Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Off-site supervision of the investment funds industry in Poland. Periodic financial reports. Bartłomiej Kurzeja

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Scope of presentation Forms of the financial information of the investment funds

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Financial information of the investment funds  Financial statements Forms of the financial information of the investment funds  Prospectuses  Current valuation of the units

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Financial statements of the investment funds  Financial statements of the individual investment funds/sub-funds Financial statements of the investment funds  Combined financial statements of the umbrella funds

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Financial statements of the investment funds Full financial statements  Annual financial statements  Semi-annual financial statements  Quarterly report of the fund being issuer  Annual financial statements  Semi-annual financial statements  Quarterly report of the fund being issuer Simplified financial statements  Quarterly report of the non-issuer fund

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX General rules applicable to full financial statements (1) Calendar year = investment fund accounting year (2) Financial statement shall be prepared in Polish language and in Polish zloty, (3) All financial information should be expressed in thousands of Polish zloty, with the exception of net asset value per unit or net asset value per certificate (4) There are exceptions to the rules (2) and (3): o fund invests at least 50% of the value of its assets in securities or money market instruments: acquired outside the Republic of Poland for such a foreign currency, or denominated in such a foreign currency. o articles of association of an umbrella fund may provide that sub-funds are denominated in various currencies,

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Financial statements of the individual investment funds/sub-funds Types of financial statements o Annual financial statements - subject to full audit, o Semi-annulal financial statements - subject to review by auditor, Scope of financial information is the same for annual and semi-annual financial statements: o Introduction, o Portfolio composition o Balance Sheet o Income Statement o Statement of changes in net assets o Cash flow statement o Notes to financial statement o Additional information Financial statement shall be supplemented by o Letter of management company to investment funds’ participants, o Declaration of the depositary

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Introduction to financial statement 1. Name of the fund, type of the fund, construction of the fund, register number, date of registration, 2. Name of the master / feeder fund, 3. Investment goal of the fund, investment limits, 4. Name, firm, address of the management investment company, 5. Financial period and the balance date, 6. Going concern, 7. Name of auditor, 8. Market of the investment certificates, 9. Names of the series of the investment certificates, 10. Categories of the units. 1. Name of the fund, type of the fund, construction of the fund, register number, date of registration, 2. Name of the master / feeder fund, 3. Investment goal of the fund, investment limits, 4. Name, firm, address of the management investment company, 5. Financial period and the balance date, 6. Going concern, 7. Name of auditor, 8. Market of the investment certificates, 9. Names of the series of the investment certificates, 10. Categories of the units.

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Portfolio 1. Main table of the portfolio

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Portfolio 2. Analytical tables of the portfolio

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Introduction to financial statement 1.Stocks 2.Warrants 3.Allotment certificates 4.Subscription rights 5.Depositary receipts 6.Mortgage bonds 7.Debt securities 8.Derivatives 9.Shares in limited liability companies 10.Units & certificates of demestic investment funds 11.Units in foreign investment funds and collective investment undertakings 12.Debt pools 13.Bills of exchange 14.Bank deposits 15.Currencies 16.Real estate 17.Sea vessels 18.Others 1.Stocks 2.Warrants 3.Allotment certificates 4.Subscription rights 5.Depositary receipts 6.Mortgage bonds 7.Debt securities 8.Derivatives 9.Shares in limited liability companies 10.Units & certificates of demestic investment funds 11.Units in foreign investment funds and collective investment undertakings 12.Debt pools 13.Bills of exchange 14.Bank deposits 15.Currencies 16.Real estate 17.Sea vessels 18.Others 2. Analytical tables of the portfolio

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Portfolio 3. Additional tables of the portfolio

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Balance sheet I. Assets 1. Cash and cash equivalents 2. Receivables 3. Repo 4. Investments quoted on the active market, including: - debt securities 5. Investments not quoted on the active market, including: - debt securities 6. Real estate 7. Other assets II. Liabilities III. Net asset value (I-II) IV. Capital of the fund 1. Paid-in capital 2.Paid-out capital V. Income in the fund 1.Acumulated income from investments 2.Acumulated gain (loss) from selling the investment VI. Increase (decrease) of the investments versus initial price VIII. Capital of the fund and accumulated operating net income (IV+V+/-VI) I. Assets 1. Cash and cash equivalents 2. Receivables 3. Repo 4. Investments quoted on the active market, including: - debt securities 5. Investments not quoted on the active market, including: - debt securities 6. Real estate 7. Other assets II. Liabilities III. Net asset value (I-II) IV. Capital of the fund 1. Paid-in capital 2.Paid-out capital V. Income in the fund 1.Acumulated income from investments 2.Acumulated gain (loss) from selling the investment VI. Increase (decrease) of the investments versus initial price VIII. Capital of the fund and accumulated operating net income (IV+V+/-VI)

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Income statement I. Income 1. Dividends 2. Interests 3. Income from real estates 4. Other II. Costs of the fund 1. Management fee 2. Distribution fee 3. Custodian fee 4. Other III. Costs refinanced by the management investment company IV. Net costs of the fund (II-III) V. Net income VI. Realized and unrealized gain (loss) 1. Realized gain (loss)from selling the assets 2. Growth (decline) of the unrealized gain (loss) VII. Net operating income Net operating income per unit / certificate I. Income 1. Dividends 2. Interests 3. Income from real estates 4. Other II. Costs of the fund 1. Management fee 2. Distribution fee 3. Custodian fee 4. Other III. Costs refinanced by the management investment company IV. Net costs of the fund (II-III) V. Net income VI. Realized and unrealized gain (loss) 1. Realized gain (loss)from selling the assets 2. Growth (decline) of the unrealized gain (loss) VII. Net operating income Net operating income per unit / certificate

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Statement of changes in net assets I. Change of net asset value 1. Net assets value from last reporting period 2. Net operational income 3. Change of net asset value caused by net operational income 4. Distribution of income of the fund 5. Change in capital 6. Change of net asset value (3-4+/-5) 7. Net assets value in current reporting period 8. Average net asset value in the current reporting period II. Change of the number of units / certificates 1. Change of the number of units / certificates in current reporting period 2. Change of the number of units / certificates since the beginning of the fund 3. Predicted of the number of units / certificates III. Change of net asset value per unit / certificate 1. Net assets value per unit / certificate from last reporting period 2. Net assets value per unit / certificate from at the end of the current reporting period 3. % Change of net assets value per unit / certificate from in current reporting period 4. Minimum net assets value per unit / certificate from in current reporting period 5. Maximum net assets value per unit / certificate from in current reporting period 6. Net assets value per unit / certificate from the last fund valuation in current reporting period 7. Diluted net assets value per certificate IV. % participation of the costs of the fund in the average net assets value 1. % participation of the management fees 2. % participation of the distribution fees 3. % participation of the custodian fees 4. % participation of the register of unit-holders maintenance fees 5. % participation of accounting fees 6. % participation of portfolio management fees I. Change of net asset value 1. Net assets value from last reporting period 2. Net operational income 3. Change of net asset value caused by net operational income 4. Distribution of income of the fund 5. Change in capital 6. Change of net asset value (3-4+/-5) 7. Net assets value in current reporting period 8. Average net asset value in the current reporting period II. Change of the number of units / certificates 1. Change of the number of units / certificates in current reporting period 2. Change of the number of units / certificates since the beginning of the fund 3. Predicted of the number of units / certificates III. Change of net asset value per unit / certificate 1. Net assets value per unit / certificate from last reporting period 2. Net assets value per unit / certificate from at the end of the current reporting period 3. % Change of net assets value per unit / certificate from in current reporting period 4. Minimum net assets value per unit / certificate from in current reporting period 5. Maximum net assets value per unit / certificate from in current reporting period 6. Net assets value per unit / certificate from the last fund valuation in current reporting period 7. Diluted net assets value per certificate IV. % participation of the costs of the fund in the average net assets value 1. % participation of the management fees 2. % participation of the distribution fees 3. % participation of the custodian fees 4. % participation of the register of unit-holders maintenance fees 5. % participation of accounting fees 6. % participation of portfolio management fees

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Cash flow statement A. Cash flow from operation activity 1. In-flows 2. Out-flows B. Cash flow from financial activity 1. In-flows 2. Out-flows C. Results of the changes of exchange rates of cash and cash equivalents D. Change of the cash (A+/-B) E. Cash and cash equivalents at the beginning of the reporting period F. Cash and cash equivalents at the end of the reporting period (E+/-D) A. Cash flow from operation activity 1. In-flows 2. Out-flows B. Cash flow from financial activity 1. In-flows 2. Out-flows C. Results of the changes of exchange rates of cash and cash equivalents D. Change of the cash (A+/-B) E. Cash and cash equivalents at the beginning of the reporting period F. Cash and cash equivalents at the end of the reporting period (E+/-D)

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Notes to the financial statement Note 1 Policy of accounting Note 2 Receivables Note 3 Liabilities Note 4 Cash and cash equivalents Note 5 Risks Note 6 Derivatives Note 7 Repo and reverse-repo Note 8 Credits and loans Note 9 Currency and differences in exchange rates Note 10 Income and distribution of income Note 11 Costs of the fund Note 12 Comparable data Note 1 Policy of accounting Note 2 Receivables Note 3 Liabilities Note 4 Cash and cash equivalents Note 5 Risks Note 6 Derivatives Note 7 Repo and reverse-repo Note 8 Credits and loans Note 9 Currency and differences in exchange rates Note 10 Income and distribution of income Note 11 Costs of the fund Note 12 Comparable data

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Additional information 1. Important events 2. Comparable data 3. Important mistakes and their correction 4. Innacurate valuation in the reporting period 5. Incorrect settlements in the reporting period 6. Going concern 7. Other important information 1. Important events 2. Comparable data 3. Important mistakes and their correction 4. Innacurate valuation in the reporting period 5. Incorrect settlements in the reporting period 6. Going concern 7. Other important information

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Scope of the combined financial statements of the investment funds Portfolio Balance Sheet Income statement Statement of changes in net assets Cash flow statement Portfolio Balance Sheet Income statement Statement of changes in net assets Cash flow statement Sub-fund Portfolio Balance Sheet Income statement Statement of changes in net assets Cash flow statement Portfolio Balance Sheet Income statement Statement of changes in net assets Cash flow statement Sub-fund 2 ========== Introduction Combined Portfolio Combined Balance Sheet Combined Income statement Combined Statement of changes in net assets Combined Cash flow statement Introduction Combined Portfolio Combined Balance Sheet Combined Income statement Combined Statement of changes in net assets Combined Cash flow statement Umbrella fund

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Scope of the simplified financial statements of the investment funds Name of the fund Portfolio Balance Sheet Income statement Name of the fund Portfolio Balance Sheet Income statement

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Scope of the simplified financial statements of the investment funds Prepared and sent on the basis of the Regulation of the Minister of Finance on periodic reports and current informations of investment funds and management companies reported to the PFSA Scope of simplified quarterly financial statement is narrower in comparison to full financial statements: o Name of the fund o Portfolio o Balance Sheet o Income statement

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Forms of supervision over the financial information PFSA own systems of supervision and analysis PFSA own systems of supervision and analysis Forms of the supervision CESR Standard no. 1

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Forms of supervision over the financial information 1.Formal supervision:  terms  scope of statements  investment policy 1.Formal supervision:  terms  scope of statements  investment policy PFSA own systems of supervision and analysis 2. Financial supervision:  analysis of the changes  analysis of the financial situation  analysis of the policy of accounting 2. Financial supervision:  analysis of the changes  analysis of the financial situation  analysis of the policy of accounting

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Formal supervision Terms Time, from the end of reporting period, to prepare and send to PFSA: 1. Annual financial statement – 4 months, 2. Semi-annual financial statement – 2 months, 3. Quarterly report – 35 days Scope of statements 1. Formal correctness of the statements 2. Integrity of the statements 3. Opinion of the auditor 4. Report of the auditor Investment policy 1. Analysis of the portfolio of the fund versus investment limits 2. Analysis of the portfolio of the fund versus statutory regulations 3. Analysis of the profile of the fund versus legal requiremets towards investments

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Financial supervision Analysis of the changes 1. Analysis of the changes in policy of showing the financial information 2. Analysis of the changes versus previous terms Analysis of the financial situation 1. Analysis of the earnings 2. Analysis of the risks 3. Analysis of the net asset value calculation Analysis of the policy of accounting 1. Analysis of the valuation methods

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX CESR Standard no. 1 (1) Source: Standard on financial information enforcement of standards on financial information in Europe Context and scope of the standard o creating efficient capital market and an actual level playing field within the Union Definition of enforcement o monitoring compliance of the financial information with the applicable reporting framework, o taking appropriate measures in case of infringements discovered in the course of enforcement. Enforcers o Competent independent administrative authorities, o Responsible for setting up and implementation of an appropriate due process of enforcement. Issuers and documents

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX CESR Standard no. 1 (2) Methods of enforcement o ex-post enforcement, o ex-ante approval, o models for selecting financial information for enforcement purposes. Actions o Materiality o Policy of actions Coordination in enforcement

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX 28 Opened part