2. Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Non-UCITS funds industry in Poland Mirosław Jeżowski

3. Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Classes of non-UCITS funds in Poland

4. Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Funds of funds A specialised open-end investment fund may: o invest its assets in units of other open-end investment funds, units of foreign funds, or units of collective investment undertakings registered abroad – additional conditions; o invest more than 20% but not more than 50% of its assets in units of a single open- end investment fund, foreign fund, or collective investment undertaking referred to in Art. 101.1, provided that the fund’s statutory document so stipulate and specify such fund or such collective investment undertaking; If its statutory document so provide, a specialised open-end investment fund may: o invest up to 100% of its assets in units of a single open-end investment fund, foreign fund, or collective investment undertaking provided that the statutory document specify such fund or collective investment undertaking; define the principles underlying the investment policy of such fund or collective investment undertaking and specify the rates of management fees charged by the management company of the open-end investment fund, foreign fund or collective investment undertaking.

5. Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Funds of funds A closed-end investment fund: o hall not invest more than 50% of the value of its assets in units or investment certificates of a single investment fund or in units in a single collective investment undertaking registered abroad. If a fund’s statutory documents so stipulate, a closed-end investment fund may: o invest up to 100% of the value of its assets in units or investment certificates of a single investment fund or in units in a single collective investment undertaking registered abroad, on condition that the statutory documents specify such fund or collective investment undertaking; define the principles underlying the investment policy of such fund or collective investment undertaking and specify the rates of management fees charged by the management company of the investment fund or collective investment undertaking registered abroad.

6. Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Portfolio funds A closed-ended investment fund may be created as a portfolio fund which issues public investment certificates in a continuous manner; A portfolio fund may not be created as an umbrella fund; The PFSA authorisation to create a portfolio fund shall be tantamount to the PFSA’s approval of the fund’s prospectus covering the fund’s investment certificates of the first and subsequent issues, provided that the fund has been entered into the register of investment funds; A portfolio fund shall be obliged to submit, within seven days of the fund being entered in the register of investment funds, an application for admission of its investment certificates to trading on a regulated market, and such admission shall cover the fund’s investment certificates of the first and subsequent issues.

7. Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Portfolio funds The statutory document of a portfolio fund shall define detailed terms and conditions of investment certificates issues, and in particular the method of determining the issue price and the terms and conditions of redemption of the investment certificates; Investment certificates of a portfolio fund may be issued as a result of contribution to the fund, on the terms specified in the statutory document, of a securities portfolio corresponding to the fund’s investment certificate or its multiple, or a portfolio of units in collective investment undertakings registered abroad corresponding to the fund’s investment certificate or its multiple, or cash, if the articles of association so provide; Investment certificates of a portfolio fund may be redeemed by transfer, at the request of the unit-holder, of the ownership of a securities portfolio corresponding to the fund’s investment certificate, or a portfolio of units in collective investment undertakings registered abroad corresponding to the fund’s investment certificate, and cash, in the proportion specified in the statutory document, if the statutory document so provide.

8. Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Portfolio funds If the statutory documents of a portfolio fund stipulate that one investment certificate of the fund represents a specific securities portfolio, a unit-holder may personally vote at the general shareholders meeting of the issuer of the securities comprising the portfolio; The fund shall not instruct the unit-holder as to how to exercise the voting rights.

9. Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Portfolio funds The rules governing the structure and composition of the investment portfolio shall be defined in the fund’s statutory document. The fund’s investment portfolio shall: o be based on the composition of a basket of securities on the basis of which the value of an index of a regulated market is determined (index portfolio), or o be a portfolio whose composition is defined in the fund’s statutory document and is not based on an index (base portfolio). A change in the composition of the fund’s investment portfolio is permissible only in the following circumstances: o a change in the structure or composition of the securities portfolio underlying the index portfolio; o a transformation, merger, demerger or another similar event involving the issuer of the securities comprising the base portfolio, or a split, exchange, change in the par value, or another change in the terms and conditions of the issue of such securities, or a similar event which causes a change in the value of or the rights attached to the securities comprising the base portfolio; o other

10. Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Private equity funds A closed-end investment fund or a specialised open-end investment fund which applies the principles and investment limits of a closed-end fund may be created as a private equity fund that invests 80% or more of its assets in assets other than: o securities offered in a public offering or admitted to trading on a regulated market, unless such offering or admission takes place after acquisition of the securities by the fund; o money market instruments, unless they have been issued by a private company the shares of which are held in the fund’s investment portfolio. The period for the portfolio construction is 36 months. Investment limits when the time remaining to the date of the commencement of the liquidation of the fund as specified in the fund’s statutory documents is 36 months or less.

11. Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Private equity funds The statutory documents of a private equity fund may provide for distributions to unitholders of the proceeds from the sale of the fund’s investments, reduced by the operating expenses of the fund relating directly to the sold investments and the part of the operating expenses attributable to such investments established pro rata to their value in relation to the value of the fund’s investment portfolio. The fund’s statutory documents may stipulate that the redemption price of investment certificates may be equal to the fund’s net asset value per investment certificate based on a valuation performed on the day specified in the articles of association, provided that the articles of association contain provisions which protect the interests of the fund’s creditors in case the fund incurs new liabilities prior to the redemption date of the investment certificates and the interests of unit- holders who have not made redemption requests. The management company shall not be obliged to repay more than 5% of the total value of the fund’s liabilities which arise between the day on which the fund’s assets are valued, as specified in the fund’s statutory documents, and the day on which the certificates are redeemed

12. Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Securitisation funds A closed-end investment fund may be created as a securitisation fund which issues investment certificates in order to accumulate funds for the acquisition of debt, includingdebt financed with public funds, as defined in separate regulations, or of the rights to income from specific debts. A securitisation fund may be created as: o a standard securitisation fund; o a non-standard securitisation fund. A securitisation fund shall be obliged and shall have the exclusive right to use the following designation in its name: o standard securitisation fund o a non-standard securitisation fund

13. Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Securitisation funds An agreement on the transfer to the fund of the all income received by the originator or by the beneficiary under the securitised debt from a specific debt pool or specific debts (a sub-participation agreement) shall include the obligation of such originator or beneficiary to transfer the following to the fund: o the total benefits received on account of the securitised debt; o the principal of the securitised debt; o the received on account of realised collateral for the securitised debt – in the event that the originator’s or the beneficiary’s claims are satisfied through enforcement against the collateral. A sub-participation agreement shall not provide for any deferred payments or payments by instalments for the debt covered by the agreement.

14. Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Securitisation funds Standard securitisation fund Non-standard securitisation fund

15. Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Standard securitisation funds shall be created as an umbrella fund; shall not issue further certificates connected with a given sub-fund; shall be obliged to invest at least 75% of the asset value of a given sub-fund in one debt pool or in the rights to all income received by the originator from one debt pool; if the statutory document so stipulate, the fund may invest at least 75% of the asset value of a given sub-fund in more than one debt pool or in the rights to all income received from more than one debt pool – additional conditions.

16. Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Non-standard securitisation funds may be created also as an umbrella fund; shall be obliged to invest at least 75% of the asset value in: specific debts, securities incorporating monetary claims, rights to income from specific claims; Only the following entities may be unit-holders: o legal entities; o organisational units without legal personality, o [a fund’s statutory document may stipulate that natural persons may become unitholders but in such case the issue price pecertificate shall not be lower than the equivalent of EUR 40,000].

17. Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Close-end umbrella fund a unit-holders’ rights to invest in a given sub-fund shall be incorporated in investment certificates specified in the articles of association (certificates connected with a given sub-fund); bearer investment certificates connected with a given sub-fund shall confer identical property rights; the fund’s articles of association shall define the rules for creation of sub-funds, including the name or other designation and the number of sub-funds, the minimum and maximum number of investment certificates connected with a given sub-fund, and unit-holders’ rights attached to the certificates.

18. Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Close-end umbrella fund the issue price of investment certificates issued in connection with an existing subfund shall not be lower than a given sub-fund’s net asset value per investment certificate connected with such sub-fund, based on a valuation of the sub-fund’s assets performed seven days prior to the opening of subscription for the certificates, unless the fund’s articles of association specify the maximum difference between the net asset value per investment certificate connected with a given sub- fund based on such valuation and the issue price of a certificate of a subsequent issue; the redemption price of an investment certificate connected with a given sub-fund shall equal the sub-fund’s net asset value per investment certificate connected with such sub-fund, based on the valuation of the sub-fund’s assets performed on the redemption date;

19. Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Directive on Alternative Investment Fund Managers G20 leaders conclusion – „A secure and stable financial system requires that all significant financial market actors are subject to appropriate regulation and supervision.” AIFM as significant actors in the European financial system: o managers of a large quantity of assets; o account for a significant proportion of trading activity in financial markets; o constitute an important source of counterparty risk; o build-up of leverage in the financial system; Need for monitoring and control.

20. Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX Directive on Alternative Investment Fund Managers ‘single market framework’ for AIFMD sector (single authorisation in EU); extension of the passport to the marketing of non-EU funds, managed both by EU AIFM and AIFM based outside the EU; a limit on the leverage used by AIFM; information to competent authorities about use of leverage - information will be shared with the European Systemic Risk Board; Role of ESMA

21. Ukraine (nr 46514): Expert Mission on Supervision of Investment Funds` Activities - TAIEX 20 Opened part