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Scope
Article 1The present Law shall govern the following:
1) Organisation and management of open-ended investment funds (hereinafter: the open-ended funds);
2) Foundation and management of closed-end investment funds (hereinafter: the closed-end funds);
3) Foundation and management of private investment funds (hereinafter: the private funds);
4) Foundation, business and operation of investment fund management companies (hereinafter: the management companies);
5) Operations and duties of custodian banks, for the purposes of the present law;
6) Terms of reference of the Securities Commission (hereinafter: the Commission);
7) Other matters of importance for the investment fund domain.
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Meaning of Some Terms and Expressions
Article 2For the purposes of the present Law, the meaning of some terms and expressions shall be as follows:
1) Management company: a company whose main business activity is investment fund management, in accordance with the present Law;
2) Investment fund: a collective investment institution in the framework of which funds are collected and invested into various kinds of assets for the purpose of generating income and reducing the investment risks;
3) Custodian bank: a bank which keeps the account of an investment fund and performs other custodian services for that investment fund and insofar as the investment fund assets are concerned, acts only on instructions of a management company, which are in keeping with law and the investment fund prospectus;
4) Investment fund member and/or shareholder: an individual or a legal entity in whose name the investment units or shares of an investment fund are registered;
5) Investment unit: a proportionate accounting share in the total net assets of an investment fund;
6) Qualified share: direct or indirect share in a management company constituting at least 10% of the capital or voting rights or which allows exerting significant influence over management of the management company in which such share exists. The provisions on significant shares of the law governing the capital market shall apply to the determination of voting rights within the meaning of this provision;
7) Prospectus: the basic document of an investment fund which provides the prospective investors with full and clear information necessary for making an investment decision;
7a) Pathfinder prospectus: short document containing key information for investors clearly indicated as such in the pathfinder prospectus. Key information for investors must comprise relevant information on the most important characteristics of the fund, such as type of investment and potential risks, thereby enabling investors to make an informed decision on the proposed investment;
8) Board member is a director or a member of the board of directors within the meaning of the law governing companies;
9) Fond portfolio is comprised of assets that are invested by the investment fund in accordance with the provisions of this Law.
The terms: close links, financial instruments, securities, regulated market, multilateral trading facility (MTF), OTC market, clearing, settlement and insider information shall have those meanings as defined by the law governing the capital market.
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Prohibited Use of the Term “Investment Fund”
Article 3No legal entity or sole proprietor may use the term "investment fund" or any term derived from it in its business name and/or in the name of its product or service, unless they are using such terms under the provisions of the present Law.