1 / 11

Chapter 9, 14 December 2010 Asset Management

Chapter 9, 14 December 2010 Asset Management. Implementation of directive 85/611/EEC. Due to Iceland´s obligations arising from the EEA agreement, the directive has been fully implemented into Icelandic legislation with the following acts and regulations:

beau-matthews
Download Presentation

Chapter 9, 14 December 2010 Asset Management

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Chapter 9, 14 December 2010 Asset Management

  2. Implementation of directive 85/611/EEC Due to Iceland´s obligations arising from the EEA agreement, the directive has been fully implemented into Icelandic legislation with the following acts and regulations: • Act No.30/2003 on Undertakings for Collective Investment in Transferable Securities (UCITS) and Investment Funds. • Act No. 161/2002 on Financial Undertakings. • Regulation No. 792/2003 on undertakings for collective investments in transferable securities (UCITS) and investment funds. • Act No. 87/1998 on Official Supervision of Financial Activities. • Other relevant legislation.

  3. Implementation of directive 88/220/EEC The directive has been fully implemented with the following legislation: • Act No. 30/2003 on Undertakings for Collective Investment in Transferable Securities (UCITS) and Investment Funds.

  4. Implementation of directive 2001/107/EC The directive was originally implemented with the following legislation: • Act No. 30/2003 on Undertakings for Collective Investment in Transferable Securities (UCITS) and Investment Funds. • Act No. 161/2002 on Financial Undertakings. • Regulation No. 792/2003 on undertakings for collective investments in transferable securities (UCITS) and investment funds. • Other relevant legislation.

  5. Implementation of directive 2001/108/EC The directive was originally implemented with the following legislation: • Act No.30/2003 on Undertakings for Collective Investment in Transferable Securities (UCITS) and Investment Funds. • Regulation No. 792/2003 on undertakings for collective investments in transferable securities (UCITS) and investment funds.

  6. Full implementation of directives 2001/107/EC and 2001/108/EC Following remarks from ESA, the following regulations and rules were amended in order to ensure the full implementation of the directives: • Regulation No. 924/2009 on changes of Regulation on UCITS and Investment Funds No. 792/2003. • Regulation No. 925/2009, on foreign management companies operating in Iceland, based on Art. 35 of Act on Financial Undertakings No. 161/2002. • The Financial Supervisory Authority´s Rules No. 1065/2009, amending rules No. 97/2004 on the financial statements of management companies of UCITS.

  7. Implementation of directive 2007/16/EC • The Directive has not been implemented yet. • The implementation will take place with a new Act on Undertakings for Collective Investment in Transferable Securities (UCITS-funds), Investment Funds and Professional Investor Funds, repealing the former act No. 30/2003, but the bill has been submitted to the Icelandic Parliament. • The new legislation will be further detailed by issuing a regulation, which has already been drafted.

  8. Implementation of directive 2009/65/EC and the directives and regulations implementing it • Has not been implemented yet, but the Ministry of Economic Affairs is aware of the fact that it has to be implemented in 2011 and will put emphasis on finishing the implementation as soon as possible. • No rules in the directive nor its implementing directives and regulations that could possibly create challenges in the transposition process.

  9. The situation of investment funds in Iceland How many UCITS funds have been authorised and how many non-UCITS funds? • 27 UCITS funds have been authorised, thereof 10 umbrella funds with 35 sub-funds. • 19 non-UCITS funds that are marketed to the public have been authorised, thereof 4 umbrella funds with 7 sub-funds.

  10. The situation of investment funds in Iceland Are UCITS listed in the stock exchange? • No UCITS funds are presently listed in the stock exchange. How many UCITS not authorised in Iceland market their units in Iceland? • 47 UCITS funds with 313 sub-funds that have not been authorised in Iceland market their units in Iceland.

  11. Implementation of rules on management company passport • According to Article 37 of Act No. 161/2002 on Financial Undertakings, UCITS management companies are allowed to provide services in another EEA member state, a member state of the European Free Trade Association or the Faeroe Islands without opening a branch. • Management companies are also allowed to commence activities in a state outside of the EEA, according to Article 38 of Act No. 161/2002, but they must notify the Financial Supervisory Authority in advance. • According to article 45 of Act 30/2003 on UCITS, an Icelandic UCITS is allowed to market its unit shares outside of Iceland provided that the UCITS notifies the Financial Supervisory Authority in Iceland and the supervisory authority in the country where marketing is planned.

More Related