of August 25, 2015 No. ZRU-392
About investment and share funds
Accepted by Legislative house on June 29, 2015
Approved by the Senate on August 6, 2015
The purpose of this Law is regulation of the relations in sphere of activity of investment and share funds.
The legislation on investment and share funds consists of this Law and other acts of the legislation.
If the international treaty of the Republic of Uzbekistan establishes other rules, than those which are stipulated by the legislation the Republic of Uzbekistan about investment and share funds then are applied rules of the international treaty.
The legal entity - the joint-stock company performing share issue for the purpose of attraction of money of investors and their attachment in investment assets is investment fund.
The investment fund performs the activities based on the license granted by authorized state body on regulation of the security market.
The investment fund can be the following type:
with the obligation of the redemption of the shares issued by it;
without obligation of the redemption of the shares issued by it.
The type of investment fund is specified in constituent documents of fund.
Share fund is set of money of two and more persons - the investors delivered by them in trust management for the purpose of implementation of investing activities.
The share fund can be the following type:
with the obligation of the redemption of the issued investment shares the trustee by fund;
without obligation of the redemption of the issued investment shares the trustee by fund.
The type of share fund is specified in the trust management agreement of share fund.
The share fund is not legal entity.
Investment share is the bank entry security confirming share of its owners in share fund.
The rights to investment share are confirmed by the account statement of depot of the owner of investment shares issued by Central Securities Depository.
Investment assets are securities, shares, money (including foreign currency), the deposits and the real estate constituting investment portfolio of investment or share fund.
Full name of investment or share fund shall contain the phrase "investment fund" or "share fund" respectively and cannot resemble the name of other investment and share funds. At the same time the name of share fund shall contain specifying on investment object (the share, the bond, the raw markets, high technologies and others).
Investment and share funds can have the abbreviated name.
Legal entities, not being the investment funds having no right to use in the name the phrase "investment fund".
The investment fund shall have the round stamp containing its full name in state language and specifying to the place of its stay. In seal its name in any other language can be at the same time specified.
The investment fund has the right to have stamps and forms with the name, own emblem.
The trustee in this Law is understood as the legal entity exercising trust management of investment funds and (or) share funds based on the trust management agreement.
The trustee is professional participant of the security market.
The trustee shall have equity (less the intangible assets invested in the authorized capital) in the amount of at least 5 percent of annual average cost of the investment assets managed by it.
In the limits provided by the trust management agreement, the trustee who accepted investment fund and (or) share fund in management performs the owner concerning their competence.
The rights and obligations of the trustee are determined by the legislation, the charter of investment fund, the trust management agreement and regulations of investment fund on executive body.
The trustee shall organize service of internal audit in the structure and procedure determined by its charter.
The trustee has no right to acquire shares of investment funds and investment shares of the share funds which are in its management.
The trustee bears responsibility to shareholders of investment fund and investment shares of share fund in the amount of the actual damage in case of violation of the law about investment and share funds.
According to the trust management agreement remuneration for the account of means of investment fund and (or) share fund is paid for rendering services to the trustee. The general size and features of payment of remuneration are determined by this agreement.
The trust management agreement is the agreement signed between the trustee and investment fund or between the trustee and investors of share fund, providing restrictions in case of trust management, procedure for remuneration and covering of expenses, the bases and conditions of cancellation of the agreement, responsibility of the parties and other provisions according to the legislation.
The trust management agreement of share fund is the agreement of accession.
Trust management is exercised according to the trust management agreement which consists the trustee's head:
with the chairman of the supervisory board of investment fund based on the decision of general shareholder meeting;
with investors of share fund by its signing and accession to it.
The conclusion of the trust management agreement of investment fund along with several trustees is not allowed.
The trust management agreement shall contain the investment declaration which is its integral part and imposing requirements to structure of investment assets.
The duration of the agreement of trust management of share fund shall not exceed five years. If owners of investment shares did not demand repayment of all investment shares belonging to them, the duration of the agreement can be extended by the decision of general meeting of owners of investment shares for one year.
The investment declaration shall contain:
purposes of creation and implementation of activities of investment or share fund;
the list of investment assets in which cash and other means of investment or share fund are invested;
description of investment risks;
information about structure of investment assets which the trustee shall support (ratio between securities of different types and issuers, and also between securities, money and other investment assets);
effective period of provisions of the investment declaration during which they are obligatory for observance by investment or share fund and the trustee;
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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