applying the two-fifths limit provided for in Article 73 (3).
The restrictions laid down in this Chapter shall not be subject to the labelling rights relating to securities or money market instruments belonging to the assets of the IF. Where restrictions have been exceeded for reasons beyond the management company or because of the use of subscription rights, the management company shall consider the management of the investment fund to be a priority objective of remedying the situation in the interest of the fund-owners. Manner.
The management company may, in its establishment of the principle of risk spreading, derogate from the limits laid down in Articles 72, 73, 73a, 75 and 76 and in Article 77 (1) for a maximum period of six months. Start of operations.
Investment fund assets may be invested in shares or other capital shares of a company located outside the European Economic Area, which invests mainly in securities with its registered office. Is located in the home state of the company where, according to the law of the State in question, this is the only way to invest in securities issued in the said State.
The investments referred to in paragraph 1 may be made only if the company's operations comply with the limits laid down in Articles 72, 73, 74 and 75, Article 76 (1) and Article 77 (1). When the restrictions referred to in Article 72, Article 73 (1) and (3), Article 75, Article 76 (1) and Article 77 (1) are exceeded because of the use of the subscription rights or for reasons which are independent of the management company, or when The investment fund, which has been initiated within the last six months, shall apply mutatis mutandis to the provisions of Article 77 (3) and Article 78. (2 APRIL 2004)
The management company may invest in the assets of the AIF in derivative contracts traded on a regulated market or other regulated, regulated market within the meaning of the Law on Trade in Financial Instruments, And the public in the open market and corresponding cash-settled contracts, and OTC derivative contracts, provided that:
(1) the underlying derivative contract is the financial instrument referred to in Articles 69, 71, 71 a or 72, a derivative contract for which the underlying instrument is the financial instrument or underlying asset, financial index, interest rate, exchange rate or currency mentioned in this Article; Complies with the objectives set out in its rules for the investment of the IF;
(2) The counterparty of the OTC derivative contract is an entity that is subject to prudential supervision on the basis of criteria defined by European Union law, or an entity to which the prudential rules apply, which: Comply with European Union law;
(3) the management company is able to determine the value of OTC derivative contracts reliably and verifiably on a daily basis and, at the initiative of the management company, may at any time be sold, liquidated or covered by a reverse transaction at their fair value.
In the case of an investment in an investment fund, derivative contracts shall not exceed the investment limits provided for in this Chapter. However, the calculation of restrictions does not take into account investments in derivative contracts with a underlying financial index fulfilling the conditions laid down in Article 73a (1).
Where a securities or money market instrument includes a derivative contract, it shall be taken into account when respecting the requirements of Articles 80 and 80b and of this Article. (29.12.2015)
The total risk associated with the investment fund's derivative contracts shall not exceed the total net value of all investments. The calculation of risk shall take into account the present value of the assets of the IF, the counterparty risk, future market developments and the time needed to change investments.
The management company shall have at its disposal risk control measures which enable it to continuously monitor and measure the risk of an individual investment and its impact on the total investment risk of the investment fund. It shall apply procedures for the accurate and independent assessment of the value of otc derivative contracts. The management company shall not use credit ratings as an exclusive or mechanical assessment of the creditworthiness of the assets of the IF. (17/04/2013)
The management company shall report annually to the Financial Supervisory Authority the types of derivative contracts for each investment fund managed by each of the AIF, the associated risks, the methodology used to assess the risk of derivative contracts, and Quantitative limits. The notification shall also be made if significant changes occur in the above information.
For the implementation of the Commission's risk management directive, financial supervision shall provide for more detailed provisions on the criteria for assessing the adequacy of risk management procedures and the valuation procedures for non-standard derivative contracts, and Provisions on the content of the information referred to in paragraph 3 and the procedure to be followed for the provision of information.
In order to promote efficient asset management, the management company may enter into loan and repurchase agreements for securities and money market instruments in the assets of the AIF, provided that they are settled in accordance with the Or, where the settlement is carried out elsewhere, where their counterparty is an investment firm or other investment service provider within the meaning of the investment service, and their terms and conditions are: Normal and commonly known markets. (14.12.2012/765)
Securities and money market instruments included in the assets of the investment fund may be handed over and repurchase agreements related to them can only be concluded against sufficient collateral. The management company shall be responsible on a daily basis to ensure that the value of the collateral remains adequate for the entire duration of the loan or repurchase agreement. Until the end of the loan or repurchase agreement, the clearing house or the other entity under the supervision of the Financial Supervisory Authority or of the competent authority responsible for supervision or control shall keep the guarantee. (14.12.2012/765)
The total amount of loan contracts entered into by the IF shall not exceed one quarter of the value of the securities and money market instruments of the IF. The restriction does not apply to contracts which may be terminated and which may be recalted on demand at the latest by the following business day. (29.12.2015)
The total amount of the funds referred to in Article 83 shall not exceed one tenth of the value of the assets of the investment fund.
Paragraph 5 has been repealed by L 2.4.2004/224 .
The financial audit may provide more detailed provisions on the rights of the management company to make loans or repurchase agreements on securities denominated in the assets of the IF. (28/122001/1522)
The management company shall not disclose securities, money market instruments or derivative contracts on behalf of the AIF.
With the approval of the financial audit, the management company may, for the behalf of the AIF, for the purposes of the investment fund operation, take credit for an amount equal to or equal to one tenth of the assets of the investment fund. The investment fund may be used to acquire foreign currency through credit intermediation.
The management company may provide the assets of the IF as collateral for the credit referred to in paragraph 1, which shall be equivalent to the securities repurchase agreements referred to in Article 81, and the derivative contract referred to in Article 80; Liability.
The financial audit may provide more detailed provisions on the borrowing and use of the assets of the IF as collateral.
The management company shall not grant credit from the assets of the investment fund or provide any guarantee or any other collateral for its third commitments. However, securities, money market instruments or derivative contracts that have not been fully paid may be included in the investment fund.
The management company shall not invest investment fund funds in the shares of another management company.
The funds of the investment fund cannot be invested in precious metals or certificates justifying them.
The decree of the Ministry of Finance provides undertakings for collective investment in transferable securities ( Collective investment undertakings ) Council Directive 2007 /16/EC implementing Council Directive 85 /611/EEC on the coordination of laws, regulations and administrative provisions relating to the coordination of certain definitions Further provisions on the requirements for the money market instrument referred to in Article 2 (13), Article 69 (1) and Article 71 (2), the money market instruments referred to in Article 71 (1), Article 73a (1) Or the bond index, Article 80 (1) The derivative contracts referred to in the article and the underlying financial indices, the securities and money market instruments referred to in Article 80a (2) and the methods of effective asset management referred to in Article 81.
The assets of the special fund shall be invested without undue delay. Where the units of the special fund may be offered to non-professional clients, the management company shall disperse the risks arising from the investment activities of the Special AIF in investing the assets of the AIF.
Where the units of the special fund may be offered to non-professional clients, its rules shall indicate the extent to which the assets of the Special Investment Fund are deviated from the provisions of Chapter 11.
The provisions of Articles 45, 48 and 49 and Article 98 (1) and (2) of the AIF may deviate from the aif rules. (2 APRIL 2004)
Where the rules of the AIF have a derogation from the redemption rights laid down in Article 49 of this Act, they shall specify under which conditions the owner of the fund shares may claim redemption after the decision has been taken Or the transfer of the management of the special fund, its merger or division.
The Special Investment Fund, which invests primarily in real estate assets, shall, where applicable, comply with the provisions of Chapters 3 and 4 of the real estate fund for the investment of the assets of the real estate fund, borrowing, valuation of assets and Assessment and assessment of real estate and real estate assessment. (30.3.2007)
When the investment fund shares/units are marketed, the Finnish or Swedish language or the other language approved by the Financial Supervisory Authority shall be used by the Finnish or Swedish.
Investment fund shares/units shall not be marketed through the provision of false or misleading information. Marketing must reflect its commercial purpose. Such marketing, which calls for the purchase of units of an investment fund and containing specific information on the investment fund, shall not contain any claims that are contrary to the management prospectus and the information contained in the key investor information prospectus. Or reducing their importance. The marketing material shall indicate where and in which language the management brochure and the key investor information brochure are available to investors or at the disposal of investors.
Where the net asset value of an investment fund is likely to vary considerably as a result of the composition of its investments or the methods used to manage them, the management prospectus and, where appropriate, marketing material shall include a reference to this: Specific characteristics.
The marketing material of the special fund shall clearly indicate the reasons why the investment fund is deemed to be a special investment fund.
The fund prospectus and any marketing material referred to in Article 76 (2) shall clearly indicate that the assets of the AIF may be invested in a single issuer referred to in Securities. In addition, the fund prospectus and the marketing material shall indicate the States, local public bodies or international public bodies whose securities are issued or guaranteed by the management company in order to invest in Or has invested more than 35 out of the total assets of the investment fund.
Each investment fund administered by the management company shall disclose a prospectus ( A fund brochure). The FPAP shall be kept up to date and shall be accompanied by the rules of the mutual fund.
The prospectus shall contain essential and sufficient information on the investment objectives of the AIF and its other characteristics, the management company managing the investment fund, and the depositary of the AIF, in order to: Investors can reliably assess the investment fund and, in particular, the associated risks. (2 APRIL 2004)
The decree of the Ministry of Finance further provides for the content of the management prospectus and the presentation of the information contained in the prospectus. (2 APRIL 2004)
Paragraph 4 has been repealed by L 29.12.2011/14 .
The management company shall immediately communicate the management prospectus of the IF and its amendments to the financial audit.
For each investment fund administered by the management company, the management company shall draw up a short document containing key investor information ( Key information brochure ). The key investor information document shall include the words "key investor information" in Finnish or Swedish, or in any other language approved by the financial supervision.
The key investor information brochure shall be comprehensible to the investor without any further documentation:
(1) identification of the AIF;
(2) a brief description of investment objectives and investment policy;
(3) presentation of an earlier return development or, where appropriate, expected return developments;
(4) costs and associated charges;
(5) the risk-benefit profile of the investment and appropriate instructions and warnings on the risks associated with the investment fund in question.
The key investor information brochure shall be made public in Finnish or Swedish or in another language acceptable to the financial supervision.
The key investor information requirements are also laid down in the Commission's Key Information Regulation.
The key investor information brochure shall indicate where and how to obtain information on the management prospectus, annual report, half-yearly financial report and other funds, as well as in which languages are available.
The key investor information brochure shall be written in a general language and shall be drafted in a common, comparable format. The prospectus must also be comprehensible to non-professional investors. The information shall be objective and clear and consistent with the corresponding information in the fund prospectus.
The key investor information shall be used as such in all EEA States in which the mutual fund shares/units of the AIF are marketed.
In addition, the information requirements for the key investor information document are laid down in the Commission's Key Information Regulation.
The management company shall make public every six-monthly review of each investment fund managed by the management company for the first six months of each financial year. The half-yearly financial report shall be made public within two months of the end of the reporting period.
The half-yearly financial report shall provide an account of the assets and liabilities of the AIF, the number of shares in circulation, the value of the fund share, the distribution of investments, taking into account the investment policy of the AIF, and investment Of changes in the composition during the reporting period. The decree of the Ministry of Finance further provides for the content of the half-yearly report and the presentation of the information contained in the half-yearly report. (2 APRIL 2004)
Article 95 has been repealed by L 29.12.2011/14 .
The management company shall publish an annual report on each investment fund administered by the management company for each financial year. The annual report shall be published within three months of the end of the financial year.
The annual report shall include the financial statements, the profit and loss account and the balance sheet, together with their accompanying information and relevant and sufficient information, so that investors can reliably assess the performance of the AIF and its performance.
The decree of the Ministry of Finance further provides for the content of the annual report and the presentation of the information contained in the annual report. (2 APRIL 2004)
The management company shall submit to the customer, at the request of the customer, free of charge, and the last annual report and half-yearly financial report on the investment fund.
The management company shall ensure that the last annual report and half-yearly financial report of the IF is widely available in the management brochure and the key investor information document. At the request of the customer, the annual report and the half-yearly financial report shall be submitted in writing.
At the request of the customer, the management company shall provide this additional information on the methodologies and of the quantitative limits to be used for the management of the AIF's risk management and for the investment activities of the AIF The recent market developments in categories of risks and returns.
The management company shall provide a management brochure to the customer in such a way that it is addressed to the customer in person, either in writing or in a durable manner, in such a way as to enable the customer to retain, store and duplicate it unchanged or in such a way that: The management brochure is available on the management company's website for an appropriate period. Customers shall, at the request of this person, be provided free of charge in writing, free of charge.
The proposals for the provision of a management prospectus or a key investor information document using a durable medium other than paper or via a website shall be laid down in the Commission's Key Information Regulation.
The management company shall, whenever it calculates or redeem the units of the fund, and at least twice a month, publish the value of the fund shares and the amount of the fund shares in circulation.
The financial audit may, upon application, allow the management company to publish the information only once a month if such a procedure does not jeopardise the interests of the owners of the fund.
The management company shall immediately correct the material error in disclosure of the value of the fund. An error in publication shall be immediately notified to the financial audit, which shall determine the materiality of the error.
A management company which sells its shares/units directly or through a natural or legal person acting on its behalf under the responsibility of the management company shall provide a key investor information prospectus to the investor in good time before the The marking of shares/units.
A key investor information brochure shall be issued at the request of the management company which is sold in accordance with Article 1 (1), for which the fund shares of the IF are sold in accordance with the provisions of paragraph 1.
1) for those who use the shares in their own financial products;
(2) intermediaries selling units or products of that investment fund which are exposed to that investment fund;
(3) intermediaries who provide advice on such investments or products.
The key investor information brochure shall be provided to investors free of charge.
A key investor information brochure shall be submitted by the management company to the investor in a permanent manner within the meaning of Article 97 (4) or so that it is available on the management company's website for an appropriate period. At the request of the investor, a key investor information brochure shall always be provided to the investor in writing.
The management company shall keep an up-to-date key information brochure available on the Internet site of the management company.
The management company shall transmit the key information brochure and its amendments immediately to the Financial Supervisory Board for information.
The key information brochure shall be kept up to date.
The insider of a management company shall notify the shares/units of mutual funds managed by the management company, as well as shares and shares traded in Finland under a regulated market or mtf. Financial instruments the value of which is determined on the basis of the shares in question, as provided for in Article 101a, as provided for in Article 101a, hereinafter referred to as: Inland declaration .
The management company's insider Means:
(1) the Board of Directors and the alternate member of the Board of Directors of the management company, the Executive Director and the Deputy Head of the Executive Director, and the statutory auditor, the deputy auditor and the staff member of the audit firm, who has the main responsibility for the company 's The audit;
(2) other persons employed by the management company or on behalf of the management company, or on behalf of the management company, who may have an influence on the decision to invest the assets of the AIF.
The insider of a management company shall make an inside declaration within fourteen days of his appointment as referred to in Article 99 (2).
The inner circle declaration shall state:
(1) the undertaker whose lobbyist is an insider;
(2) an entity or a foundation in which an insider or a disabled person referred to in paragraph 1 are directly or indirectly controlled;
(3) the shares of the funds managed by the management company referred to in paragraph 1 and managed by the management company referred to in paragraph 1, or by the management company referred to in paragraph 2, and the regulated market or mtf Shares in Finland and financial instruments whose value is determined on the basis of those shares.
Within a period of seven days, the insider shall inform the management company:
(1) the acquisition and disposal of shares and financial instruments referred to in paragraph 2 (3) where the change in ownership relates to shares/units or where the change of ownership is at least eur 5 000;
(2) other changes in the information referred to in this Article.
The information referred to in paragraph 2 (2) and (3) shall not be notified to the extent that they concern the housing limited company, the Housing Limited Company Act, (1599/2009) in Chapter 28, Article 2 Or a non-profit-making association or a non-profit-making entity. However, where a financial instrument is regularly traded by the Community, the relevant information shall be provided.
The notification shall include the information necessary to identify the person concerned, the entity or the foundation, as well as the information on the shares, shares and other financial instruments.
Where the shares or financial instruments referred to in paragraph 2 (3) are attached to the value-share system, the management company may organise a procedure in which the information is obtained from the value cooperative system. In such cases, separate declarations shall not be made.
The shareholder of a management company shall notify the fund shares which he owns within the meaning of Article 101a of the investment fund managed by the management company.
The notification referred to in paragraph 1 shall be made within 14 days of the acquisition of the fund. The notice of change of ownership must be made within the same time frame.
If the fund shares are attached to the value-share system, the management company may organise a procedure in which the information is obtained from the value-share system. In such cases, separate declarations shall not be made.
The management company shall keep a register of the notifications referred to in Articles 100 and 101 ( The management company's internal register ), indicating:
(1) in the case of each insider, the shares, shares and financial instruments referred to in Article 100 (2) (1) and the entity or foundation referred to in paragraph 2, owned by the Community or Foundation referred to in paragraph 2; Disaggregated supplies and supplies;
(2) the shares owned by the shareholder referred to in Article 101 and the changes in their ownership.
Where notifications are made in accordance with Article 100 (6), the management company's internal register may, in this respect, constitute a value-share information system.
The management of the management company's internal registry shall be organised in a reliable manner. The information entered in the register shall be kept for five years for the indication of the data. Everyone has the right to reimbursement of expenses and copies of the records of the register. However, the identity and address of the natural person and the name of any other natural person other than the insider and the management company's shareholder are not public.
Each year, the management company shall submit to the Financial Supervisory Board a report on the organisation of the management of the internal register, on the supervision of the management company's inside reporting obligation and on the measures taken by the management company if: The provisions, regulations or internal guidelines of the management company have not been complied with.
Financial supervision may give more detailed provisions on the content and manner of the declarations referred to in Articles 100 and 101, on the content of the internal register of the management company referred to in Article 101a and on the way in which the information is tadged, as well as in Article 101a (4) And its submission to the Financial Supervisory Board.
A management company's insider and a shareholder of a management company shall not receive, without the permission of the Financial Supervisory Authority, any securities or derivative contracts belonging to a fund managed by a management company, or The assets referred to above, unless the acquisition or disposal is carried out through trade referred to in Article 69 (1) (1).
Fund company ( Abandoned management company ) May, with the authorisation of the financial audit, transfer to the Surrender the investment fund ) The management of another management company ( Receiving management company ) To be treated.
The management companies involved in the disposal of the investment fund shall draw up a written extradition plan approved by the governments of the donor and the receiving management company. The signed rendition plan shall include at least:
(1) the activities of management companies, their corporate and Community symbols, addresses and places of residence; (2 APRIL 2004)
(2) the name of the fund to be disclosed;
(3) a statement of the main reasons for the management of the AIF;
(4) consideration of the supply to the management company;
(5) a statement that the transferred investment fund does not have any credit referred to in Article 83; and
6) a proposal for the date of entry into force of the proposal.
The disposal management company shall be responsible for the exposures of the AIF to be disclosed in accordance with Chapter 10, Section 8 of the arc, which were incurred by the date of the execution of the management of the investment fund referred to in Article 105 (2) and which: At that time are still outstanding.
The management companies involved in the disposal of an investment fund shall apply for a financial check for the execution of the transfer. Applications for authorisation, which shall be submitted within one month from the date of approval of the surrender plan, shall be accompanied by the surrender plan, together with the annexes and the surrender decisions. If the application has not been made within the time limit, the management of the management of the fund shall lapse.
The financial audit shall be completed within one month of the date of receipt of the application. Enforcement may not be granted where the transfer of the management of an investment fund cannot be considered to be in the interest of the shareholders of the fund or if the investment fund has the credit referred to in Article 83. If no authorisation is granted, the disposal of the management of the AIF shall lapse.
Where a financial audit has granted management companies to the management of the management of the AIF, the management companies shall immediately inform the fund-owners in writing and publish a notice of it at least jointly No later than one month before the execution of the management of the AIF. The notification shall mention the content of the implementing authorisation and the delivery plan.
The management companies shall notify the financial audit of the implementation of the transfer of the management of the IF within a period of two months from the date of issue of the granting of an authorisation that the management of the management of the AIF shall lapse, unless 103 Subject to paragraph (2) (6).
The management company may exchange the depositary with the approval of the financial audit. The management company shall provide a financial audit report on how to ensure the transfer of the tasks referred to in Article 31 to a new depositary in a secure manner to the new depositary.
The provisions of this Chapter for a management company shall apply to a foreign EEA company which has been authorised to set up an AIF in Finland and the EEA alternative fund manager who has received the Law on Alternative Fund Managers 19 The notification referred to in Article 2 (2) of Chapter 2, from the foreign EEA supervisory authority of its home Member State for the management of the special investment fund in Finland.
Investment fund ( Merging investment fund ) May merge with the other Receiving investment fund ) Or UCITS ( Receiving UCITS ) With.
A merger shall mean an arrangement whereby:
(1) the assets and liabilities of the merging fund shall be transferred, at the time of liquidation, to the receiving investment fund or to the receiving UCITS and in which the The shares/units are provided in exchange for the units of the receiving investment fund or the receiving UCITS and, where appropriate, a cash consideration, which shall not exceed 10 % of the net value of those units; or
(2) the assets and liabilities of at least two of the merging investment funds or the merging ucits and the merging UCITS referred to in Article 107e shall be transferred without the clearing procedure for the receiving recipient; The investment fund or the receiving UCITS, in which the shares/units of the merging fund are provided in exchange for the shares of the receiving investment fund or the receiving UCITS and, where appropriate, Cash consideration, which shall not exceed 10 Of the net value of these shares.
If the merger is other than the cross-border merger referred to in Article 2 (1) (16) or the domestic merger referred to in paragraph 17, which has an international connection, it shall be subject to the provisions of this Chapter, except: Requirements relating to the UCITS or the marketing of shares/units in an EEA State other than Finland.
The merger of the investment fund requires prior authorisation. The authorisation shall be granted by the Financial Supervisory Board on the application of the management company managing the investment fund.
The application shall include:
(1) the draft terms of merger, approved by the management company managing the investment fund and the management company or UCITS receiving the receiving investment fund;
2) a management brochure and a key investor information leaflet for the receiving ucits;
(3) the notification by the depositary of each of the merging and the receiving funds confirming that the depositary has carried out the verification referred to in Article 108 and the notification by the UCITS depositary of the abovementioned notification; A corresponding declaration;
(4) information for the merging of the merging fund and the receiving investment fund and of the receiving ucits.
The application shall be submitted within two months from the approval of the draft terms of merger referred to in paragraph 2, paragraph 1, if the investment fund is merged with the other AIF.
The reports referred to in paragraph 2 shall be provided in Finnish or Swedish and in one of the official languages of the UCITS of the UCITS of the UCITS of the UCITS or one of the official languages of the UCITS, In a language approved by the Authority.
If the financial supervision considers that not all the reports required for the purposes of granting the authorisation have been submitted to it, it shall require further clarification within 10 working days of receipt of the reports submitted to it.
Financial supervision shall review the impact of the merger on the fund-holders of the merging fund and the depository of the receiving IF in order to assess whether the information to be provided to the fund-to - The merger is sufficient.
Where necessary, financial supervision may require clarification of the information to be provided to the shareholders of the merging fund or the receiving fund.
Financial supervision shall provide all necessary reports referred to in Article 107a (2) immediately to the competent authorities of the receiving UCITS.
Financial supervision shall grant an authorisation for the intended merger if:
(1) the merger fulfils the requirements laid down in this Article and Articles 107a, 107b, 107d, 108 and 108a;
(2) the receiving investment fund and the receiving UCITS have been declared to market their units in all EEA States where the management company of the merging fund is authorised to manage or where the investment funds are: In accordance with Article 127, the market share of the market being marketed;
(3) The financial supervision shall be sufficient to provide sufficient information to the shareholders of the merging fund and the receiving investment fund; and
(4) Financial supervision is satisfied that the competent authority of the receiving UCITS considers that the information to be provided to the unit-owners of the receiving ucits is adequate in a situation where:
(a) the latter authority has not notified the financial supervision that it considers the information to be provided to the unit-owners of the receiving ucits within 20 working days of the submission of the financial supervision All necessary explanations pursuant to Article 107b (1); or
(b) the latter authority, in the period referred to in point (a), has first informed the Financial Supervisory Authority that it considers the information to be provided to the unit-owners of the receiving UCITS to be insufficient and subsequently communicated: The amended information is sufficient.
The financial supervision shall be notified to the management company managing the merging investment fund at the latest 20 working days after the management company submitted to it the necessary explanations as to whether or not to have a merger within the meaning of Article 107a. Authorisation granted. If the financial supervision has not received a notification from the competent authority of the receiving UCITS from the competent authority of the home State of the receiving UCITS referred to in paragraph 1 (4) (b), it shall inform the management company thereof, The authorisation of a merger cannot be granted until it has received a notification from the above authority on the adequacy of the information amended.
Financial supervision shall inform the competent authorities of the home Member State of the receiving UCITS.
Financial supervision may allow the receiving investment fund to derogate for a period of six months from the provisions of Articles 72 (5) and (6) and Articles 73, 73a, 75 and 76 if the principle of risk diversification is met.
The management company managing the investment fund and the management company managing the receiving investment fund and the receiving UCITS shall establish a draft terms of merger which shall include:
1) the merger and the merging investment funds and UCITS;
2. The background and reasons for the merger;
(3) the impact of the merger on the shareholders of the merging and the receiving investment fund and the receiving UCITS;
(4) the criteria adopted to determine the value of the assets and, where appropriate, the liabilities on the date on which the conversion ratio is calculated;
(5) the method of calculating the exchange ratio;
(6) the planned effective date of the merger;
(7) provisions applicable to the transfer of funds and the exchange of units;
(8) The rules or instruments of incorporation of the receiving investment fund or UCITS as referred to in Article 107 (2) (2).
Financial supervision shall not require additional information to be included in the draft terms of merger.
The management company managing the merging investment fund and the management company managing the receiving investment fund and the receiving UCITS may decide to include in the draft terms of merger other than those referred to in paragraph 1.
Investment fund ( Receiving investment fund ) May merge with the UCITS ( The merging ucits ) where the competent authorities of the merging UCITS provide the following information and documents to the financial supervision of the intended merger:
(1) the draft terms of merger approved by the merging ucits and the management company managing the receiving investment fund;
2) a management brochure and a key investor information leaflet on the receiving investment fund;
(3) a declaration by the depositary of the receiving fund confirming that the depositary has carried out an inspection referred to in Article 108 and the depositary of the merging UCITS responsible for the notification referred to above. Notification;
(4) information for the merging of the merging UCITS and the depository of the receiving investment fund.
Financial supervision shall receive the information and documents referred to in paragraph 1 in the language provided for in Article 107a (4).
Financial supervision shall consider the impact of the merger on the fund-holders of the receiving fund to assess whether the information to be given to them is sufficient. If the financial supervision considers data to be insufficient, it may, within 15 working days of receipt of the reports referred to in paragraph 1, require the management company managing the receiving investment fund to modify the receiving Information to the shareholders of the AIF. In this case, the financial supervision shall inform the competent authority of the UCITS of the merging UCITS that it considers the information to be provided to its shareholders to be insufficient. The financial supervision shall, within 20 working days of receipt of the reports referred to in paragraph 1, inform the competent authorities of the UCITS of the merging UCITS whether it considers that the Information as sufficient.
As a condition for the merger, the financial supervision may be obtained from the competent authority of the merging UCITS of the merging UCITS referred to in paragraph 1 against the merger decision.
The depositary of the AIF shall verify that the information referred to in Article 107d (1) (1), (6) and (7) is in accordance with the rules of this law and of the AIF.
The auditor or other statutory auditor referred to in Article 36 (2) of the management company which manages the merging or receiving investment fund shall issue an opinion setting out:
(1) the criteria adopted to determine the value of the assets and, where appropriate, the liabilities on the date on which the conversion ratio is calculated;
(2) where applicable, the cash consideration calculated per portion;
(3) the method of calculating the exchange ratio and the actual exchange ratio calculated on the date of the calculation of the ratio referred to in Article 110 (1).
The opinion referred to in paragraph 1 shall not be a standard statement within the meaning of Article 5 (3) of Chapter 3 of the Code of Auditors. (18/05/1198)
L to 1198/2015 (2) shall enter into force on 1 January 2016. The previous wording reads:
The opinion referred to in paragraph 1 shall not constitute a standard statement as referred to in Article 15 (3) of the Code of Auditors.
A copy of the auditor's opinion shall be made available to the shareholders of the merging and the receiving and the receiving UCITS and the competent authorities of the UCITS of the receiving ucits. Be made available to the authorities upon request. The management company managing the merging fund shall ensure that a copy is made available.
The shareholders of the merging and the receiving fund shall be provided with appropriate and accurate information on the intended merger allowing them to carry out a reasoned assessment of the effects of the merger Their investments.
The information referred to in paragraph 1 shall be made available in writing to the fund-owners in writing and published in at least one national newspaper after the financial supervision has authorised the merger. In the case of a cross-border merger where the merging ucits merge with the receiving investment fund, the information referred to in paragraph 1 shall be provided to the unit-holders of the receiving investment fund after the The competent authority of the UCITS home State has authorised the merger and communicated it to the Financial Supervisory Authority. The information shall be provided no later than 30 days before the last day on which it is possible to request the free repurchase, redemption or conversion of the contributions referred to in Article 108d.
The information to be provided to the fund-holders shall be such as to enable the owner-owner to make a reasoned decision on the possible impact of the merger on its investment and the decision to use Article 108d. Rights.
Fund-holders shall be provided with the following information and documents:
(1) background and reasons for the merger;
(2) effects which may arise from a merger to fund-holders, such as relevant differences in investment policy and strategy, costs, expected return developments, periodic reviews, potential performance problems and, where appropriate, a warning Fund-holders that their tax treatment may change as a result of the merger;
(3) all the special rights arising from the merger, such as the right to obtain additional information, the right to obtain a copy of the statement referred to in Article 108 (a) of the statutory auditor, the right to request a copy of the fee referred to in Article 108d The redemption or conversion of units and the expiry date of that right;
(4) procedural information and the planned effective date of the merger;
5) a key information brochure on the receiving investment fund or UCITS.
Where the marketing of shares in the merging or the receiving fund has been notified in accordance with Article 127, the information referred to in paragraph 2 shall be disclosed in the official language of the receiving EEA State or in one of its In official languages or in a language accepted by the competent authorities of the State. The translation corresponds to the management company managing the investment fund.
For the purpose of implementing the Commission's Merger Directive, the financial supervision shall provide for more detailed provisions for the provision of the information referred to in Article 108b (1) and in paragraphs 1 and 2 of this Article.
The management company shall be obliged to redeem, at the request of the fund-holders of the merging and the receiving funds, these contributions. Alternatively, the management company shall, as far as possible, be obliged to convert a proportion of the other AIF:
(1) which pursues a similar investment policy; and
(2) managed by the management company or by any other company linked to the management or control of the management or control, or by a significant direct or indirect holding.
The obligation referred to in paragraph 1 shall enter into force on the date on which the fund owners of the merging fund and the receiving fund are to be informed of the intended merger in accordance with Articles 108b and 108 (c) and cease to be five: Working days before the date of calculation of the exchange ratio. The management company shall have the right to recover from redemption or conversion only the direct costs arising from the liquidation of the AIF.
The legal costs of preparing and carrying out the merger of an investment fund shall not be charged to the merging or receiving investment fund or the receiving UCITS. And not from their fund-owners.
Management companies managing investment funds other than those participating in a cross-border merger within the meaning of Article 107 (2) shall notify the Financial Supervisory Authority of the implementation of the merger within two months of the date of the merger. At the risk of the merger being terminated. However, the merger shall not lapse if it is completed by the date of entry into force of Article 107d (1) (6) at the latest. The exchange ratio shall be calculated on the date on which the merger takes effect.
The assets and liabilities of the merging fund shall be transferred to the receiving investment fund as provided for in the draft terms of the merger when the merger has been notified to the Financial Supervisory Board. At the same time, the merging investment fund will be dissolved.
The beneficiary of a merger shall have the right of consideration for the execution of the merger and the fund-owner shall become the fund-owner of the acquiring fund in accordance with the draft terms of merger.
Paragraphs 1 to 3 shall also apply to a cross-border merger within the meaning of Article 107e in which the investment fund is the receiving investment fund.
The management company managing the host investment fund shall inform the competent authorities of the merging ucits home country of the entry into force of the merger.
The merger which has entered into force in accordance with paragraph 1 shall not be declared invalid.
The management company managing the receiving investment fund shall inform the depositary of the AIF that the assets of the AIF or the UCITS and, where appropriate, the liabilities have been transferred.
In the case referred to in Article 118 (5), which of the management company is provided for in this Chapter, the depositary shall apply.
Investment fund ( Distribution investment fund ) May be distributed in such a way that the assets and liabilities of the investment fund are partly or fully transferred to the investment fund set up by a management company managing at least one investment fund ( Receiving investment fund ). The fund shares/units of the AIF shall receive, in consideration, the fund shares of the receiving fund.
The management company's Board of Directors shall draw up and approve the distribution plan. The breakdown plan, dated and signed, shall include at least:
(1) the business name of the management company, the company and the Community logo, address and address; (2 APRIL 2004)
2) the name of at least one of the receiving funds; (29.12.2015)
(3) a proposal for a minimum of one of the receiving funds; (29.12.2015)
(4) a proposal for the remuneration of the fund shares of the investment fund;
(5) a proposal for a date and other conditions for the allocation of consideration;
6) a description of the reasons for the division and the basis for the determination and allocation of the consideration, as well as the relevant valuation problems associated with them;
(7) a statement that the distribution fund does not have any credit referred to in Article 83;
(8) a proposal for the allocation of funds and liabilities to each receiving investment fund; (29.12.2015)
(9) a proposal for the planned entry into force of the division; and
(10) the remuneration of one or more auditors referred to in paragraph 3 or the remuneration of the audit firm referred to in paragraph 3. (18/05/1198)
L to 1198/2015 Paragraph 10 shall enter into force on 1 January 2016. The previous wording reads:
(10) the distribution to one or more of the auditors referred to in paragraph 3 or the remuneration of the audit firm or the operative event for the audit firm.
The allocation plan shall be accompanied by a report approved by the Management Board of the management company managing the investment fund, as approved by the Management Board of the Management Board, in respect of the last financial statements or half-yearly financial reports or, if any, of the And the opinion of the auditors on the report by the auditors.
The distribution plan shall also include a statement as to whether the distribution plan contains the correct and sufficient information on matters which are likely to materially affect the reasons for the distribution to the receiving investment fund The valuation of assets and liabilities as well as the value and distribution of the consideration. The opinion shall be at least one independent expert in the field of competence of the KHT auditor or audit firm, for which the responsible auditor shall be the KHT auditor. (18/05/1198)
L to 1198/2015 (3) will enter into force on 1 January 2016. The previous wording reads:
In addition, the allocation plan shall be accompanied by an opinion from at least one independent auditor or audit firm as to whether the distribution plan provides the right and sufficient information on matters that are: Is likely to have an appreciable effect on the reasons for the distribution, the assets and liabilities transferred to the receiving fund and the value of the consideration and its division. (29.12.2015)
4. Has been repealed by L 21.7.2006/648 . (21.7.2006/648)
The management company managing the investment fund shall be responsible for the exposures incurred by the AIF in accordance with Section 8 of Chapter 10 of the arc, which were incurred by the date of implementation referred to in Article 115 (1) and which: At that time are still outstanding.
The management company shall, within one month from the date of adoption of the distribution plan, apply for a financial audit. The application shall be accompanied by a distribution plan, together with the annexes, as well as the distribution decisions. If no application has been made within the time limit, the distribution shall lapse.
The financial audit shall, within two months of receipt of the application, make an application for the granting of an implementing authorisation. If, during this period, the financial audit requests the applicant to supplement the application, the period shall be calculated from the date on which the financial audit receives the supplement. Enforcement may not be granted where the distribution cannot be considered to be in the interest of the shareholders of the funds or if the investment fund has loans within the meaning of Article 83. The application shall be deemed to have been rejected and divided, unless the application is resolved within the time limit.
Where the financial audit has issued an authorisation for the implementation of the distribution, the management company that decided on the distribution shall immediately notify the fund-unit owners in writing and publish a notice of it at least jointly In a national newspaper no later than one month before the implementation of the distribution. The notification shall mention the content of the implementing authorisation and the distribution plan. (2 APRIL 2004)
Subject to Article 113 (1) (9), the management company shall inform the financial audit of the implementation of the distribution within two months of the granting of the authorisation.
The assets and liabilities of the AIF shall be transferred to the receiving investment fund, as provided for in the distribution plan, when the implementation of the distribution has been notified to the Financial Supervisory Board. (29.12.2015)
On the basis of the declaration of the implementation of the division, the distribution of the shares/units of the fund shall arise from the distribution plan and the fund manager shall become the fund manager of the receiving investment fund. In accordance with (29.12.2015)
A maximum of 15 % of the Fund's resources shall be:
(1) as cash assets necessary for the operation; or
2), in accordance with Articles 80, 80a and 80b, to derivative contracts which can only be used for hedging purposes.
The total risk referred to in Article 80b (1) of the FEF shall be calculated by calculating the direct risk from the investments referred to in paragraph 1 (2) and:
(1) the actual risk associated with derivative contracts referred to in Article 80 (1) of the Structural Funds in relation to the investments made by the FFF in the context of the Fund; or
(2) Under Article 80 (1) of the Fund, a maximum amount of the underlying fund rules for derivative contracts referred to in Article 80 (1) of the Fund shall be set out in relation to the investments made by the Feed Fund.
Notwithstanding the provisions of Article 1 and Article 2 (1) (1), where at least two inputs are owned by the Fund, the management management company managing the underlying fund may decide whether to raise capital from other investors.
Article 127 of this Act shall not apply to the underlying fund, whose share ownership is limited to FMS other than those established in Finland, and whose shares are not marketed to the public in another EEA State other than Finland.
Article 128 of this Act shall not apply to a UCITS which operates as a target fund, which is the owner of a feeder fund established in Finland and whose shares are not marketed to the public in Finland.
Without the permission of the Financial Supervisory Board to invest more than the amount provided for in Article 72 (5), the fund shall not be allocated without the authorisation of the Financial Supervisory Fund. Financial supervision shall be authorised if the feed-in fund, its depositary and its auditor and the underlying fund comply with the requirements laid down in this Chapter.
The following documents shall be submitted to the financial supervision in order to obtain the authorisation referred to in paragraph 1:
1) the input fund and the underlying fund rules or instruments of incorporation;
2) a management brochure and a key investor information brochure on the input fund and the underlying fund;
(3) the contract or internal conduct of business rules referred to in Article 115 d (1) between the management company managing the feed fund and the underlying fund;
(4) the information referred to in Article 115k (1);
(5) the agreement referred to in Article 115 h (1) between the input fund and the depositary's depositary;
(6) the agreement referred to in Article 115 i (1) between the input fund and the auditors' auditors.
Where the underlying fund referred to in paragraph 1 is a UCITS, the financial supervision shall also be accompanied by a certificate from the competent authorities of the home Member State of the host Member State that the underlying fund complies with the legislation of its home Member State. The requirements laid down in Article 58 (3) (b) and (c) of the ucits Directive.
The certificate referred to in paragraph 3 shall be submitted in Finnish or Swedish or in another language approved by the Financial Supervisory Authority.
The financial supervision shall be notified to the management company administering the feed fund at the latest 15 working days after the submission of the necessary documentation for the authorisation.
The management company managing the Fund shall provide the management company managing the feed fund with the documents and information which it needs to fulfil the requirements laid down in this Act. Where the underlying fund is a UCITS, the management company managing the feeder fund shall ensure that it receives the documents and information necessary to comply with the requirements laid down in this Act in order to meet the requirements laid down in this Act. The management company managing the Feed Fund shall conclude an agreement with the management company managing the underlying fund or the UCITS that manages the underlying fund. The contract shall be available to the shareholders on request free of charge.
The Fund shall be allocated more than the amount provided for in Article 72 (5) for the fund shares only after the entry into force of the agreement referred to in paragraph 1 of this Article. If the same management company manages both the input and the underlying funds, the agreement can be replaced by internal rules on business.
The management company managing the fund management company and the management company managing the underlying fund or the UCITS shall take the necessary measures to ensure that the calculation and publication dates of the net asset value of the fund are: At the same time to prevent speculative opportunities.
For the purpose of implementing the Commission's Merger Directive, financial supervision shall lay down the requirements for the content of the contract referred to in paragraph 1 and the internal conduct of business rules referred to in paragraph 2.
In the event of a temporary suspension or suspension of the allocation of funds shares in the Fund, the management company managing the underlying fund or the underlying fund, or the financial supervision or the underlying At the request of the competent authority of the UCITS of the UCITS, the management company managing the Fund may, notwithstanding the conditions laid down in Article 45 and Article 50 (1), suspend the fund For the duration of the redemption or issuance.
If the underlying fund is to be abolished, it must also be disbanded. The disposal fund does not need to be abolished if the financial supervision is approved by:
(1) the fact that at least 85 % of the input from the input fund is invested in the second allocation fund; or
2) the modification of the feed fund rules so that it is no longer a feeder fund.
The Fund may be terminated no earlier than three months after notification by the management company managing it to the fund-to-fund-owners and to the financial supervision of the underlying fund, as well as to the Of its binding decision to terminate the competent authorities of the UCITS home State.
The management company managing the Feed Fund shall provide the financial supervision with a view to obtaining the approval referred to in paragraph 1 at the latest two months after the date on which the management company managing the underlying fund or The underlying UCITS has notified it of the termination of the underlying fund.
Where a management company managing the underlying fund or a UCITS has informed the management company managing the Feed Fund of a binding decision on the winding up of the underlying fund more than five months before the date on which: The suspension shall be initiated, by way of derogation from paragraph 3, by way of derogation from paragraph 3, to provide the financial supervision with a view to obtaining the approval referred to in paragraph 1 at the latest three months before: The latter date.
Within 15 working days of receipt of the necessary documents, the financial supervision shall inform the management company managing the feed fund of its decision.
For the purpose of implementing the Commission's Merger Directive, financial supervision shall lay down the requirements for the adoption and adoption of the documents to be submitted for the purposes of the approval procedure referred to in paragraph 1.
The Feed Fund shall be discontinued if its underlying funds merge with the other AIF or the UCITS or split into two or more investment funds. The disposal fund does not need to be terminated if the financial supervision gives the approval of:
(1) after the merger or division of the underlying fund, the feed fund continues to be a feeder fund of the underlying fund or one of the other investment funds;
(2) at least 85 % of the inputs from the FFF shall be invested in units of the allocated funds which are not the result of the merger or division mentioned above;
3) the feed fund rules are amended so that it is no longer a feeder fund.
The merger or division of the underlying fund shall enter into force if the management company managing the underlying fund forwards to the fund-owners of the underlying fund, as well as to the Financial Supervisory Authority and the home country of the UCITS in the underlying fund. The information referred to in Articles 108b and 108c to the competent authorities no later than 60 days before the intended date of the merger or division. The entry into force of the merger or division of the UCITS in the form of an allocation fund shall be conditional on the management company management and the financial supervision of the UCITS receiving the relevant UCITS 108 b and 108 c § 60 days before the intended entry into force of the merger or division.
If the financial supervision has not approved the approval referred to in paragraph 1 (1), the fund shares/units in the underlying fund shall be redeemed before the entry into force of the Fund's merger or division.
The management company managing the Feed Fund shall provide the financial supervision with a view to obtaining the approval referred to in paragraph 1 at the latest one month after the date on which the management company has received information in accordance with paragraph 2. The proposed merger or division of the underlying fund.
Where the management company managing the underlying fund has provided the information referred to in Articles 108b and 108 (c) to the management company referred to in paragraph 2 of this Article, the information referred to in paragraph 2 of this Article for the management company managing the Feed Fund, Months before the date of entry into force of the intended merger or division, the management company managing the supply fund shall, by way of derogation from the provisions of paragraph 4, submit to the Financial Supervisory Authority, in order to obtain the approval referred to in paragraph 1, Report no later than three months before the The intended date of the merger or division.
Within 15 working days of receipt of the necessary documents, the financial supervision shall inform the management company managing the feed fund of its decision.
For the purpose of implementing the Commission's Merger Directive, financial supervision shall lay down the requirements for the adoption and adoption of the documents to be submitted for the purposes of the approval procedure referred to in paragraph 1.
The FPAP and the depositary's depositary shall conclude an agreement on the exchange of information for each of the obligations of the depositary.
Only after the entry into force of the agreement referred to in paragraph 1 shall the fund be placed in the allocation of the Fund.
Without prejudice to the confidentiality provisions of this law, the depositary and the depositary's depositaries shall have the right to use information if it is necessary to fulfil their obligations under this Chapter and comply with this Chapter. The requirements laid down.
The management company shall submit to the depositary of the FPAP the depositary of all the information required to fulfil the obligations of the depositary's depositary.
The depositary shall immediately inform the Financial Supervisory Authority, the management company and the depositary and the depositary of the feeder fund and the depositary of the feeder fund In the context of the underlying fund, which is considered to have a negative impact on the feed-in fund.
With regard to the content of the contract referred to in paragraph 1 and the assessment of the action to be taken against the provisions referred to in paragraph 5, the financial supervision shall adopt the necessary provisions for the implementation of the Issues.
The FPAP and the Fund's auditors shall conclude an agreement on the exchange of information for each auditor, including the obligations laid down in paragraphs 3 and 4.
Only after the entry into force of the agreement referred to in paragraph 1 shall the fund be placed in the allocation of the Fund.
The Fund's auditor shall take into account the audit report of the underlying fund in its audit report. If the input fund and the underlying fund have a different financial year, the Fund auditor shall draw up a separate report on the balance sheet date of the input fund. The FEF auditor shall report in its audit report on any irregularities identified in the audit report of the Structural Funds and their impact on the feed-in fund.
Without prejudice to the confidentiality provisions of this law, the Fund and the Fund's auditor shall have the right to use information if it is necessary to fulfil an obligation under this Chapter and comply with this Chapter. The requirements laid down.
For the purpose of implementing the Commission's Merger Directive, financial supervision shall lay down the provisions necessary for the content of the agreement referred to in paragraph 1.
The decree of the Ministry of Finance provides for the detailed provisions necessary for the implementation of the ucits Directive for information which, in addition to the information referred to in Article 92 (2), is contained in the management prospectus to be published by the Feed Fund. And the information to be provided in the FFF's annual report in addition to the information referred to in Article 96. The annual report and half-yearly report of the FPAP shall indicate where the Fund's annual report and half-yearly financial report are available.
The submission of the FEF's management brochure and the key investor information leaflet for the financial supervision is governed by Article 92 (5) and Article 98c (1). In addition, the management company managing the Feed Fund shall submit an annual report and half-yearly financial report to the Financial Supervisory Board for information.
The marketing of the FEF shall indicate that at least 85 % of the input from the input fund shall be permanently invested in the allocation of the Fund.
The management company managing the Feed Fund shall submit to the investors, free of charge, the fund prospectus, annual report and half-yearly financial report to the investors in writing.
The following information shall be provided to the fund-holders of the FPAP:
1) a statement that the financial supervision has approved the allocation of the input fund to the underlying assets of the underlying fund;
2) a key information brochure on the input fund and the underlying fund;
(3) the date on which the fund is established or the date on which the amount of funds to be invested in the underlying fund exceeds the amount provided for in Article 72 (5);
(4) a declaration that the fund owners are entitled to demand, within 30 days of the notification referred to in this paragraph, the redemption of their units without incurring any costs other than those which the management company collects. To cover the immediate costs of unwinding.
The information referred to in paragraph 1 shall be provided at least 30 days before the date referred to in paragraph 1 (3).
Where the input fund shares/units are marketed in accordance with the notification referred to in Article 127 in the host EEA State, the information referred to in paragraph 1 shall be provided in the official language of the receiving EEA State or in one of its In official languages or in a language accepted by the competent authorities of the EEA State. The management company managing the Feed Fund shall be responsible for drawing up the translation.
The fund shall not be allocated any more than the amount provided for in Article 72 (5) before the 30-day period referred to in paragraph 2 of this Article shall be allocated to the Fund.
For the purpose of implementing the Commission's Merger Directive, the financial supervision shall provide the necessary details for the provision of the information referred to in paragraph 1.
The management company shall monitor the operations of the FPAP under its management.
Where an input fund or a management company managing it, or on behalf of the management company, receives a distribution fee or other reward or other financial benefits in the context of an investment in the shares of the underlying fund, the distribution fee, other remuneration or other The monetary benefit must be calculated from the input fund.
The management company shall immediately inform the financial supervision of the input fund and the UCITS in the form of a feeder fund whose assets are invested in the fund shares of the underlying fund managed by it. Financial supervision shall immediately inform the competent authorities of the UCITS of the UCITS in the UCITS of the UCITS.
The management company shall not charge subscription or redemption fees for the investments of the feeder fund or of the UCITS in the form of a feeder fund managed by it, or of their redemption.
The management company managing the Target Fund shall ensure that the information required under this law, as well as the rules of the underlying fund, is timely to the depositary of the management company, the management company managing the Fund, And the competent authorities of the UCITS, the depositary and the auditors of the UCITS, its depositary and the auditors and the competent authorities of the UCITS of the UCITS.
Financial supervision shall immediately inform the management company managing the input fund of the decision, the measure, the non-compliance with the conditions set out in this Chapter or the notification of the financial supervision pursuant to Article 31 of the Law on Financial Supervision If they relate to the underlying fund or the management company managing it or the depositary or auditor of the underlying fund. Where the underlying fund is a UCITS, the notification shall be made to the competent authorities of the UCITS of the UCITS in the form of a feeder fund.
The management company shall apply for the withdrawal of an authorisation from the Financial Supervisory Board if it is no longer intended to carry out investment management activities. The application shall be accompanied by a decision of the management company's general meeting on the withdrawal of the authorisation and an explanation of how the management company has organised the management of the investment funds it manages.
The right of financial supervision to restrict or withdraw the authorisation of a management company is governed by the Law on Financial Supervision (878/2008) § 26 and 27 .
Financial supervision shall be consulted by the competent authorities of the management company in the other EEA State other than Finland before the withdrawal of the authorisation of the management company. (29.12.2015)
Financial supervision shall inform the European Securities and Markets Authority of the withdrawal of the authorisation of the management company. Where a management company has been authorised to carry out the activities referred to in Article 5 (2), the financial supervision shall also notify the withdrawal of the authorisation to the investor compensation fund.
In deciding to withdraw the authorisation of a management company which has been authorised to carry out the activities referred to in Article 5 (2), the financial supervision may, at the same time, assign investors' claims to the investor compensation fund. As provided for in Chapter 11 of the Investment Services Act. (14.12.2012/765)
If the management company's authorisation is withdrawn, the company is liquidated, the company's assets are declared bankrupt or the company otherwise ceases to operate, the depositary shall immediately undertake the management of the fund.
In the custody of the depositary, the management of the AIF shall exercise its rights and obligations in the exercise of the investment fund activity, unless otherwise provided for in this Chapter, where applicable, which of the management company is provided.
The depositary shall not use the voting rights generated by the investment fund's shares in the management of the assets of the investment fund.
In the management of the AIF, the depositary shall not issue or redeem the fund shares.
When the depositary becomes involved in the management of the AIF, it shall, without undue delay, take measures to transfer the management of the IF to another management company, to merge or terminate the AIF.
The management company may terminate the AIF it manages. The management company shall immediately notify its decision to close the investment fund it manages to the financial audit. At the same time, the management company shall inform and publish a notice of the decision in writing at least in one national newspaper. The notification shall state when and how the funds of the fund-owner are to be drawn up.
The management company shall order the issuance and redemption of the fund shares of the AIF immediately to be suspended, to convert the assets of the IF into cash, to the liabilities of the investment fund or to distinguish between assets In order to pay and allocate the remaining funds to the owners of funds in proportion to the amount of the shares/units.
The management company shall draw up a closing statement which, together with any annexes, shall be communicated to the shareholders and to the financial audit for information.
The remaining funds shall, one year after the notification referred to in paragraph 1, be deposited with the deposit of the currency, values, securities or documents in the form of the payment of the debt or the release of the other In accordance with If no funds have been raised within 14 days, they shall be deposited in a deposit bank or a branch of a foreign credit institution located in Finland safely and productively. If no funds have been disbursed within ten years of their deposit, they will be lost to the State.
Once the assets of the AIF have been allocated and the investment fund has been terminated, the management company shall immediately inform the financial audit.
The depositary shall comply with the liquidation procedure referred to in Article 119 in the case referred to in Article 118 (5).
The management company shall terminate the investment fund as provided for in Article 119 or take measures to merge the AIF within the meaning of Chapter 16, provided that: The minimum capital of the investment fund or the minimum number of unit-holders has not been reached within six months from the start of the operation of the AIF or the assets of the AIF or the number of fund-holders below: The minimum amount specified in the law or the rules of the AIF, and The situation has not been remedied within 90 days of the expiry of the period laid down in Article 50 (2), or if any of the other provisions of the AIF's rules are met.
Paragraph 1 shall apply mutatis mutandis when the financial supervision has required an end to the management of the investment fund under Article 18j. (29.12.2015)
Financial supervision shall be set by the ombudsman referred to in Article 29 of the Law on Financial Supervision, as provided for in Article 119 of the Financial Supervisory Authority, if:
(1) the management company or the depositary does not take any action to terminate the AIF or to prepare the merger of investment funds within one month from the fulfilment of the condition referred to in Article 121; or
(2) the depositary shall not take any steps to disclose the management of the AIF.
Financial supervision shall immediately determine the issue and redemption of the fund shares/units of the IF.
The withdrawal or limitation of the authorisation of a management company, the suspension of the redemption of fund shares and the termination of an investment fund shall be notified to the competent authority of all the Member States of the European Economic Area. To the authorities in which the management company acts or the fund shares of the fund managed by the management company or which are the subject of the measure are marketed.
In the case referred to in Articles 116, 117 and 122, the notification shall, in the case referred to in Articles 119 and 121, the management company and the depositary in the case referred to in Article 118 (5).
Financial supervision shall immediately inform the competent authorities of the receiving EEA State of the decision concerning:
1) the withdrawal of the AIF's authorisation;
(2) serious measures against the investment fund; or
(3) the suspension of the issue or redemptions of the fund shares/units.
Where the investment fund referred to in paragraph 1 is managed by a foreign EEA management company, the financial supervision shall also notify the decision referred to in paragraph 1 to the competent authorities of the foreign EEA management company.
The Commission's notification regulation provides for the exchange of information between the competent authorities.
The depositary shall apply for the withdrawal of the authorisation from the Financial Supervisory Committee if it is no longer intended to carry out depositary activities. The application shall be accompanied by a decision of the depositary's general meeting on the withdrawal of the authorisation and a statement that the depositary is no longer entrusted with the tasks referred to in Article 31.
The right of financial supervision to restrict or revoke the holding of a depositary is governed by Articles 26 and 27 of the Financial Supervisory Law.
If the depositary's authorisation is withdrawn, the entity shall be liquidated, the Community property shall be declared bankrupt or the entity otherwise ceases to operate and the management company shall immediately take no action in respect of the , the depositary shall determine the functions of the depositary as referred to in Article 29 of the Financial Supervisory Law until the actual depositary takes up its duties. (1912,2008/889)
If the management company does not take action to select the depositary, the financial audit shall take measures to eliminate the investment funds managed by the management company within the meaning of Articles 122 and 123.
The management company which intends to establish a branch in the management company's host State shall inform the Financial Supervisory Board in good time. The notification shall contain the following information and reports:
(1) the host country of the management company in which the management company intends to establish a branch;
2) a branch action plan containing information on what activities and how the management company intends to operate in the host State of the management company, information on the management structure of the branch and a description of the risk management methods and a description in the host State; The measures, procedures and arrangements referred to in Article 15 of the IFs Directive;
(3) the address of the branch from which documents may be obtained;
(4) information on persons responsible for the activities of the branch;
(5) information on the hedgeprotection system for the protection of the branch investors or the absence thereof.
Where, taking into account the activities envisaged, the financial supervision has no reason to doubt the administrative structure of the management company and the capital adequacy of the management company, it shall, within two months of receipt of the information referred to in paragraph 1, provide Information on the establishment of a branch to the competent authority of the management company's host State and inform the management company thereof. Within two months of receipt of the notification referred to in paragraph 1, financial supervision may decide not to submit such notification if it finds that the establishment of a branch does not meet the requirements of the establishment of a branch. A branch shall not be established if the financial supervision has refused to report.
Where a management company intends to manage an investment fund in the host State of a management company, the financial supervision shall be accompanied by a certificate to the competent authority of the host State certifying that the management company is authorised, a description The scope of the management company's authorisation and any restrictions on the type of investment fund types that are authorised by the management company.
The branch may start a business when the management company has received a notification from the competent authority of the management company or, where no notification has been received, two months after receipt of the notification by the abovementioned authority: The information referred to in paragraph 1.
If the information referred to in paragraph 1 (2) to (4) changes, the management company shall notify in writing of any changes not later than one month before they enter into force to the Financial Supervisory Authority and to the competent authority of the management company host State.
If the information referred to in paragraph 1 and transmitted in accordance with paragraph 2 is changed, the financial supervision shall inform the competent authority of the management company's host State. In the event of changes in the scope of the authorisation of a management company or any restrictions on the types of investment funds for which the management company is authorised, the financial supervision shall notify changes to the management company's host State. And amend accordingly the information contained in the certificate referred to in paragraph 3.
Article 26 shall not apply to activities carried out by a branch of a management company.
A management company which intends to establish a branch in a State other than that referred to in Article 126a shall seek permission to set up a branch in the form of a financial audit. The authorisation shall be granted where there is sufficient control of the branch and if, in view of the management and financial situation of the management company, the establishment of a branch is not likely to jeopardise the management company's activities. The application for authorisation shall be requested by the Bank of Finland. The financial audit shall have the right, after consulting the applicant, to lay down the restrictions and conditions necessary for the operation of the branch.
The explanations to be attached to the licence application shall be governed by a decree of the Ministry of Finance.
Where the management company does not fulfil the conditions laid down in Articles 126a and 126b, the financial audit may set a time limit for the correction of the case and, unless the requirement is met within the time limit, the provisions of Article 117 shall apply mutatis mutandis.
The management company which intends to start the activities referred to in Article 5 in the management company's host State without setting up a branch shall inform the Financial Supervisory Committee in good time in advance. The notification shall contain the following information and reports:
(1) the host country of the management company in whose territory the management company intends to act;
2) an action plan containing information on what activities and how the management company intends to operate in the host State, and a description of the management company's risk management procedures and a description of the investment fund directive in the host Member State; , the measures, procedures and arrangements referred to in Article
Within one month of receipt of the notification referred to in paragraph 1, the financial supervision shall transmit the information to the competent authority of the management company's host State. Where a management company intends to manage an investment fund in the host State of the management company, the notification shall also be accompanied by a certificate stating that the management company is authorised, a description of the scope of the management company's authorisation and the type of investment fund types. For which the management company is authorised. The notification shall be accompanied by information on or interference with the protection of investors.
If the information referred to in paragraph 1 changes, the management company shall inform the competent authority of the financial supervision and the management company's host State in writing of the changes in writing in advance. In the event of changes in the scope of the authorisation of a management company or any restrictions on the types of investment funds for which the management company is authorised, the financial supervision shall notify changes to the management company's host State. And amend accordingly the information contained in the certificate referred to in paragraph 3.
The management company referred to in this Article shall be subject to Article 26.
A management company intending to start operating within the territory of a non-EEA State within the meaning of Article 5 (2) without a branch shall be informed in good time in advance of the financial supervision, the activities and the The management company intends to pursue.
If the information referred to in paragraph 1 changes, the management company shall inform the Financial Supervisory Authority of the changes in advance and the supervisory authority responsible for the financial supervision of the State concerned.
The management of an investment fund in the host State of the management company shall not be subject to the provisions of this law as regards the activities and tasks referred to in Article 18i (1). However, the management company shall comply with the provisions of this Act and the provisions adopted thereunder and provisions on the organisation of the management company, such as the arrangements for outsourcing of tasks, risk management procedures, prudential supervision And the reporting requirements of the management company.
Financial supervision shall ensure that the management company complies with the provisions referred to in paragraph 1.
The management company and the foreign EEA management company which intends to market the fund shares of the AIF managed in Finland in the host EEA State shall inform the financial supervision thereof. The notification shall contain the following information and documents:
(1) information on the arrangements made for the marketing of the fund shares/units in the IF in the host EEA State, and an indication that the fund shares/units are marketed by a management company or a foreign investment fund; The EEA Fund;
(2) the AIF rules, the management brochure, the most recent annual report and the subsequent half-yearly report in the form of a translation in accordance with Article 127 (2) (3);
3) a key investor information document as a translation in accordance with Article 127 (2) (2).
The financial supervision shall check the notification referred to in paragraph 1 and the documents annexed to it and forward them no later than 10 working days after receipt of the notification to the competent authorities of the receiving EEA State Authority. Financial supervision shall be accompanied by a certificate stating that the investment fund complies with the requirements laid down in this Act.
Financial supervision shall immediately inform the management company or the foreign EEA management company of the notification and the transmission of the certificate to the competent authority of the receiving EEA State. A management company or a foreign EEA management company may start the marketing of shares in the AIF in the host EEA State from the date of notification.
The notification referred to in paragraph 1 and the certificate referred to in paragraph 2 shall be provided in a language customary in the sphere of international finance. The financial supervision and the competent authority of the receiving EEA State may agree that the notification and the certificate shall be transmitted in the official language of each Member State.
Financial supervision shall transfer and archive the documents referred to in this paragraph by electronic means.
The Commission's notification regulation provides for a notification of the form and content of the standard and UCITS certificate, as well as the electronic notification procedure.
The management company and the foreign EEA management company shall ensure that the documents referred to in Article 127 (1) (2) and (3) and, where appropriate, their translations are available to the competent authorities of the receiving EEA State. The management company and the foreign EEA management company's website. The management company and the foreign EEA management company shall keep those documents and translations up to date. They shall inform the competent authorities of the receiving EEA State of any changes to the documents and indicate where these documents are available in electronic form.
The management company and the foreign EEA management company shall inform the competent authorities of the receiving EEA State of any changes to the arrangements referred to in Article 127 (1) (1) in writing.
For the purposes of implementing the Commission's Merger Directive, financial supervision shall lay down the provisions necessary for the competent authorities of the host EEA State to obtain the rights referred to in paragraphs 2 and 3 of Article 127 (1). Documents in accordance with paragraph 1 of this Article.
The management company and the foreign EEA management company, which markets the fund shares of the AIF in Finland in the host EEA State, shall provide the investors with the same information and documents that the company has to: Issue in Chapter 13 in Finland.
The information and documentation and their amendments shall be given as follows:
(1) without prejudice to the provisions of Chapter 13, the information and documents shall be provided in accordance with the law of the receiving EEA State;
(2) the key investor information prospectus shall be translated into the official language or one of the official languages of the AIF, or into the language approved by the competent authorities of the IF;
(3) other information and documents other than the key investor information brochure to be translated into the official language or one of the official languages of the receiving EEA State or to the approval of its competent authorities by the management company; Language or language used in the international financial sector.
The management company and the foreign EEA management company shall be responsible for the preparation of the translations referred to in paragraphs 2 and 3.
The issue and redemption prices of the fund shares of the fund referred to in paragraph 1 shall be made public at a time when this law is determined.
Where the competent authority of the receiving EEA State receives notification to the financial supervision that the management company or the foreign EEA management company does not comply with the obligations arising from the marketing of the shares of the AIF, The provisions adopted for the implementation of the ucits Directive and their enforcement are not covered by the competent authorities of the EEA State concerned, the financial supervision shall take appropriate measures to: In order to ensure an end to anti-regulation activities.
The management company may also market shares/units of the Special Investment Fund in a non-EEA State other than in Finland. Financial supervision shall, where appropriate, give the management company, upon application, a certificate without delay that the special investment fund or investment fund which is the subject of the application is registered in Finland and that it is under the supervision of the financial supervision.
Financial supervision shall inform the European Securities and Markets Authority and the European Commission of the general difficulties that the management company has in its management of the market shares of the AIF in a third country.
A UCITS may market its units in Finland if the competent authority of its home State has notified the opening of marketing to financial supervision. The notification shall include:
(1) details of the arrangements made for the marketing of units of the UCITS in Finland and an indication that the units of the UCITS are marketed by the UCITS management company;
(2) the ucits rules or instruments of incorporation, the management brochure, the latest annual report and the half-yearly financial report, as provided for in Article 131 (2);
3) a key information brochure as a translation in accordance with Article 131 (2);
(4) a certificate issued by the competent authority of the UCITS home Member State that the UCITS complies with the requirements laid down in the ucits Directive.
The UCITS may initiate the marketing of its units in Finland where the competent authority of the UCITS has informed it of the transmission of the documents referred to in paragraph 1 to the Financial Supervisory Authority.
The notification and certificate referred to in paragraph 1 shall be provided in a language customary in the sphere of international finance if the financial supervision and the competent authority of the UCITS are not suitable for their submission. In the official language of both countries.
The UCITS shall ensure that the documents referred to in paragraph 1 (2) and (3) and, where appropriate, their translations are available by electronic means. The UCITS shall inform the financial supervision of any changes to the documents and indicate where they are available by electronic means.
The UCITS shall notify the financial supervision in writing in advance of any changes to the arrangements referred to in paragraph 1 (1).
Financial supervision shall be received and archived by electronic means referred to in this Article.
The electronic notification procedure is also laid down in the Commission's notification regulation.
The UCITS shall, in accordance with this law and the provisions and provisions adopted pursuant thereto, make the necessary arrangements for marketing units:
(1) for the payment of payments to the unit-owners;
(2) the redemption of units;
(3) access to documents and information which the UCITS is required to provide.
Prior to the marketing of the units, the UCITS shall notify its decision to the Financial Supervisory Authority and publish a notice of it at least in one national newspaper. The notification shall include information on:
1) how the payments to the unit-owners will be made in the future;
(2) how and where the requirements for redemption are presented;
3) how and where the documents and information which the UCITS are required to disclose is kept.
Financial supervision shall keep available on its website information on laws, regulations and provisions which do not fall within the scope of the ucits Directive but which are of particular relevance in the arrangements referred to in Article 1212a Finland. Information shall be kept available in a clear manner and in a language customary in the sphere of international finance. (14.12.2012/765)
The decree of the Ministry of Finance shall lay down the detailed provisions necessary for the implementation of the Commission's Merger Directive as regards the scope of the information referred to in paragraph 1.
The UCITS may use in Finland the same reference to the legal form it uses in its own country of origin or in its activities.
If the financial supervision has reasonable grounds to suspect that the UCITS is in breach of the obligations arising from the provisions adopted for the implementation of the ucits Directive, which are not subject to supervision For the purposes of financial supervision, it shall inform the competent authorities of the UCITS home.
Financial supervision has the right to take the necessary measures to protect investors in accordance with Article 61 (6) of the Financial Supervisory Law. Financial supervision shall have the right to prohibit a UCITS from continuing to market shares in Finland if the undertaking continues to operate in a way that is contrary to the interests of investors:
(1) in spite of measures taken by the competent authorities of the UCITS;
(2) because the measures are proving insufficient; or
3) because the measures are not taken within a reasonable time.
Before taking measures, financial supervision shall inform the competent authorities of the UCITS home country. Financial supervision shall inform the European Commission and the European Securities and Markets Authority of the measures it has taken without delay. Financial supervision may, where appropriate, be referred to the European Securities and Markets Authority, instead of the measures referred to in paragraph 2.
Article 129 has been repealed by L 7.3.2014/163 .
Article 130 has been repealed by L 7.3.2014/163 .
A UCITS which markets its units in Finland shall, in accordance with this law, provide investors in Finland with the information and documentation and the amendments thereto which it shall provide to investors in the UCITS ' home state. On the basis of Chapter IX of the ucits Directive. The UCITS shall provide at least the following documents and information:
(1) rules or instruments of incorporation of an investment company;
2) a management brochure;
3) a key information brochure;
(4) annual and half-yearly reports;
(5) an issue or redemption price.
The key investor information brochure and any amendments thereto shall be made public in Finnish or Swedish or in another language acceptable to the financial supervision. The other documents and particulars referred to in paragraph 1, and any subsequent amendments thereto, shall be made public by the choice of the UCITS, in the language of the Finnish or Swedish, or in any other language approved by the In a language customary in the financial sector. The UCITS shall be responsible for drafting the translations.
Paragraph 3 has been repealed by L 7.3.2014/163 .
§ 132 has been repealed by L 7.3.2014/163 .
The foreign EEA Management Company, which carries out activities through a branch, shall be subject to the provisions of Article 8a concerning the resources and procedures necessary for the conduct of the business and the provisions of Article 26 Exercise.
Financial supervision shall be responsible for supervising compliance with paragraph 1.
The activities referred to in Article 5 (2) shall also be governed by Article 6 (1) of Chapter 1 of Chapter 1 of Chapter 1 of the Investment Service.
Article 132c has been repealed by L 7.3.2014/163 .
As regards the membership of a branch of a foreign management company referred to in Article 132b, the investor compensation fund shall be governed by Articles 18 to 25 of Chapter 11 of the Investment Services Act.
A branch of a foreign EEA management company shall be registered in the trade register as in the commercial register (129/1979) Provides. (17/04/2013)
Notwithstanding the rest of the law, the foreign EEA management company may carry out its activities in Finland with the same operating name as it has in its home country. (17/04/2013)
The Board of Patents and Registration may require that the business name be made a difference if:
(1) the trade name does not clearly distinguish the names of better privileges; or
(2) there is a risk that it may be confused with a trade name or a trade mark to which one of the other has exclusive rights in Finland.
The branch manager, who also represents the management company in its legal relationships with the activities of the branch, is responsible for the activities of the branch of the EEA Fund. (17/04/2013)
The branch manager cannot be a legal person or a minor or who has been assigned a trustee whose viability is limited or bankrupt. The effect of the ban on business is laid down in the law on the business ban (1059/1985) .
The director of a branch of a foreign EEA Management Company shall be subject to the provisions of Article 5e. (17/04/2013)
The foreign EEA management company shall not be allowed to take such a risk in its activities in Finland that it endangers the interests of the branch customers. The branch shall have adequate risk control systems in relation to its activities.
Paragraph 4a, which provides for the provision of a reservation and the reimbursement of the costs thereof, shall apply accordingly to the branch of the foreign EEA management company, through which the management company manages the investment fund in Finland.
The obligation laid down in paragraph 1 shall not apply to the branch of a foreign EEA management company in so far as the branch has, under the legislation of the management company's home State, secured in exceptional circumstances the performance of its duties in accordance with paragraph 1, and Provided a sufficient explanation for the financial supervision.
Articles 133, 13a, 144 and 147 of the Articles 133, 133 (a), 144 and 147 of the EEA branch of the EEA branch of the branch of the branch of the branch of the branch of the EEA. (17/04/2013)
Notwithstanding paragraph 1, the branch shall be entitled to inform the competent authority or supervisory authority of the management company of the management company which it represents, as well as the auditor of the management company which it represents, the information provided or In the appropriate order to be notified.
The obligation to notify the auditor is laid down in Article 31 of the Financial Supervisory Law.
A challenge or other service shall be deemed to have been transmitted to a foreign EEA management company if it has been notified to the person who is entitled, alone or jointly with the other, to represent the management company. (17/04/2013)
If none of the representatives of the management company referred to in the first subparagraph is registered in the trade register, service may be effected by handing over documents to someone in the service of the management company or, if no such person is met, The location of the branch of the management company's branch, in addition to: Article 7 of Chapter 11 of the Court of Justice (2) to (4).
The head of the branch of the EEA branch of the EEA is liable to make good the damage he or she has done intentionally or negligently to the client or other person of the branch, by breaking this law or any other branch thereof. The provision on action. (17/04/2013)
The settlement of damages and the distribution of liability between two or more liable parties shall be governed by the provisions of (1999) Chapters 2 and 6
Financial supervision shall be consulted prior to the withdrawal of a foreign EEA management company's authorisation if the company manages the investment fund in Finland. Before withdrawing the authorisation, financial supervision shall take the necessary measures to protect the interests of investors.
Where the Financial Supervisory Authority has reasonable grounds for suspecting that an operator not covered by its supervision carries out or has pursued an activity contrary to the provisions of the ucits Directive in the territory of another EEA State, it shall inform the To the competent authority of the EEA State.
At the request of the other competent authority of the EEA State, a control action or an on-the-spot check carried out in Finland shall be subject to Article 60 (1) to (3) of the Financial Supervisory Law.
The right of financial supervision to refuse supervisory cooperation is governed by Article 53 of the Financial Supervisory Law.
Supervisory cooperation in the field of on-the-spot checks and investigations shall be laid down in the Commission's notification regulation.
If the request for supervisory cooperation in financial supervision has been rejected or has not been answered within a reasonable time, the financial supervision may refer the matter to the European Securities and Markets Authority. It is required that the request for financial supervision applies to:
1) exchange of information under Article 109 of the ucits Directive;
(2) an on-the-spot check or investigation carried out in another EEA State; or
(3) the participation of its own officials in an inspection or investigation carried out in another EEA State with the officials of the relevant competent authority.
The obligation of financial supervision to provide information to the competent authorities of the EEA State is provided for in Article 52 of the Financial Supervisory Law.
Financial supervision shall cooperate with the competent authority of the management company's host State in order to ensure that the latter authority collects the information required by the management company to verify that the management company complies with: The provisions applicable to that host State.
Financial supervision shall immediately inform the competent authorities of the management company of the problems encountered in the management company if they may materially affect the ability of the management company to carry out its tasks in relation to the investment fund; And infringements of the requirements of this law or of any provisions adopted pursuant to it or provisions thereof.
Financial supervision shall, without undue delay, inform the competent authorities of the foreign EEA management company of the problems encountered in the management company's management of the management company in Finland, if they may materially affect the management company 's The ability to carry out its tasks properly or to comply with the requirements of this law or of any provisions or provisions adopted pursuant to it, which are the responsibility of the Financial Supervisory Authority.
The exchange of information between competent authorities is laid down in the Commission's notification regulation.
Financial supervision shall inform the European Securities and Markets Authority and the European Commission of any cases in which:
(1) the application referred to in Article 18c has been rejected;
(2) Financial supervision has decided not to report to another EEA State within the meaning of Article 126a (2).
Financial supervision shall inform the European Securities and Markets Authority, the European Commission and the competent authorities of the EEA States of the Finnish authorities referred to in Article 71 (1) (7) and (8) of the Financial Supervision Act Names.
A member of the management company and of the Government of the depositary, the managing director, the auditor and the staff member shall be obliged to keep secret what he/she has learned from the financial position of the fund manager or any other financial position or movement; - Or professional secrecy.
The management company and the depositary shall be entitled to provide the information referred to in paragraph 1 only to the prosecuting or pre-trial authorities in order to investigate the offence and, by the way, to the authority which is entitled to access such information.
Notwithstanding Article 133, the management company shall be entitled to surrender the information referred to in Article 133 to the same group, the consolidating group and the law on the supervision of financial and insurance groups (44/2002) To the entity belonging to the financial and insurance group, to the management of the customer service and other client relationship, marketing and risk management of the group, consolidation team or financial and insurance group. The provisions of this paragraph shall not apply to the Personal Data Act (523/1999) Article 11 The transfer of sensitive information.
In addition to the provisions of paragraph 1, the management company may disclose to a company, which is part of the management company, the marketing, customer service and other information necessary for the performance of its customer relationship. The same economic association if the recipient of the information is covered by the obligation of professional secrecy provided for by this law. The provisions of this paragraph shall not apply to the disclosure of the sensitive information referred to in Article 11 of the Personal Data Act.
The management company shall be obliged to reimburse the damage which it has caused intentionally or negligently to the investment fund or to the shareholder or to any other person under this Act, the provisions or provisions adopted pursuant to it. A procedure contrary to the rules of the European Union regulations or investment fund rules adopted on the basis of the investment fund directive.
Paragraph 1 shall also apply to the obligation to replace the damage to which the management company has outsourged the activity referred to in Article 26a.
A member of the Board of Directors of the management company and the Executive Director shall be obliged to compensate for the damage he or she has committed intentionally or negligently to the law, the provisions adopted pursuant to it or the rules of the AIF The management company, its shareholder, the investment fund or the owner or other person of the fund shares. The damage shall be deemed to have been caused by negligence, unless the person responsible for the procedure has demonstrated its care. The provisions of this paragraph shall not apply to the damage to the extent that they have been caused by an infringement of the provisions of Chapter 13 or by Articles 133 and 133 (a) and 144 (1), (3) and (4).
The liability of the auditor is laid down in Section 3 of Chapter 10 of the Court of Auditors. (18/05/1198)
L to 1198/2015 (2) shall enter into force on 1 January 2016. The previous wording reads:
The statutory auditor's liability is governed by Article 51 of the Court of Auditors.
The shareholder and the shareholder of the management company, within the meaning of Article 4 of Chapter 9 of the Securities and Markets Act, shall be treated as liable to compensate for the damage caused by this law by virtue of the provisions adopted pursuant to that law, or Any infringement of the AIF's rules intentionally or negligently has been caused by the management company, its shareholder, the investment fund or the shareholder or other person. The provisions of this paragraph shall not apply to the damage to the extent that they have been caused by an infringement of the provisions of Chapter 13 or by Articles 133 and 133 (a) and 144 (1), (3) and (4).
The depositary shall be responsible for the loss to the management company and the shareholders of the fund shares of the fund shares of the fund company, which shall arise from the fact that the depositary has intentionally or negligently failed to fulfil its obligations. The agreement to transfer this responsibility to a third party is void.
The depositary shall have the right to claim compensation from the depositary either directly or through the management company.
Damage resulting solely from the information provided in a key investor information document shall be replaced only if the information is misleading, inaccurate or inconsistent with the relevant parts of the prospectus. The key information brochure must contain a clear warning in this respect.
As regards the settlement of damages and the division of liability between two or more liable parties, the (1999) Chapters 2 and 6 are provided for.
The presentation of the claim for compensation referred to in Articles 134 to 137 and the raising of the claim shall be decided by the shareholders' meeting of the shareholders of the fund-owners.
If an action for damages is taken, an agent who has the right to represent the owners of funds in the event of compensation must be elected. The client must be instructed to act. The expenses incurred and the fee payable to the agent shall be paid out of the assets of the IF in accordance with the calculation established by the financial control.
The compensation provided to the shareholders' shareholders shall be paid to the IF.
If the shareholders' meeting has decided not to make a claim for compensation or to lodge a claim for compensation, the fund-owners who have at least one tenth of the shares or one third of those represented at the meeting Notwithstanding the provisions of Article 139 (1), an action may be taken on behalf of the shareholders of the fund-owners without prejudice to Article 139 (1).
The cover may be raised by owners of funds with a minimum of one-tenth of the total shares of the fund or at least equivalent to the amount of the fund shares other than those used by the fund-holders against the decision referred to in paragraph 1. However, if the shareholder who owns the fund renounces the case after its withdrawal, the other shareholders in the fund may continue to do so.
The action shall be instituted within three months of the decision of the shareholders' meeting. The fund-owners who have drawn up the action shall bear the costs of the AIF from the assets of the AIF, in so far as the funds received by the AIF are sufficient to do so.
The integration of the investment fund into the investment fund entrusted with another investment policy shall not affect the rights of the shareholders of the fund-to-unit of the merging fund. The funds received by the minority will also benefit the receiving investment fund for the benefit of the shareholders of the fund.
In the event that the investment fund has been withdrawn and the claim for indemnities referred to in Article 139 cannot therefore be terminated at the shareholders' meeting, each unit owner shall, notwithstanding Article 139, have an independent right to bear. In addition, the Consumer Ombudsman may, after consulting the Financial Supervisory Committee, (444/2007) , within one year of the suspension, the applicant, acting on behalf of the shareholders of the consumer, shall initiate a class action and shall exercise the right of speech as a party.
If the damage referred to in Article 139 is punishable by a criminal offence, the penalties provided for by the fund-holders shall be applied accordingly, as provided for in the application for compensation.
The challenge or other communication addressed to the shareholders' shareholders in a case which under this law is to be considered by the fund owners shall be deemed to have been delivered to the depositary when it has been notified to the management company.
The financial audit shall have the right, when it considers that the interests of the shareholders of the fund owners are required, to pursue a claim for compensation within the meaning of Articles 134 to 137 on behalf of the owners of funds.
The management company, the fund manager and the depositary shall know their customers. In addition, the management company, the fund manager and the depositary shall identify the client's actual beneficiary and the person acting on behalf of the client. When completing the obligation laid down in this paragraph, the systems referred to in paragraph 2 may be used. (17/04/2013)
The management company, the fund-holding manager and the depositary shall have adequate risk management systems to assess the risks incurred by their customers. (11.06.2010/559)
In addition, the customer's knowledge is in force on the law on the prevention and detection of money laundering and terrorist financing (103/2008) Provides.
The financial audit may provide more detailed provisions on the procedures to be followed for the knowledge of the customer referred to in paragraph 1 and the risk management referred to in paragraph 2.
The provisions referred to in Article 38 (1) (2) of the Financial Control Act, the failure to act or the imposition of a licence fee shall be the following:
(1) the provisions of Article 27 on the minimum number of fund-holders;
2) the provisions of Chapter 12 on the investment activities of the Special Investment Fund and the provisions of Article 41 (6) of the Statute concerning the restrictions on the investment of funds;
(3) Articles 99 to 101 and 101a of the internal register and of the inner circle register;
(4) Article 102 provisions on the conditions for the acquisition and disposal of securities and derivative contracts as referred to in Article 99;
(5) Provisions of Article 118 (1) and (3) to (5) on depositary obligations in the management of the fund.
In addition to the provisions laid down in paragraph 1, the provisions referred to in Article 38 of the Financial Supervision Act are also subject to more detailed provisions concerning the provisions referred to in paragraph 1 (2) and (3), and on the basis of the investment fund directive. Regulations and decisions adopted by the Commission.
The provisions referred to in Article 40 (1) of the Financial Control Act, which are subject to a penalty payment or penalty payment, are:
1) the provisions of Article 6 on the capital of the management company and the provision of Article 10 on the share capital of the depositary;
(2) the provisions of Article 8a concerning the organisation of the management company's activities, the provisions of Article 8b concerning personal transactions and the provisions of Article 8c on the information to be held on transactions;
(3) Paragraph 24 (1) of the prohibition on the prohibition of the marketing of shares/units and the receipt of funds to the Fund before the adoption of the rules and the provision of Article 25 (2) for the maintenance of the assets of the fund separately from the assets of the management company;
(4) § 26 Provisions for the diligence and operation of investment funds in the interest of the fund-owners, and the management of conflicts of interest, Article 28 on the investment of the assets of the IF as set out in Article 26 The provisions of Chapter 30, as well as the prohibition on the management company of the management company, are owned by shares in the other management company or in the fund shares of the investment fund managed by the management company;
(5) provisions of Articles 30a to 30c concerning the solvency and risk management of the management company and the provisions of Article 80b on risk control measures;
(6) Article 31 (2), the depositary's obligation to keep the assets of the IF separately from the depositary's assets and its clients' assets;
Article 45 (1) and (2), Article 47 (3), of the information to be included in the rules of the AIF, the provisions of Article 49 on the redemption of the fund shares and the provision of Article 52 (1); The notification requirement for suspension of the redemption of fund shares;
8. The provisions of Article 74 (1) on voting rights;
9) The provisions of Article 89 (2) prohibit the marketing of shares/units with false or misleading information and the provisions of Articles 92 to 96 of the Fund prospectus, a key investor information leaflet, a half-yearly report and an annual report The obligation to publish.
In addition to the provisions laid down in paragraph 1, the provisions referred to in Article 40 of the Financial Supervision Act are also subject to more detailed provisions concerning the provisions referred to in paragraphs 2, 4, 8 and 9, and on the basis of the investment fund directive. Regulations and decisions adopted by the Commission.
The imposition, publication, enforcement and handling of administrative penalties under market law are laid down in Chapter 4 of the Law on Financial supervision.
Every deliberate or gross negligence (2 APRIL 2004)
(1) pursue an investment fund or depositary without being entitled to it;
2), in breach of Article 7 (2), to use the word 'management company' or 'fund-limited company', in the name of the business name or otherwise, (17/04/2013)
(3) Article 42 (1) is referred to as an investment fund or (17/04/2013)
4. In breach of Article 42 (3), the appointment of a special investment fund; (17/04/2013)
Shall be condemned unless there is a heavier penalty provided for in the law elsewhere, On the investment fund test Fine or imprisonment for a period not exceeding six months. (17/04/2013)
The penalty for issuing false certificates to the authority is laid down in criminal law (39/1889) Article 16 (8) .
§ 146 has been repealed by L 7.3.2014/163 .
Penalty for breach of the obligation of professional secrecy laid down in Article 133 Chapter 38 of the Criminal Code 1 or 2, unless a heavier penalty is imposed in the rest of the law.
When the offence referred to in this law has been infringed only by private law, the prosecution shall not be charged, unless the plaintiff has declared it to be committed.
Otherwise, according to Article 147, the prosecutor will only be prosecuted if the financial supervision has declared it to be indicted. (17/04/2013)
Any intention or negligence to acquire or dispose of shares in a management company or a depositary without a notification under Article 16 or the acquisition of shares in accordance with Article 32a of the Financial Supervision Act , must be condemned, if the act is not minor or otherwise provided for by the law, Management company or depositary Infringement of the provisions on the acquisition and disposal of shares Fine.
Article 150 has been repealed by L 19.12.2008. .
This Act shall enter into force on 1 February 1999.
This law repeals the Investment Fund Act of 8 May 1987 (480/1987) With its subsequent modifications.
After the entry into force of this law, the reference in law or in the regulation to an investment fund shall refer to this Act.
At the latest 12 months after the date of entry into force of this Act, the management company and the IF audit shall be subject to the eligibility criteria set out in Article 36. The eligibility criteria set out in Article 38 (1) on the audit of the calculation of the value of the fund contribution shall apply from the date of the selection of the auditor with the eligibility criteria referred to in Article 36 (2).
The limitation of Article 20 (3) and Article 22 (4) of the Act to the shareholders' meeting shall apply 12 months after the entry into force of the law.
A management company which, on the basis of an authorisation granted under the repealed law, carries out business activities within the meaning of this Act, does not need to apply for a new licence.
The rules laid down pursuant to the repealed Law and the authorisations granted other than those referred to in paragraph 1 shall remain unhindered by this Act. Where the rules or authorisations referred to in this paragraph are incompatible with this law, the management company shall, within six months of the entry into force of this Act, bring forward an application for the rules and the authorisations referred to in this paragraph. To be amended to comply with this law.
Upon entry into force of this Act, the pending application of the rules, authorisation or other authorisation shall be completed in accordance with the requirements of this Act.
THEY 202/1998 TaVM 35/1998, EV 219/1998This Act shall enter into force on 1 January 2002.
THEY 184/2001 , TaVM 22/2001, EV 218/2001
This Act shall enter into force on 1 February 2002.
THEY 165/2001 , TaVM 19/2001 EV 215/2001
This Act shall enter into force on 1 August 2003.
The obligation laid down in Article 4a of this Act shall be fulfilled no later than three years after the entry into force of this Act.
THEY 200/2002 , No 2/2002, No 267/2002
This Act shall enter into force on 1 July 2003.
THEY 175/2002 , N ° 27/2002, EV 277/2002
This Act shall enter into force on 8 April 2004.
Where the Ministry of Finance has applied for authorisation, other authorisation or confirmation of the rules of the AIF before the entry into force of this Act, the authorisation or application shall be governed by the law in force when the law enters into force. However, in agreement with the applicant, the matter may be referred to the fsa.
The financial audit may take the form of an application for authorisation, other authorisation or the rules of the investment fund under this law before the law enters into force.
The Ministry of Finance shall declare registration before the entry into force of this Act within one year of the entry into force of this Act.
An investment firm within the meaning of the Law on Investment Firms, which is authorised to exercise only the activities referred to in Article 5 (2), may waive the authorisation of an investment firm and apply in accordance with Article 5a. The management company's licence.
The own funds of the management company shall meet the requirements of Article 6 (2) to (4) by 13 February 2007.
The provisions in force at the time of entry into force of this Act shall apply until 31 December 2005 at the date of entry into force of this Act.
The management company shall bring the investment activities and rules of investment funds under the IF which have been laid down by 13 February 2002 in accordance with the provisions of this Law until 31 December 2005. By date.
Information referred to in Article 26a (3) and Article 30a (2) of the Act on outsourcing agreements in force at the time of entry into force of the law shall be notified to the financial audit at the latest six months after the date of entry into force of this Act.
However, Article 26 (5) of this Law, Article 29, the obligation to notify the objectives of corporate governance in the management booklet, 92, 93 and 97 shall not apply until 1 October 2004. Pending the entry into force of this Act, the provisions on the Fund prospectus and the simplified fund prospectus shall apply. The management company may publish a management prospectus and a simplified management prospectus in accordance with this law before 1 October 2004.
Before the entry into force of this Act, measures may be taken to implement it.
THEY 110/2003 , OJ 16/2003, TaVM 2/2004, EV 12/2004, Directive 2001 /107/EC of the European Parliament and of the Council (32001L01107); OJ L 041, 13.2.2002, p. Directive 2001 /108/EC of the European Parliament and of the Council (32001L01108); OJ L 041, 13.2.2002 35-42
This Act shall enter into force on 8 October 2004.
THEY 55/2004 , TaVM 13/2004, EV 107/2004 Council Regulation (EC) No 2157/2001 (32001R2157); OJ L 294, 8.10.2001, p. 1
This Act shall enter into force on 1 July 2005.
Before the law enters into force, measures may be taken to implement the law.
The particulars of the inner circle register referred to in Article 100 of this Act shall be brought into conformity with the law within six months of the entry into force of the law.
THEY 137/2004 , TaVM 4/2005, EV
This Act shall enter into force on 15 February 2007.
The management company shall be subject to the provisions of Article 184 of the Law on Credit Institutions. In addition, the management company carrying out the activities referred to in Article 5 (2) shall be subject to the provisions of Articles 177 to 181 and 183 of the Law on credit institutions.
THEY 21/2006 , TaVM 25/2006 EV 252/2006
This Act shall enter into force on 1 May 2007.
The financial audit may take the form of an application for authorisation, other authorisation or the rules of the investment fund under this law before the law enters into force.
Before the entry into force of this Act, measures may be taken to implement it.
The special investment fund which invests mainly in real estate and in real estate securities shall draw up a half-yearly report, quarterly and annual report in accordance with this law, for the first time at the latest for the financial year beginning 1 Or after 1 January 2007.
THEY 102/2006 , TaVM 31/2006, EV 277/2006
This Act shall enter into force on 1 July 2007.
THEY 194/2006 , TaVM 33/2006, EV 293/2006
This Act shall enter into force on 1 November 2007.
The particulars of the inner circle register referred to in Article 100 shall be brought into conformity with this law within six months of the entry into force of the law.
THEY 43/2007 , TaVM 4/2007, EV 39/2007, Directive 2004 /39/EC of the European Parliament and of the Council (32004L0039); OJ L 145, 30.4.2004, p. 1, Commission Directive 2006 /73/EC (32006L0073); OJ L 241, 2.9.2006, p. 26
This Act shall enter into force on 31 December 2007.
THEY 103/2007 , EV 115/2007, Directive 2005 /56/EC of the European Parliament and of the Council, OJ L 310, 12.7.2005, p. 1 TO 9
This Act shall enter into force on 23 July 2008.
THEY 16/2008 , TaVM 4/2008, EV 29/2008, Directive 2001 /107/EC of the European Parliament and of the Council (32001L0107); OJ L 41, 13.2.2002, p. 20, Commission Directive 2007 /16/EC (32007L0016); OJ L 79, 20.3.2007, p. 11
This Act shall enter into force on 1 August 2008.
THEY 25/2008 , HaVM 8/2008, EV 77/2008
This Act shall enter into force on 1 January 2009.
THEY 66/2008 , TaVM 20/2008, EV 109/2008
This Act shall enter into force on 1 January 2010.
THEY 175/2008 , TaVM 4/2009, EV 46/2009
This Act shall enter into force on 1 July 2010.
THEY 287/2009 , TaVM 11/2010, EV 77/2010
This Act shall enter into force on 1 July 2010.
THEY 243/2009 , TaVM 6/2010, EV 40/2010
This Act shall enter into force on 31 December 2010.
THEY 127/2010 , TaVM 33/2010, EV 260/2010, Directive 2009 /111/EC of the European Parliament and of the Council (32009L0111); OJ L 302, 17.11.2009, p. Directive 2010 /76/EU of the European Parliament and of the Council (32010L0076); OJ L 329, 14.12.2010, p. 3 TO 35
This Act shall enter into force on 17 May 2011.
THEY 286/2010 , LaVM 34/2010, EV 311/2010
This Act shall enter into force on 31 December 2011.
Before the law enters into force, action can be taken to enforce the law.
Article 93 shall not apply to key investor information published before the entry into force of the law. The management company shall replace the simplified management prospectus with a key information brochure no later than 30 June 2012.
The notification referred to in Article 16 before the entry into force of this Act shall be subject to the provisions in force at the time of entry into force of this Act.
Upon entry into force of this Act, the pending application of the rules, authorisation or other authorisation shall be completed in accordance with the requirements of this Act.
The professional investor classification shall be brought into line with the requirements laid down in Article 1 (2) within six months of the entry into force of the law.
THEY 113/2011 , TaVM 10/2011, EV 100/2011, Directive 2009 /65/EC of the European Parliament and of the Council (32009L0065); OJ L 302, 17.11.2009, p. 32, Commission Directive 2010 /43/EU (32010L0043); OJ L 176, 10.7.2010, p. 42, Commission Directive 2010 /44/EU (32010L0044); OJ L 176, 10.7.2010, p. 28, (corrected by OJ L 179, 14.7.2010, p. 16), Directive 2010 /78/EU of the European Parliament and of the Council (32010L0078); OJ L 331, 15.12.2010, p. 120
This Act shall enter into force on 1 January 2013.
The insider of a management company within the meaning of Article 99 of this law shall bring an insider declaration in accordance with Article 100 to comply with the requirements of this law within one month of the entry into force of the law. The management company shall bring within two months of the entry into force of the law the internal register of the management company referred to in Article 101a.
THEY 32/2012 , TaVM 11/2012, EV 117/2012
This Act shall enter into force on 15 March 2014.
Article 2 (1) (19), Article 2 (2), Article 3 (1), Article 4 (2), Article 132 (1) and (2), Articles 132 (1) and (3), 132 (1), 132 (1), 132 (1), 132 (1), 132 (1) and 132 (1) (1), (1), (1) and (1), (1) and (1) and (1), (1) and (1), (1) and (1), (1) and (1), (1) and (1), (1) and (1), (1) and (1), Of 22 July 2014.
However, the repeal of Articles 2 (1) (10c), 18 k-18 o, 129 and 130, 131 (3), 132 and 132 c of this Law shall enter into force on 22 July 2014.
The rules of the special fund established before the entry into force of this Act shall automatically be deemed to be adopted in accordance with this law.
Article 80b (2) of the Law shall be complied with 18 months after the date of application of Directive 2003 /41/EC on the activities and supervision of institutions for occupational retirement provision (2003 /41/EC) Directive 2009 /65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for investment undertakings (UCITS) and the aifm Directive 2011 /61/EU as regards reliance on excessive credit ratings Directive 2013 /14/EU of the European Parliament and of the Council.
THEY 94/2013 , TaVM 38/2013, PeVL 43/2013, EV 4/2014, Directive 2011 /61/eu of the European Parliament and of the Council; (32011L0061); OJ L 174, 1.7.2011, p. 1
This Act shall enter into force on 15 August 2014.
THEY 39/2014 , TaVM 6/2014, EV 62/2014
This Act shall enter into force on 1 January 2016.
THEY 254/2014 , TaVM 34/2014, EV 371/2014
