Financial Supervision Authority imposed the guidelines "Requirements to contractual investment fund rules"
The Management Board of the Estonian Financial Supervision Authority (EFSA) imposed at its meeting on July 28 advisory guidelines to investment funds, titled "Requirements to contractual investment fund rules." The guidelines will enter into force on November 1, 2004. The guidelines specify the general requirements provided with the Investment Funds Act, define the nature and objective thereof.
"The objective of the guidelines is to offer fund management companies guidance regarding how to compile the rules, by ensuring that all contractual fund rules are providing an adequate and equal amount of information," commented Andre Nõmm on the necessity of the guidelines, head of the EFSA's investment and pension funds supervision department.
"Likewise, these guidelines serve as a reference for an investor who can now verify whether the fund management company provides him adequately with information that could be instrumental when deciding whether to buy or sell the shares of a particular contractual investment fund share," he added.
The FSA's advisory guidelines are available on the EFSA homepage www.fi.ee > Legislation > Guidelines of Financial Supervision Authority.
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