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27.05.2020

Changes to the procedure of determining the net asset value of ICI  have entered into force.

The National Securities and Stock Market Commission (hereinafter NSSMC) announces that on May 26, 2020, changes to the Regulation on the Procedure of Determining the Net Assets Value of  Joint Investment Institutions (ICI)  entered into force.

The document gives definition of the signs that indicate a decrease in the usefulness of the asset, including securities that are part of the ICI assets, namely:

  • suspension of securities circulation, except in case of suspension of securities circulation in the course of the issuer’s corporate operations;
  • suspension of amendments to the depository accounting system on the basis of NSSMC Resolution , except in case of adopting such Resolution at the request of a legally authorized state body or its official;
  • ban on securities trading on the basis of the NSSMC Resolution;
  • non-fulfillment of obligations by the issuer of debt securities within the due date and terms established by the decision on issue / prospectus of securities, (non-payment of income on securities, non-repayment of securities, including non-payment of part or full nominal value of securities);
  • initiating bankruptcy proceedings against the issuer of securities or a business company (ICI debtor).

It is important that in case of the occurrence of the signs mentioned above concerning a certain asset of ICI, the asset management company should revalue such an asset.

Securities shall be devalued to zero within three working days from the date of publication of the relevant Resolution of the NSSMC.

“By these changes, we put an end to the question of how much are the fictitious securities the trading of which we have stopped.  The real value of many such assets from fund portfolios is zero.  It is necessary to recognize this and record it in the revaluation”, Oleksandr Panchenko, Commissioner of the NSSMC, commented.

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