Financial and capital market Commission, the provisions of regulations No 250 in Riga on 11 November 2011 (financial and capital market Commission Council meeting Protocol No 12, p. 43)
Regulatory arrangements for the money market Fund's use of the name in accordance with the Issued investment management company law article 21 part I 2.1. General questions 1. "regulatory arrangements for the money market Fund's use of the name" (hereinafter-the rules) establish criteria for the word "money market fund" or the abbreviation "NTFS" use trust fund name or in advertising.
2. The rules are binding on the investment management companies that manage investment funds registered in Latvia, which name or advertising uses the words "money market fund", the abbreviation "NTFS" or translation pursuant to this provision to the list in the annex. Other countries registered investment funds whose investment certificates are distributed in Latvia and which name or in advertising is the use of the words "money market fund", the abbreviation "NTFS" or translation pursuant to this provision to the list in the annex, ensures that the provisions of the transaction meets the criteria laid down in the European securities regulators Committee guidelines (CESR/08-049), concerning the European undertakings for collective investment in transferable securities (UCITS) the single money market fund definition.
3. If the investment activities of the Fund does not comply with the requirements of these provisions, then its name or in advertising is forbidden to use the words "money market fund" or its abbreviation "NTFS".
4. explanation of terms used in the rules: 4.1 average weighted maturity (Weighted average Maturity) or VSD – Investment Fund's portfolio securities, weighted average residual maturity up to their principal back, not taking into account the maturity composition of principal repayment of the securities. Calculation of the VSD, assumes that the securities with variable interest rate maturity is equal to the remaining period until the interest rates those securities, rather than to the remaining period to the repayment of the principal amount of the securities. The weighted average maturity is calculated by the following formula: where: Pi-financial instruments "i", ti-basic time period (in days) to the "i" of the financial instrument principal repayments;
4.2. the weighted average remaining maturity up to deletion (Weighted average life) or VSATD-the Investment Fund's portfolio securities, weighted average residual maturity up to the principal repayment, taking into account the maturity composition of principal repayment of the securities. Unlike the VSD to the calculation, shall not be taken into account when calculating the VSATD the remaining period until the interest rates those securities. VSATD uses the credit risk and liquidity risk management. The weighted average remaining term until deletion is calculated by the following formula: where: Pi-the Security's "i" principal, St-the Security's "i" the principal amount of the deletion date "t", Lt-time period (in days) to the "i" of the security principal for deletion date "t", "i" t-securities principal amortization of the current date;
4.3. a constant net asset value of money market funds – investment fund, whose purpose is to maintain a constant (constant) value of the part of the Fund and to increase the Fund's share value invoice to make fund investors cost, or assign new investment fund certificates. Investment management company constant net asset value of money market fund advertising, prospectus and fund rules is obliged to point out that a constant net asset value is not guaranteed;
4.4. variable net asset value of money market funds – investment fund whose purpose is to maintain a fixed (constant) part of the value of the Fund, and provide part of the increase in the value of the Fund;
4.5. high quality money market instruments listed, money market instruments, for which the internationally recognised credit rating agency has given one of the two highest possible short-term credit rating;
4.6. not listed high quality money market instruments, money market instruments, the quality of which meets the high quality money market instruments listed on the quality. High quality money market instruments listed on the quality determines the investment management company according to their own internal rating procedure;
4.7. options (options)-derivative financial instruments, which the option seller creates and gives the option buyer the right (but does not entail the obligation) to buy (call option) or sell (put option) the underlying asset of the contract quantity at a specified price at any date from the date of conclusion of the contract up to the date of performance of the contract (American option) or directly to the contract execution date (European option);
4.8. structured financial instruments-financial instruments whose profitability depends on the market value of the assets or profitability changes that have been made in direct investment;
4.9. the rest of these rules do not define the term usage corresponds to the investment management company for the use of the terms of the law.
5. Money market funds by type are divided into short term money market funds and money market funds. Money market fund prospectus and background information provided to investors must bear the corresponding money market fund.
II. Short-term money market fund 6. short-term money market fund shall meet the following criteria: 6.1. Fund's investment policy is designed to maintain the value of the Fund's assets and ensure its growth according to money market trends;
6.2. the Fund's investment portfolio are money market instruments or term deposits with credit institutions;
6.3. money market instruments is based on their credit rating, and liquidity;
6.4. selecting structured financial instruments are taken into account also the counterparty risk and the operational risk;
6.5. the Fund's investment is made in financial instruments whose residual maturity is equal to or less than 397 days;
6.6. the Fund's net asset value and the value of shares, investment certificates sale and atpakaļpirkšan is provided on each working day;
6.7. the Fund's investment portfolio to the VSD is equal to or less than 60 days;
6.8. the Fund's investment portfolio VSATD is equal to or less than 120 days.
7. financial instrument, t.sk. structured finance instrument, used in the calculation of the VSATD remaining term to maturity of the financial instrument. If a financial instrument is a contract opportunity, then you can use the options in the specified due date, if the following conditions are fulfilled: 7.1. investment management company may without limitation exercising options rights to sell a financial instrument (the underlying asset) for the fixed price contract execution date;
7.2. in the option price are not significantly different from the expected underlying market value of options at the date of performance of the contract;
7.3. in accordance with the investment fund investment policy the investment strategy implemented there is a high likelihood that the investment management company will realise the options the rights to sell a financial instrument (the underlying asset) than price in the next contract execution date.
8. Financial instruments and the VSATD VSD is taken into account in applying the financial instruments derivative financial instruments.
9. short-term money market fund may invest in equities also indirectly, such as financial derivatives, commodity-based stocks. Currency transactions of derivative financial instruments may be used only for the currency exposure. Investments in financial instruments, currency does not match the short-term money market fund currency, may be made if it is fully restricted risk arising from investments in the currency rate fluctuations.
10. short-term money market fund may invest only in investment funds or those of pielīdzināmo total investment companies that are short term money market funds within the meaning of these provisions.
11. Short term money market fund prospectus and investors basic information provided shall specify whether the Fund is a constant net asset value of short-term money market funds or stable net asset value short-term money market funds.
12. Investment management company is obliged to assess the quality of money market instruments, taking into account their liquidity, credit and assets. To perform this screening, the investment management company comply with the Commission's regulatory rules 18.07.2008. No. 104 "the legislative provisions on the criteria of the open fund investment object for investment management company compliance with legal requirements". Money market instruments must be of high quality for money market instruments listed or not listed for high quality money market instruments. Investment management company makes money market instrument rating monitoring at least once a week. If money market instrument rating no longer meets the requirements of this regulation, the investment management company shall take appropriate measures, subject to the interests of investors in the Fund.
13. Structured finance instruments in the research include an in-depth review of these financial instruments inherent risks, t.sk. information on structured finance instrument base assets, affiliated companies, third parties and their effects, as well as the legal framework. Evaluating structured finance instrument quality, investment management company takes into account the international organization of Securities Commission published a recommendation on 29.07.2009. Manager of good practices by investment in structured financial instruments in-depth research ("Good practices in relations to investment managers ' due diligence when investing in structured finance instrument"), a link to that document: http://www.iosco.org/library/pubdocs/pdf/IOSCOPD300.pdf). Investment management company in the development of structured finance instruments in depth research procedure.
III. Money market funds 14. Money Market Fund meets this rule 6.1, 6.2, 6.3, 6.4, 6.6, 7, 8, 9 point requirements and the following criteria: 14.1 if you are invested in money market instruments, which have been granted investment level rating and that is issued or guaranteed by a Member State or by a Member State or the Member State of the municipality, the central bank, the European Union, the European Central bank or the European investment bank, then it should not be taken into account, credit, and liquidity;
14.2. the Fund's net asset value of the variable money market fund;
14.3. the Fund's investment is made in financial instruments whose residual maturity is equal to or less than two years and the remaining period until the next interest rate revision date is equal to or less than 397 days;
14.4. the Fund's investment portfolio to the VSD is equal to or less than six months;
14.5. the Fund's investment portfolio VSATD is equal to or less than 12 months;
14.6. the Fund may invest only in investment funds or those of pielīdzināmo total investment companies that are money market funds or short-term money market funds within the meaning of these provisions.
IV. Transitional provisions 15. Trust Fund established to this date of entry into force of the rules and in their name or in advertising use of the words "money market fund" or its abbreviation "NTFS" is applied to the transition period until 31.12.2011., in which the changes are to be carried out investment fund prospectus, rules and investment management company's internal documents, to meet the requirements of this regulation. Starting with 01.01.2012., investment management companies are prohibited from investing in the Fund's name or in advertising use the words "money market fund" or the abbreviation "" NTFS, if these investment funds do not meet the requirements of this regulation.
16. Any new investment fund, established after the entry into force of these provisions and wishes fund name or advertising use the words "money market fund" or its abbreviation "NTFS", from the inception of the Fund applies the requirements of this regulation.
17. A trust fund established to this date of entry into force of the rules and in their name or in advertising use of the words "money market fund" or its abbreviation "NTFS", but do not want to act as a money market fund until 31.12.2011. carry out appropriate changes to the investment fund prospectus, rules and investment management company's internal documents, not to violate these rules.
Informative reference to the Committee of European securities regulators recommendation in the rules included provisions arising from the Committee of European securities regulators guidelines (CESR/08-049), concerning the European undertakings for collective investment in transferable securities (UCITS) the single money market fund definition.
Financial and capital market Commission (I). Krūman attachment of the financial and capital market Commission 11.11.2011. regulatory arrangements no 250-word "money market fund" and "short-term money market fund" translations in the languages of the Member States no p. k.
Member of short-term money market funds money market fund 1.
Austria Geldmarktfond MIT kurzer Laufzeitstruktur Geldmarktfond 2.
Belgium Fund monétaire à Court Terme/geldmarktfond op Korte termijn/Geldmarktfond MIT kurzer Laufzeitstruktur Fund geldmarktfond Geldmarktfond monétaire//3.
Bulgaria Краткосрочен на паричния на паричния фонд пазар Фонд пазар 4.
ΟΣΕΚΑ ΔΙΑΧΕΙΡΙΣΗΣ ΔΙΑΘΕΣΙΜΩΝ ΒΡΑΧΥΠΡΟΘΕΣΜΗΣ ΔΙΑΡΚΕΙΑΣ Cyprus ΟΣΕΚΑ ΔΙΑΧΕΙΡΙΣΗΣ ΔΙΑΘΕΣΙΜΩΝ 5.
Czech Republic Krátkodobý peněžníh the Fund peněžníh the trh trh Fund 6.
Kort Pengemarkedsforening Pengemarkedsforening Denmark 7.
Estonia-Rahaturufond Rahaturufond Lühiajalin 8.
Lyhy Rahamarkkinarahast the Rahamarkkinarahast of Finland to 9.
France Fund monétaire à Court Terme Fund monétaire 10.
Geldmarktfond MIT kurzer Laufzeitstruktur Germany Geldmarktfond 11.
Αμοιβαίο Κεφάλαιο Διαχείρισης Διαθεσίμων Βραχείας Διάρκειας Greece Αμοιβαίο Κεφάλαιο Διαχείρισης Διαθεσίμων 12.
Hungary in the Alap alap Pénzpiac Rövid pénzpiac 13.
Iceland Peningamarkaðssjóður Peningamarkaðssjóður 14 stutter.
Ireland Short-Term Money Market Funds Money Market Fund 15.
Italy funds a Monetary Fund for monetary term brev 16.
Lithuania will fund the Trumpalaikių pinigų rinko priemonių Pinigų rinko Foundation 17.
Luxembourg body de placement collectif (OPC) à Court Terme monétaire de placement collectif body (OPC) monétaire 18.
Malta Foundation-suq tal-fl of this ghal zmien qasir Fund it-suq tal-fl-19.
Op Korte termijn Netherlands Geldmarktfond Geldmarktfond 20.
Korte pengemarkedsfond Pengemarkedsfond Norway 21.
Poland krótkoterminoweg of the pieniężneg funduszu inwestycyjny rynk funduszu pieniężneg of the the 22 inwestycyjny rynk
Fundo de Portugal Investiment do Mercado de curto Praz Monetári Fundo de Mercado do Monetári the Investiment 23.
Romania in the pe termen scur Fondur monetary to monetary in Fondur 24.
Krátkodobéh the peňažnéh of Slovakia Foundation Fund of the trh trh peňažnéh 25.
Kratkoročn denarneg sklad Slovenia in the trg-trg of 26 denarneg sklad
(A) the Fund Spain monetari cort in the Plaza of the Fund the monetari 27.
Kort penningmarknadsfond Penningmarknadsfond Sweden 28.
United Kingdom Short-Term Money Market Funds Money Market Fund