Act 2 Of The 2012 Creation Of The National Fund For Investment

Original Language Title: القانون 2 لعام 2012 إحداث الصندوق الوطني للاستثمار

Read the untranslated law here: http://parliament.gov.sy/arabic/index.php?node=201&nid=4345&RID=-1&Last=10058&First=0&CurrentPage=3&Vld=-1&Mode=&Service=-1&Loc1=&Key1=&SDate=&EDate=&Year=&Country=&Num=&Dep=-1&

Law 2 of 2012

Creation of the National Fund for Investment



President of the Republic based on the provisions of the Constitution

And approved by the People's Assembly in its meeting held on 02/02/1433 AH corresponding to 28-12-2011 AD.

Issued as follows:


Article 1


The following words and phrases in the field of application of this law as follows ..

Market .. Damascus Securities Exchange updated Legislative Decree No. (55) for the year 2006.

Fund .. updated the Fund under this law, which the National Investment Fund called.

.. Minister and Minister of Economy and Trade.

.. The Board of Directors Board of the Fund.

..madar Executive Executive Director of the Fund.

Shareholder .. person / legal / natural /, which contributes to the fund's capital.

Capital .. capital of the Fund.
Article 2


Creation of the National Fund for Investment

Shall occur in accordance with the provisions of this law, a portfolio called "National Investment Fund" sovereign fund enjoys legal personality and financial and administrative independence and is linked to the Minister of Economy, Trade and worked under his supervision.

Shall take as its principal headquarters in Damascus province may bring branches or offices to him inside the Syrian Arab Republic.

(C) shall not apply to participate in the capital of this fund specific proportions of the characters in the legal systems and laws.

(D) of this fund is subject to the exercise of his work and his activities with the provisions of this Act and the regulations and instructions issued thereunder.
Article 3


Aims and objectives of the fund

Shall contribute to support the stability and raise the confidence levels of the market over the long-term investment policy.

(B) the pursuit of revenue and higher profits for shareholders by diversifying financial investments and provide expertise and advice to the appropriate professional.
Article 4



Work areas Fund
A- investment in the market by buying and selling securities for its own account.

(B) any other activities be consistent with the fundamental purposes and objectives.
Article 5


Fund's capital

A - determines the fund's capital to two billion Syrian pounds.

B institutions and banks, public pension funds and the state contributes to the head of the Fund if you wish according to the internal regulations of each of them and pay off the remaining amount of the state budget within the limits of the appropriations for that.

(C) any public institution or entity other public contribution to the capital entitled to the approval of the Minister of Economy and Trade.

D capital may be increased as follows ..

1- decree on the proposal of the Minister of Economy and Trade in the event of such an increase was funded through the state budget.

2- decision of the Minister of Economy and Trade in the event of this increase was made through any other public body.

E - is not permitted to be less than the founding of the institutions and the general state banks, pension funds quota of fifty percent of the capital ratio.

(F) is not permitted unless special approval by Securities Syrian Commission on Financial Markets to exceed what is being invested in any company listed ten percent of the capital ratio shall not exceed 15 percent of the stock of the company.

(G) shall be entitled to the fund to get any loan from licensed banks or any other point of financing and guarantee that the securities held by him.

Article 6


Fund Management

(A) The Fund shall be a board of directors management of seven members as follows ..

-ozyr Of Economy and Commerce president.

-orbah Members of the shareholders who have the necessary experience and qualifications for the exercise of this work.

-edoan Of the owners of expertise and efficiency of non-shareholders.

Shall be appointed Chairman of the Board and its members by decision of the Prime Minister upon the proposal of the Minister of Economy and Trade.
Article 7


Fund management responsibilities

A bookkeeping and records of each investment process and related details and keep these books and records for a period of 15 years.

Shall comply with international accounting standards.

C-maintain professional secrecy required for the exercise of his work.

(D) Designate an accounting recognized the audited exercise its functions in accordance with the regulations and laws in force.
Article
8

Revenue excludes gains and governmental and public authorities holdings in this fund from all types of taxes, including profit tax and income tax As for the other points of contribution are subject to the laws of their respective window and regulations.
Article 9


Control over the work of the Fund

A-Fund is subject to the supervision of the Central Agency for Financial Supervision in order to carry out the audit and inspection work.

Shall also be subject to the exercise of his work with the provisions and instructions of the securities of the Syrian Commission on Financial Markets in accordance with the provisions of Law 22 dated 06/19/2005.
Article 10


Issued executive instructions to the fund by the Minister of Economy and Trade.
Article 11


This law shall be published in the Official Gazette.

Damascus on 09/02/1433 AH corresponding to 01/04/2012 AD's.



President
Bashar al-Assad