Zpět na aktuality
30. dubna 2020

Amendment to the Investment Companies and Investment Funds Act

Effective as of 1 May 2020, there will be several changes to the Investment Companies and Investment Funds Act of  significance to qualified investor funds. In AMISTA IS’s opinion, one fundamental new aspect is the possibility of creating the role of promoter for an investment fund. In particular, a promoter has the right to decide  who the investment fund’s manager, administrator and  depositary will be. We expect to see wide practical use of promoters especially among  mutual funds, which have so far lacked a concept similar to the founders of SICAV-type investment funds, who take decisions from  a position as the investment fund’s supreme body. Depositaries are no longer obliged to check that the manager’s orders are consistent with the prospectus. This makes it certain that the depositaries will be running checks on orders ex post, by default. This should help to speed up the execution of investment fund transactions. According to the law, voting rights are not normally attached to the investment shares of SICAVs.