Read the untranslated law here: https://www.vestnesis.lv/ta/id/178606
Financial and capital market Commission regulations Regulation No 104 in Riga on July 18, 2008 (pr. Nr. 29, 2. p.)
The legislative provisions concerning the criteria of open fund investment object for investment management company compliance with legal requirements Issued under the investment management company law article 61 the sixth part i. General questions 1. "the legislative provisions on the criteria of the open fund investment object for investment management company compliance with legal requirements" (hereinafter-the rules) establish criteria for open investment Fund (Fund) (hereinafter – open funds) for the compliance of the investment object of investment management company Act (hereinafter Act) requirements.
2. The rules are binding on the Republic of Latvia licensed investment management companies (hereinafter-the company) through the open fund management.
II. Transferable Securities 3. Transferable Securities are legal requirements according to the contribution, if possible losses from investments in financial instruments is limited and does not exceed the value of their purchase (partially paid financial instrument, the full purchase value) and if they meet all of the following criteria: 3.1. liquidity does not restrict the statutory investment certificate atpakaļpirkšan requirements;
3.2. they are reliably measurable;
3.3. for them sufficient information is available;
3.4. they have seized without restrictions (not negotiable);
3.5. they meet the open investment policy of the Fund;
3.6. the risks associated with them adequately address open Fund, the risk management process, as well as continuously evaluates to transferable securities to risks and the impact on the risk profile of the investment portfolio as a whole.
4. Regulated market listed or traded (hereinafter RT) the transferable securities are identifiable as liquid and without restrictions, unless the company seized does not have information to the contrary.
5. where a transferable security or society not RT is in possession of information which suggests that investment in transferable securities of DPL may embarrass atpakaļpirkšan demands the units, the company evaluated the transferable securities liquidity risk, taking into account the following factors: transferable securities emission 5.1 and turnover;
5.2. where the price is determined by supply and demand in the market, the total amount of emissions and emission by Fund Manager plans to buy, as well as the possibility of sale or purchase and transaction time required to perform an assessment of the transferable securities margin – compared with the turnover of a certain period of time;
5.3 in some cases for a certain period of time in the independent made transferable securities purchase and sale price assessments that may indicate transferable securities in comparative liquidity and purchase and sales opportunities, as well as to provide the available price comparison;
5.4. market intermediaries and market support, carrying out trade in transferable securities concerned, the number and quality of analysis, assessment of the transferable securities in secondary market activity.
6. where a transferable securities liquidity is assessed as insufficient, following the acquisition of transferable securities or hold open the investment portfolio of the Fund shall be permissible only if there is sufficient liquid in the portfolio of transferable securities amount to ensure the investment certificate atpakaļpirkšan requirements.
7. Transferable Securities is reliably measurable, if the following information is available: 7.1. financial instruments – RTT accurate, reliable and regularly updated (periodically) price, which is the market price or prices that are determined by the ranking system that is independent from issuers;
7.2. other financial instruments – regular (recurring) made the assessment based on transferable securities of the issuer or investment information, prepared a study of the financial instruments market law or comparable requirements.
8. Adequate information on transferable securities is: 8.1 RT to transferable securities-market available in regular, accurate and comprehensive information about securities or, if necessary, the securities portfolio;
8.2. other financial instruments – the public a regular and accurate information about securities or, if necessary, of the securities portfolio.
9. Transferable Securities that are not RT, can be considered to be seized without restriction only if the company is evaluated the possibility of disposal of transferable securities and recognised that investing in transferable securities, it will be possible to provide the units atpakaļpirkšan requirements.
10. According to the Open Society Fund risk management policies and risk management procedures to continually assess not only transferable securities concerned with risks, but also their impact on open-fund investment portfolio risk profile in General.
11. the transferable securities are identifiable by such investments that meet the criteria referred to in paragraph 3:11.1. investment in the closed fund investment certificates (shares), founded as an investment company or investment Fund (constituted as investment companies or as unit trusts) and meet the following criteria: 11.1.1. they are binding upon the corporate governance principles which apply to commercial companies;
11.1.2. If a closed Fund managed by another company in a closed Fund in the name of the company refers to the national legislation in certain investor protection requirements and it is a national system of investor protection;
11.2. other investment (not mentioned in point 11.1) the closed fund investment certificates (parts), in accordance with national law, founded as a closed investment funds (constituted under the law of contract) and meet the following criteria: 11.2.1. they are subject to corporate governance principles, which are equivalent to those adopted by the commercial companies;
11.2.2. closed the Fund Manager has a national system of investor protection;
11.3. investments in financial instruments, which are based on other assets or associated with return of assets, which may vary from the requirements of the law of open-fund investment objects.
12. Considering the closed Fund, corporate governance principles, take into account the following: 12.1. investment certificate (part of) the rights holder is mounted in a closed fund prospectus (Charter or other contract to which the Fund is established based) and providing: 12.1.1. the right to vote on the activities of the Fund to the relevant issues in the decision making process (t.sk. of the Fund's assets in a closed society with governing the approval, amendment and replacement prospectus, changes in investment policy , merger, liquidation);
12.1.2. the right to control compliance with the Fund's investment policy of the fund prospectus;
12.2. the Fund's assets are separate from the company that manages the assets of the Fund and to apply the provisions of the winding-up that protects the investment certificate (part of) the ownership of the holder.
13. the company shall assess whether by investing in the Fund to open the closed Fund certificates (parts) of the Act are respected and open in the prospectus of the Fund investment restrictions.
III. Money market instruments 14. Money market instruments are legal requirements according to the contribution, if all the following conditions are met: 14.1 or not RT and meet the criteria-"usually traded on the money market";
14.2. These are liquid;
14.3. it is precisely measurable at any time.
15. national and local governments in the internal loan promissory notes, certificates of deposit, short-term promissory notes and bills of exchange accepted by the bank's financial instruments, which meet the criteria-"usually traded on the money market".
16. Money market instruments is recognised as financial instruments usually traded on the money market, if they meet at least one of the following criteria: 16.1 original maturity until their deletion not more than 397 days;
16.2. the remaining period until the deletion not more than 397 days;
16.3. the yield according to money market conditions are updated regularly, at least every 397 days;
16.4. the risk profile, including credit risk and interest rate risk corresponds to the risk of financial instruments whose maturity not more than 397 days, or the yield adjustment under paragraph 16.3.
17. Money market instruments which generally are traded in the money market and which is recognised as a liquid, RT and accurately evaluated at any time, unless the company does not have information to the contrary.
18. Money market instruments which are not generally traded on the money market or not RT or for which the company is in possession of information referred to in paragraph 17, be recognized as law compliant investment object only when the company has the appropriate assessment of the money market instruments of liquidity and whether its value can be accurately determined at any time.
19. Money market instruments are considered to be liquid if they can sell without a significant loss in a short time, enough to meet the obligations of the company to redeem the certificates of the open fund investors in a prospectus within the time and in order.
20. In assessing the liquidity of the money market instruments, take into account the following factors: 20.1. marketing and pricing (quotes) frequency;
20.2. the number of intermediaries who are ready to buy and sell instruments and maintain a specific instrument in the market, the nature of trade (nature of the marketplace trades), t.sk. the time required to sell the instrument of offer method of payment and the money market instruments of transfer (transfer) mechanism;
20.3. the emission or emission programs;
20.4. the opportunity to redeem, redeem or sell money market instruments in a short amount of time (for example, up to seven working days) without significant losses, as shown by the low commissions and no big difference between the buying and the selling price and the short duration of the settlement (settlement delay).
21. In considering whether it will be ensured that the investment in money market instruments concerned does not adversely affect the liquidity of the Fund open (obligation to redeem the investment certificates of the investors for the period specified in the prospectus and order) take into account the following factors: 21.1. open Fund units structure and of the holders of the concentration (for example, by geographic criteria or the specific nature of the concentration of licence licence holders);
21.2. the profile of the typical investor (investors, the open Fund);
21.3. the quality of information about open-Fund cash flows;
21.4. the limits laid down in the prospectus of the investment certificate atpakaļpirkšan.
22. If any of the 20 or 21 of the factors referred to in paragraph evaluations suggest that it has a negative impact on the liquidity of the instrument, appropriate risk management process to assess whether money market instruments is still recognized as a liquid.
23. in the light of 20.-22. the above money market instrument for the assessment of liquidity, the company plans to open in accordance with the Fund's investment portfolio structure and the expected cash flows, to match the expected cash flow from the open Fund with an investment portfolio of securities liquidity appropriate opportunities.
24. Money market instruments can accurately assess at any time if there is an accurate and reliable evaluation system that meets the following criteria: 24.1. ranking system lets you calculate the net assets of the Fund in the open value for the value of any investment portfolio of the Fund financial instruments may be exchanged (sell) the transaction between knowledgeable, willing and financially independent persons;
24.2. valuation based on market data or on valuation models.
25. Money-market instruments that are not RT is law according to investment objects, if the following requirements are met: 25.1. they are usually traded on the money market under 16 the criteria laid down in point;
25.2. they are liquid according to point 19;
25.3. you can accurately assess any time under paragraph 24;
25.4. they are freely transferable;
25.5. on them have the appropriate information to assess the risks associated with an investment, t.sk. assess the credit risk associated with investments in those instruments, according to 26-28. the requirements laid down in paragraph 1.
26. information on money market instruments that are not RT and issued by a company, the securities of which are the RT or the investment in money market instruments covered by the protection of investors (in accordance with article 62 of the law of the second paragraph, the requirements of point 5), or for money market instruments that are issued by State authorities or international financial institutions, but which are not guaranteed by a Member State or, in the case of the Federal State of one of the members of the Federation- is proper if the following requirements are met: 26.1. information on emissions or emissions program and the issuer's legal and financial status is available before the money market instrument;
26.2. the information referred to in paragraph 26.1 are regularly but not less frequently than once a year, restored, and is updated after each significant event;
16.3. the information referred to in paragraph 26.1 are verified by an independent, qualified third party. This person is specialized in financial and legal verification of the documents and the integrity of the subject to professional standards;
26.4. is available and reliable statistics on the issue or the issuance programme.
27. information on money market instruments that are not RT and issued or guaranteed by a credit institution (in accordance with article 62 of the law of the second paragraph, the requirements of paragraph 4) is adequate, if complied with the following requirements: 27.1. details of emissions or emissions or on the issuer's application for legal and financial situation is available before the money market instrument;
27.2. the information referred to in paragraph 27.1 is regularly but not less frequently than once a year, restored, and is updated after each significant event;
27.3. reliable statistics are available on emissions or emissions programs or other data, which allows you to assess credit risk enough in relation to investments in financial instruments.
28. information on money market instruments that are not RT and issued or guaranteed by a Member State or the Member State authorities, other State or Federal Government in the case of one of the members of the Federation, the European investment bank and international financial institutions, where one or more Member States are members, they have the appropriate when information on emissions or emissions program, or the issuer's legal and financial status is available before the money market instrument.
29. Money market instruments which meet 14 conditions listed in the law, but does not meet the requirements of article 62, is considered the law compliant investment objects that can invest up to 10 percent of the assets of the Fund open.
30. Money-market instruments that are based on investments in precious metals, t.sk. precious metals certificates are not considered appropriate for law of open-Fund investments.
IV. Transactions in transferable securities and money market instruments effective open-Fund Portfolio Management 31. If you open the game embedded in the Fund effective portfolio management purposes and is used for active repurchase transactions or securities lending or other business, it is taken into account in calculating the total transaction of the Fund opened with a single issuer or counterparty and credit.
32. the company is considering whether to transferable securities and money market instruments related transactions effective open-fund portfolio management meets open-fund prospectus declared investment objective and investment policy, as well as risks in addition to those referred to in the prospectus of the Fund's risk profile (risk management policy).
V. transactions with derived financial instruments 33. Derivative financial instruments, t.sk. credit derivatives, is law according to investment objects, if they meet all of the following criteria: 33.1. they act 65 allows the first paragraph of article 1, paragraph of the underlying credit risk transfer regardless of other risks associated with these assets;
33.2. it does not require a different delivery or transfer of assets, including cash, as only the active form, which is the law under an open investment fund objects;
33.3. not traded on a regulated market (hereinafter – RTA) derivative financial instrument counterparties (hereinafter the counterparty) corresponds to article 65 of the law in the first part of paragraph 2 and with the requirements set out in the RTA derived financial instruments reliable and verifiable assessment throughout the duration of the contract corresponds to 35-36. the requirements laid down in paragraph 1;
33.4. the related risks are adequately covered in the risk management processes and internal control system, in particular risks arising from the mismatch of information between the public and the counterparties if the counterparty has sensitive information about companies whose assets are credit derivatives base assets.
34. the company according to the risk management policy and procedures and in particular assess carefully 33.4. the risks referred to in paragraph 1 in cases where the counterparty is a credit to the companies or employers (credit issuer) the related person.
35. The public each day performing RTA derivative financial instrument and verifiable reliable evaluation, determining its true value, which does not rely solely on the counterparty's reported sales prices (market quotation) and who meet the following requirements: 21.8. the evaluation is based on the instrument's reliable current market value or, where such value is not available, a pricing model that is based on the appropriate methodology recognised;
21.9. checking of the evaluation (verification), i.e., the process by which regularly checks the market value or model the entered data accuracy and independence, take one of the following forms: 35.2.1. it is performed from the departments responsible for asset management, an independent public body which employees have professional experience and technical equipment for carrying out this task;
35.2.2. it out from the counterparty's independent third party in accordance with regularity and in a way that society's ability to control it.
36. The public can use scoring models developed by an independent third party. If the model has been developed by the public entity responsible for management of the assets of the Fund in the open (for example, the Department which deals with the RTA financial derivatives business closings), to assess and review the development of qualified, independent of the model. Whatever happens to that unit testing the model, including the mathematical calculation assessment, assumption and using the software. The data is not allowed (for example, information about the fluctuations or correlations), which previously have not been evaluated by the company and accepted by including in its derivative financial instruments valuation policies and procedures.
37. Derivative financial instruments fair value is the value at which the asset could be exchanged or a liability to cover transaction between knowledgeable, willing and financially independent persons.
38. Financial derivatives valuation policies and practices that ensure RTA derived financial instrument for accurate and independent assessment in relation to the evaluation of credible and verifiable, determining its true value, means: 38.1 for accurate assessment. — the ability of the public throughout the derived financial instruments while operating reliably and with reasonable accuracy to assess the contribution of the Fund concerned according to its fair value, reflecting its market value at the time;
38.2. in relation to the evaluation of the independent – to ensure the company's internal control system and the means to carry out the risk analysis unit that is independent from the current Fund asset management or investment activities investigating bodies and the counterparty, or if these conditions cannot be met, an independent third party. The company shall ensure that the independent third party could adequately assess all RTA derivative financial instruments, intended for use on the open Fund.
Vi. Financial derivatives, which are financial underlying indexes 39. Investments in derivative financial instruments, which are the underlying financial indexes, is the law, according to the investment object, if the financial indices comply with the following criteria: 24.3. they are sufficiently diversified in such a way that the following requirements are met: 39.1.1. index is designed to include a single underlying asset price changes or excessive trading activity would not affect the performance of the whole index;
39.1.2. If the index is composed of the law, according to the investment objects, index composition is at least diversified in such a way that each individual index constituent base of assets does not exceed 20 percent of the entire index in the underlying position in the totals. Where justified by the specific conditions of the market, as reflected in the fund prospectus, open one of the index is composed of the existing base of assets is allowed to increase the rate to 35 percent;
39.1.3. If the index is composed of assets that are not identifiable as law the appropriate investment objects, index composition (structure) corresponds to the level of diversification, as determined in paragraph 39.1.2;
24.4. reflects the market adequate standard to which the index applies, subject to the following requirements: 39.2.1. index adequately reflect the representative base of the active group activities (profitability);
39.2.2. index periodically reviewed or rearrange its structure to ensure that it continues to reflect the performance of the markets to which it applies, according to publicly available criteria;
39.2.3. index consists of the existing base sufficiently liquid assets to a third party if necessary, it would be possible to replicate the index;
39.3. they are duly published, subject to the following requirements: 39.3.1. index values are calculated and published in accordance with the detailed procedures that provide for the underlying index price collection, including pricing procedures index in such financial instruments whose market price is not available;
39.3.2. timely and in-depth access to relevant information for the index calculation, recalculation methodologies, index changes or any complications associated with timely or accurate information.
40. If the index consists of base assets that are not identifiable as law compliant investment objects, and the company uses the following index derivative financial instruments the Fund's risk of diversificēšan open and ensure that the composition of the index is diversified according to the level of restrictions, up to 10 percent of the index underlying asset totals, but 5 percent of transactions exceeding the value does not exceed 40 percent, then it may not distribute a separate index structure forming the base of assets the calculation of the contribution.
41. The derivative financial instruments that do not correspond to the underlying 39. the criteria set out in paragraph 1 shall not be considered as financial index, financial derivatives, but are to be considered as a different article 65 of the law referred to in the first subparagraph of the underlying asset.
42. High risk funds (hedge funds) index is recognized as legal requirements according to the financial index, where all 39-41. the requirements laid down in paragraph 1, as well as the methodology of the underlying index selection for the upgrading of the structure and values for conversion is based on the previously agreed rules and objective criteria.
43. High risk fund index is recognized as a financial index, if at least one of the following conditions: 43.1. index creator is remunerated on the basis of the (ingredients) into the composition of the index and thus there is no guarantee that the composition of the index underlying objective of forming and the index may not reflect the market adequate standard;
43.2. the methodology for creating the index allows to make changes to previously published in the index value (backfilling).
44. high risk investment fund of index of financial derivatives is recognised as suitable investment objects only if such investments corresponds to the open stated in the prospectus of the Fund investment policy, risk profile, are complied with the requirements set out in these provisions and the public before such transactions are documented in a detailed index, taking into account at least the following factors: 44.1. a comprehensive assessment of the methodology for creating the index, URt.sk.: 44.1.1. or methodology provides sufficient explanation for the underlying index weighting and classification (for example After the selected high risk fund investment strategies) and from the index stop underlying criteria;
44.1.2. or index reflects an adequate standard for the high risk nature of the Fund, to which it relates;
44.2. the index for the assessment of the available information, URt.sk.:., or available information 44.2.1 that clearly what index reflects;
44.2.2. or index is subject to independent audit and its amount is fixed (competence), for example, the audit shall cover the test, which determines whether the composition of the index is created for a specific methodology and accurately calculated;
44.2.3. how often the index is published and or open the net asset value of the Fund can be calculated according to a specific methodology;
44.3. the composition of the index underlying asset assessment, URt.sk.: 44.3.1. is the procedure used by the creator of the index in the index underlying asset (high risk) the net asset value calculation is the sufficiently safe;
44.3.2. how detailed information about high risk listed in index funds and their net asset values, t.sk. information about the advanced capabilities they lay, is publicly available;
44.3.3. or the composition of the index is sufficiently diversified.
VII. the transferable securities and money market instruments listed derivative financial instruments 45. Transferable Securities or money market instruments with the financial derivatives are financial instruments with the following criteria according to the ingredients: 45.1. these components affect the cash flows that otherwise would be required in relation to transferable securities or money market instruments that are essential, in part or in full may change according to the interest rate, financial instrument price , exchange rate, prices or rates, credit rating or credit index in the index, or other variable, and thus cash flow changes similar to how an individual derived financial instrument;
45.2. the economic characteristics and risks are not closely related to the economic characteristics and essential risks;
45.3. it significantly affects the transferable securities or money market instruments of risk and pricing.
46. A transferable security or money market instrument is considered, which includes derivative financial instrument where it contains a component which, in accordance with the agreement, it is possible to dispose independently of the transferable securities or money market instruments. This component as a separate financial instrument.
47. Ensure debt securities (collatrealized debt obligation) or asset-based securities (asset backed securities) with the financial derivatives, whether or not the security is or is not actively managed, not be considered as financial instruments to the financial derivatives, except when the tool has at least one of the following factors: 29.3. debt securities provided or asset-based securities are structured so that are not limited investors ' potential losses (not limited recourses the vechicle) and investor losses can be greater than the initial investment;
47.2. the structure of the securities is not sufficiently diversified.
48. If the financial instrument is structured as an alternative to the RTA derived financial instrument, then apply the RTA derived financial instrument the statutory stipulations and restrictions. Thus the open Fund needs custom hybrid (tailor-made hybrid instrument) financial instruments (for example, the same release the secured debt securities (a single debt obligation tranche collatrealized)) are to be considered as financial instruments with the derivatives. This tool offers an alternative to the RTA derived financial instruments for use with the same objective-to achieve the diversification of risks and risk management policy defined in the level of credit risk in the investment of the Fund opened the Briefcase.
49. Structured financial instruments, valued as tools to the financial derivatives, are, for example: 30.5. with credit risk linked securities (credit linked notes);
30.6. structured financial instruments that yield is associated with a particular bond index yield;
30.6. structured financial instruments that yield is associated with a particular basket of shares that are or are not actively managed, profitable;
49. structured financial instruments with a face value of guaranteed profitability which is associated with a particular basket of shares that are or are not actively managed, profitable;
30.8. convertible bonds (convertible bond);
30.8. exchangeable bonds (exchangeabl bond).
50. Take a an open investment fund structured financial instruments with the financial derivatives, comply with the following conditions: 50.1. the company shall ensure that the law and open investment set out in the prospectus of the Fund (by the way) the limit is complied with, taking into account also contained derivatives;
50.2. given that the transferable securities or money market instruments contained in derivative financial instruments included in the calculation, the overall risk of the company: 50.2.1. uses the risk management policy, which gives it the opportunity at any time to monitor and identify with relevant financial derivatives positions the associated risks and the impact of derivatives on the investment portfolio of the Fund's overall risk exposure;
50.2.2. ensure that the overall risk resulting from transactions in financial derivatives and calculated in accordance with the financial and capital market Commission 08.12.2006. Regulation No. 207 "investment fund reporting rules", does not exceed the open Fund, the net value of the investment portfolio;
50.2.3. ensure that the size of the transactions with a single issuer or counterparty, taking into account in derivatives, calculated in accordance with the financial and capital market Commission 08.12.2006. Regulation No. 207 "investment fund reporting rules", shall not exceed the law and open-fund prospectus defined investment limits.
51. the company is obliged to check whether the transactions in transferable securities or money market instruments contained in financial derivatives correspond to 54 in those conditions. This way, the frequency of checks and the amount is provided for risk management procedures, depending on the financial derivatives and their effects on open-fund investment risk, taking into account the fund prospectus defined investment policy and risk profile of the Fund.
52. The company shall ensure that the risk management of the Fund open corresponds to transactions and complexity. If the company finds that the transaction in securities or money market instruments contained in financial derivatives impact on fund investment risk is not significant, according to adjust the risk controls, such as the question of investment restrictions, taking into account the conditions referred to in paragraph 54.
VIII. Open funds, which replicates the equity or debt securities index composition 53. Equity or debt securities of the index replication means open-fund investment portfolio building according to the index of the underlying composition and structure, URt.sk., using derivative financial instruments or to the transferable securities and money market instruments affiliated transactions that enable efficient open-fund investment portfolio management.
54. the equity or debt securities index which is made to replicate the composition of the open Fund, is law according to the index, if all the following conditions are met: 54.1. the composition of the index is sufficiently diversified, i.e. the proportion of the contribution of each individual index contained in the issuer's securities does not exceed 20 percent of the Fund's total assets in the open but when the open Fund documents submitted for registration are provided additional information in support of specific market conditions the proportion of one investment index contained in the issuer's securities are permitted to increase to 35 percent. This information also includes open-fund prospectus;
54.2. index creator uses generally accepted index methodology for creating that don't allow you to exclude from the index of the relevant market to which it refers, a major issuer;
54.3. index is published, respectively, under the following conditions: 54.3.1. investors are free, for example, via the internet, available in all the relevant information about the index;
54.3.2. creator of the index is independent of the company that manages the open replica the index fund. It is acceptable that the creator of the index and the companies can be in one of the company in the group, if the effective prevention of conflicts of interest, described in the investment fund open to risk management policy.
IX. The open Fund is equivalent to the total investment company 55. Assessing whether investment funds like the open's total investment in the company that is not registered in a Member State (hereinafter – the company) investment certificates (shares) with regard to the legal framework for the establishment of equivalence of national supervision and financial and capital market Commission in cooperation with the national supervisory body meets the requirements set out in the Act, the following shall be taken into account: 55.1. Financial and capital market Commission has concluded bilateral or multilateral information exchange agreement (Memorandum of Understanding) with the management authority of the State concerned;
55.2. the company's investment management company, the rules of operation and the custodian (holder of the funds) is approved by the supervisory authority, which monitors the activities of this company;
55.3. the company is established in the Organization for economic cooperation and development in a Member State.
56. In assessing whether the company's investor protection can be considered analogous to the statutory requirements, the following shall be taken into account: 56.1. investment management operating rules for the independent management of the company in the interest of investors;
56.2. an independent person whose duties and responsibilities in relation to enterprise storage and transaction monitoring is similarly a custodian duties and responsibilities;
56.3. There are certain requirements of the company's units (parts) for the determination of price and sharing, as well as for the preparation of the report;
56.4. There are certain requirements of the investment company certificate (part of) atpakaļpirkšan, which is analogous to the open of the Fund;
56.5. There are restrictions on business with persons affiliated with the company;
56.6. the company is assured of holding the assets or the assets of the holder of the funds.
X. closing question 57. provisions shall enter into force on the 23.07.2008. Informative reference to European Union directive and European securities regulators Committee rules included provisions resulting from: 22.214.171.1245) Council directives 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS);
2. the Commission's 19.03.2007) 2007/16/EC implementing Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), the clarification of certain definitions;
3) the Committee of European securities regulators guidelines (CESR/07-044) relating to undertakings for collective investment in transferable securities eligible for investment assets;
4) the Committee of European securities regulators guidelines (CESR/07-434) relating to undertakings for collective investment in transferable securities eligible for investment assets. High risk index funds as financial index classification.
Financial and capital market Commission of Krūman I.
Search Translated Laws of Latvia