RESOLUTION OF THE NATIONAL COMMISSION ON THE FINANCIAL MARKET OF THE REPUBLIC OF MOLDOVA

of December 20, 2014 No. 62/21

About approval of the Regulations on prudential requirements to activities of society of management of the organizations of collective investment

Based on part (1) Articles 101, parts (2) Articles 104, Item d) parts (1) Articles 105, Item b) parts (2) article 113 of the Law on the capital market No. 171/2012, of part (11) Articles 5, parts (5) Articles 6, parts (9) and parts (10) Articles 17, parts (9) Articles 22, parts (2) and parts (4) Article 24 and part (4) article 31 of the Law on the alternative organizations of collective investment No. 2/2020, National commission on the DECIDES: financial market

1. Approve Regulations on prudential requirements to activities of society of management of the organizations of collective investment according to appendix.

2. This resolution becomes effective from the date of publication.

Appendix

to the Resolution of the National commission on the financial market of the Republic of Moldova of December 20, 2014 No. 62/21

Regulations on prudential requirements to activities of society of management of the organizations of collective investment

This Provision is partial transposition of the Directive 2009/65/EU of the European Parliament and Council of July 13, 2009 about approval of acts of the legal force and administrative acts about the organizations of collective investment into securities (OKITsB) (reforming) published in the Official magazine of the European Union by L 302 of November 17, 2009, the Directive 2010/43/EU of the Commission of July 1, 2010 about application of the Directive 2009/65/EU of the European Parliament and Council in the part relating to organizational requirements, conflicts of interest, rules of conduct, risk management and contents of the agreement between depositary and society of trust management, published in the Official magazine of the European Union by L 176 of July 10, 2010, Regulations (EU) No. 583/2010 of the Commission of July 1, 2010 about realization:

– Directives 2009/65/CE of the European Parliament and Council of rather key information intended for investors and also conditions which shall be observed for provision of this key information or the prospectus on the tough carrier, except paper, or by means of the web page published in the Official magazine of the European Union by L 176 of July 10, 2010 and also

– Recommendations of the Commission 2009/384/CE of April 30, 2009 about politicians of remuneration in the sector of financial services (CELEX: 32009H0384) (partial transposition), published in the Official magazine of the European Union No. L 120/22 of May 15, 2009.

Chapter I. General provisions

1. The regulations on prudential requirements to activities of society for management of collective investment of the organizations (further - the Provision) establish requirements for check of compliance, to risk management and conflicts of interest in personal transactions, rules of conduct, expense categories of the organizations of collective investment (further - OKA), restrictions in case of receipt of loans, etc.

2. This Provision is applied to licensed to societies on management which provides services in asset management of OKA. The concept society on management implies as well investment company which is controlled independently as a result of receipt of the corresponding license.

3. Society on management performs the activities based on the Law on the capital market No. 171/2012 (further – the Law No. 171/2012) and the Law on the alternative organizations of collective investment No. 2/2020 (further – the Law No. 2/2020) and other requirements established in the capital market and also according to the constituent act and the program of the activities approved by the decision of competent authority of society which include organizational structure of society on management, types of investment services and activities, procedure for decision making, internal regulations of the organization and provision of services and other aspects of the planned actions.

Chapter II. Determinations

4. The concepts used in this Provision are determined by the Law No. 171/2012 and the Law No. 2/2020. For the purposes of this provision the following concepts are used:

kontragentny risk - the risk of loss of OKA determined by possible failure to carry out by the partner in the transaction of the obligations to performing final cash payment under the transaction;

liquidity risk - the risk determined by impossibility to sell, liquidate or close any line item of portfolio of OKA at limited cost in the shortest reasonable interval of time which influences capability of OKA to observe at any time the obligation according to the redemption of shares upon the demand of their owners;

operational risk - the risk of loss of OKA determined by inappropriate nature of internal processes and human mistakes, and also shortcomings of systems of societies by management or external events which includes the legal and documentary risk and risk connected with bidding procedures, the calculations and assessment performed on behalf of OKA;

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info