THE DECISION OF STATE COMMISSION ON SECURITIES AND THE STOCK MARKET OF UKRAINE

of January 11, 2002 No. 12

About approval of the Regulations on structure and structure of assets of institute of joint investment

According to the Law of Ukraine "About state regulation of the security market in Ukraine", Item 8 of the Section XI of the Law of Ukraine "About institutes of joint investment (share and corporate investment funds)" State commission on securities and the stock market

SOLVED:

1. Approve Regulations on structure and structure of assets of institute of joint investment it (is applied).

2. To provide to management of investing activities (A. Rybalchenko) state registration of this decision in the Ministry of Justice of Ukraine.

3. To provide to management of organizational support of the Commission publication of this decision according to the current legislation.

4. The decision becomes effective according to the current legislation.

5. Control of execution of this decision to assign to the member of the commission - the vice-chairman S. Biryuk.

Approved by the Decision of State commission on securities and the stock market on January 11, 2002 No. 12

Regulations on structure and structure of assets of institute of joint investment

I. General provisions

1. This Provision is drafted according to Articles 4, 11 and 34 Laws of Ukraine "About institutes of joint investment (share and corporate investment funds)", articles 3 and 6 of the Law of Ukraine "About securities and the stock market", Articles 7, 8 Laws of Ukraine "About state regulation of the security market in Ukraine" and establishes requirements concerning structure and structure of assets of institute of joint investment (further - ISI) for the purpose of effective placement of financial resources of investors.

2. The structure and structure of assets of ISI are determined by regulations of ISI according to requirements of this Provision.

3. The requirements concerning structure of assets of ISI established by this Provision are applied in 6 months from registration date of regulations of this ISI in accordance with the established procedure in the National commission on securities and the stock market (further - the Commission).

4. Requirements concerning structure of assets of ISI are applied to corporate investment fund in 6 months from the date of registration of regulations of this ISI.

5. The restrictions set by part fifteen of article 4 of the Law of Ukraine "About institutes of joint investment (share and corporate investment funds)" do not extend to the money paid by investors for the securities of ISI acquired by them within three weeks. Such money for the purposes of compliance of structure of assets of ISI to the requirements established by part fifteen of article 4 of this Law is considered separately from other money which constitutes assets of ISI, on the separate sub-account.

II. General requirements concerning structure and structure of assets of ISI

1. Assets of ISI consist of money, including in foreign currency, on the current and deposit accounts opened in bank institutions, the bank metals, real estate objects, securities determined by the Law of Ukraine "About securities and the stock market", securities of foreign states and other foreign issuers, corporate laws expressed in others than securities, forms, and also other assets permitted by the legislation of Ukraine taking into account the restrictions set by the Law of Ukraine "About institutes of joint investment (share and corporate investment funds)" is direct for specific types and types of investment funds.

Money, securities, bank metals, corporate laws, the real estate, monetary claims for the realized assets of ISI and the issued loans, other assets according to requirements of the laws of Ukraine are part of assets of ISI.

The specified assets are created paid) at the expense of means of joint investment to which the funds deposited by founders of corporate investment fund and attracted from investors of ISI the income from implementation of transactions with assets of ISI, the income added on assets of ISI and other income from activities of ISI (percent on loans, lease (leasing) payments, etc.) belong.

2. Assets of ISI cannot include:

a) the securities issued by the company on asset management, the keeper, the registrar and the auditor (auditing firm) of this ISI and them (its, its) the connected persons;

b) the securities of foreign states and foreign legal entities which are not admitted to trading at one of the leading foreign exchanges or trade and information systems which list is determined by the Commission;

c) securities of other ISI;

d) bills of exchange and savings (deposit) certificates for the amount of more than 10 percent of asset cost of ISI, except the cases provided by Items 2 and 3 of the Section IV of this Provision;

1) derivative (derivatives), tovarorasporyaditelny securities, mortgage;

e) certificates of funds of real estate transactions (certificates of FON);

e) privatization securities;

є) contribution agreements in the fund of financing of construction (FFC);

g) securities of foreign issuers if the cost of such securities constitutes more than 20 percent of total cost of assets of ISI (taking into account requirements of the subitem "b" of this Item).

Requirements of subitems "b", "g", "g1" and "d" of this Item are not applied to venture funds.

3. Securities cannot be part of assets of ISI:

a) which have no international security identification number if its availability is provided by the current legislation;

b) if information is promulgated by the Commission that issuers of these securities:

within two years do not provide the Commission regular annual information;

will not promulgate regular annual information;

consist in the list of the companies which are absent in the place of state registration;

are unprofitable within two years and at the same time their securities are not admitted to trading on organizers of trade (for ISI of diversified type).

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