It is registered
Ministry of Justice
Republic of Moldova
On March 26, 2015 No. 1033
of January 31, 2015 No. 5/14
About approval of the Regulations on procedure of payments of net asset value (equity) and net asset on one share or investment share of the organizations of collective investment into securities
Based on Art. 92 of the h. (4), Art. 98 of the h. (7), Art. 108 of the h. (2) the Law No. 171 of 11.07.2012 "About the capital market" (The official monitor of the Republic of Moldova, 2012, No. 193-197, the Art. 665) the National commission on the DECIDES: financial market
1. Approve Regulations on procedure of payments of net asset value (equity) and net asset on one share or investment share of the organizations of collective investment into securities according to appendix.
Chairman of the National commission on the financial market
to the Resolution of the National commission on the financial market of the Republic of Moldova of January 31, 2015 No. 5/14
This Provision is partial transposition of the Directive 2009/65/EU of the European Parliament and Council of July 13, 2009 about coordination 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/EC of the European Parliament and Council on organizational requirements, conflicts of interest, standards of behavior, 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 and Directives 2007/16/EU of the Commission of March 19, 2007 about application of the Directive 85/611/CEE of Council on coordination of acts of legal force and administrative acts about certain organizations of collective investment into securities (OKITsB) and in the part relating to explanation of certain concepts (the relevant text for SEE), published in the Official magazine of the European Union by L 79 of March 20, 2007.
1. This Provision determines procedure of payments of net asset value (equity) and net asset on one share or investment share of the organizations of collective investment into securities (further – OKITsB), and also the level of equity of investment company.
2. For cost determination of net asset of OKITsB the assets included in its portfolio are estimated according to requirements of this provision and are reflected in financial accounting of the relevant OKITsB according to the existing regulating documents in the field of financial accounting.
3. The concepts used in this Provision have the determinations provided by the Law on the capital market No. 171 of July 11, 2012 (further – the Law No. 171 of July 11, 2012). Also for the purposes of this provision the below-stated concepts have the following determinations:
financial instruments with the fixed income – the addressing tools which confirm the right of their owner to debt repayment by the issuer, and also the right to the income in coupon payment method fixed or established by the contract for certain date or since the date established at the time of issue according to the legislation and on the conditions characteristic of their release;
shares – the shares or investment shares issued by investment companies or, respectively, investment funds which take continuously place and redeemed;
fair value – the amount on which exchange of asset or payment of the obligation as a result of transaction between the informed, interested and independent parties can be performed.
4. Responsibility for determination of evaluation methods of assets belongs to administrative board of society of trust management of investments (further - ODUI) / the self-controlled investment company which shall be effective correctly, honesty and professionally and to approve the methods providing protection of interests of investors. The ODUI administrative board / the self-controlled investment company approves as well method of identification, the prevention and correction in the shortest possible time of the mistakes made in case of cost determination of net asset on one share or investment share, and in case of need – method of compensation of the losses suffered by owners of shares. One division within ODUI is allocated with function of assessment of portfolio on each managed OKITsB.
5. Evaluation methods join in the prospectus of the issue and in rules of fund / constituent documents of investment company.
6. ODUI / the self-controlled investment company shall support evaluation methods of assets of OKITsB at least for 12 months from the date of their approval by the ODUI administrative board / the self-controlled investment company. In case of modification of the evaluation methods specified in the prospectus and in rules of fund / constituent documents of investment company of the National commission on the financial market (further – the National commission) within three working days, the explanatory note containing the description of the motives which caused modification and method of influence of this change on interests of investors of OKITsB is submitted. The specified note is brought to the attention of investors by publication on the ODUI electronic page / the self-controlled investment company and the operator of the regulated market / multilateral trade system (in case of OKITsB admitted to trading).
7. The weekly report on net asset value on one share or the investment share of OKITsB provided to the National commission is followed by the appendix including the used evaluation methods for each ownership in portfolio which shall be certified by depositary of the relevant OKITsB.
8. Assessment of assets by use of evaluation methods according to International accounting standards is performed by the qualified specialist in the sphere of assessment registered in the Register of the authorized persons which is kept by the National commission, using the International accounting standards listed in the Resolution of the National commission No. 41/9 of August 22, 2014. "About application of Art. 23 of the Law No. 171 of July 11, 2012".
9. The financial instruments admitted to trading and (working days) traded for the last 30 trading days in the controlled market and/or within multilateral trade system of the Republic of Moldova, the member state of the European Union or the third state, are estimated according to following:
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