Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Role of the auditor and depository bank in the process of the.

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Presentation transcript:

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Role of the auditor and depository bank in the process of the supervision over the investment funds assets valuation Mirosław Jeżowski

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Depositary – legal responsibilities The depositary’s responsibilities: o maintaining a register of the investment fund’s assets, including the assets registered in the appropriate accounts and kept by the depositary and other entities under other regulations or pursuant to agreements concluded by the depositary at the request of the fund; o ensuring that units are sold and redeemed, and investment certificates are issued, delivered and redeemed in compliance with the law and the investment fund’s statutory documents; o ensuring that agreements concerning the investment fund’s assets are settled without undue delay, and monitoring timely settlement of agreements with unitholders; o ensuring that the net asset value of the fund and the value of each unit is calculated in accordance with the law and the investment fund’s statutory documents; o ensuring that the investment fund’s income is used in accordance with the law and the investment fund’s statutory documents; o carrying out the investment fund’s instructions, unless they are in conflict with the law or the investment fund’s statutory documents.

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Depositary – legal responsibities monitoring timely settlement of agreements with unit-holders [area of the fund’s books- register of the unitholders] Accounting area ensuring that the NAV of the fund and the value of each unit is calculated in accordance with the law / statutory documents [area of the fund’s assets valuation] maintaining a register of the investment fund’s assets [area of the fund’s books]

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Depositary – legal responsibities Valuation area The fair-value models shall be agreed with the depositary of the fund.

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Depositary – legal responsibities Financial reporting area A depositary statement on the financial statement of the fund about the compliance between the financial statement and the funds register of the assets

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Auditor – legal responsibities Legal requirements audit of financial statement financial statement Investment fund audit requirement Auditor $ PFSA

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Auditor – legal responsibities Screening of the fund’s valuation models and methods [area of the fund’s asset valuation] Accounting area Information to PFSA about any breaches of the law [area of the supervision] Audit of the fund’s financial statements [area of the financial reporting]

Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX 8 Opened part