of December 26, 2002 No. 49/8
About approval of the Regulations on procedure for determination of the size of expenses of investment funds
1. Approve Regulations on procedure for determination of the size of expenses of investment funds it (is applied).
2. Cancel the Resolution of State commission on the security market No. 76/8 of 29.12.1997 about procedure for determination of the amount of remunerations to manager, depositary, registrar and the investment fund auditor and other expenses of fund (The official monitor of the Republic of Moldova, 1999, Art. No. 19-21, 49).
3. To investment funds to develop and approve the estimate of annual expenses for 2003 according to requirements of the Regulations on procedure for determination of the size of expenses of investment funds.
Chairman of the National commission on securities
to the Resolution of the National commission on securities No. 49/8 of December 26, 2002
1.2. The provision establishes:
a) expense structure of investment fund (in dalneyshemfond);
b) methods of calculation of budgeted expenses of remunerations to confidential manager, depositary, registrar and auditor of fund;
c) methods of calculation of the actual sizes and payment procedure of remuneration to confidential manager, depositary, registrar and auditor of fund, and also other expenses of fund.
1.3. This procedure is obligatory for:
a) developments and approvals of rules of determination of the amount of remunerations by fund to confidential manager, depositary, registrar and auditor of fund;
b) developments and approvals of expense budget on remuneration to confidential manager, depositary, the registrar and the auditor of fund;
c) creation and approval of the prospectus of the issue of shares of fund;
d) preparation and approval of the main conditions of agreements with confidential manager, depositary, the registrar and the auditor of fund, for their changes, and also for signing of the relevant agreements.
2.1. Annual expenses of fund share on:
a) the limited expenses;
b) not limited expenses.
2.2. The annual limited expenses of fund provided by expense budget and actually performed cannot exceed the following restrictions at the same time:
a) 25 percent from the total actual annual earnings of fund gained in the form of dividends, percent, increases (umensheniye) in the capital and other income and
b) 2 percent from annual average market value of net assets of fund.
a) remuneration of confidential manager;
b) remuneration of depositary;
c) remuneration of the registrar;
d) remuneration of the auditor;
e) other limited expenses.
a) expenses on placement and share repurchase of fund;
b) operating expenses on purchase and sale of portfolio shares of fund;
c) expenses on convocation and holding general meeting of shareholders of fund;
d) remuneration of activities of members of council of fund and compensation for expenses of the powers of the member of council of fund connected with execution;
e) remuneration of activities of members of audit committee and compensation for expenses of the powers of the member of audit committee connected with execution;
f) other expenses on ensuring activities of council and audit committee of fund;
g) expenses of fund for fee of consultants in the field of the right and investments.
2.5. Expenses on fee on placement and share repurchase of fund are included expense budgets of fund if the decision on issue does not provide their total compensation at the expense of share purchasers of fund and/or shareholders.
2.6. The size of expenses is determined by placement and share repurchase of mutual or interval fund by the decision on share issue and shall not exceed the standard rate established by the Resolution of State commission on the security market No. 3/1 of 12.02.98 "About placement, the redemption and share acquisition by investment funds".
2.7. Expenses on conducting financial accounting, creation and submission of reports of fund join in the expense plan of fund and are reflected in the article "Remuneration to Confidential Manager".
3.1. All expenses of fund are reflected in the project of expense budget of fund.
3.3. The size of the limited expenses of fund provided by the estimate is established in total amount not exceeding restrictions specified in item 2.2. this provision, it is also determined according to the procedure, established in item 3.4. litas. a) - c) this provision.
3.4. The size of total amount of annual expenses of fund provided by the estimate is determined as follows:
a) 25 percent from the planned amount of real annual earnings of fund which can be received in the form of dividends, percent, increases (umensheniye) in the capital and other income are determined;
b) 2 percent from the annual average market value of net assets of fund planned for the current year are determined;
c) the minimum amount from calculations of a) and b) which is the planned size of the limited annual expenses of fund is determined;
d) to the amount determined according to calculations from c), the planned amount of not limited expenses is added.
3.5. The amount of remuneration provided by the estimate to confidential manager, depositary, the registrar and the auditor of fund is determined proceeding from the list of the services rendered to fund, their amount and cost, considering provisions of item 3.6. and 3.7. this provision.
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