In order to facilitate the work of participants in the capital markets, the NSSMC (National Securities and Stock Market Commission) clarifies changes to the proceeding of the CIF (corporate investment fund) founders meeting in accordance with the current legislation.

Key points to which the NSSMC draws attention:

– the legislation doesn’t prohibit the amendments to the adopted decision of the founders/sole founders, in particular, to change the name of the banking institution where the temporary account will be opened, as well as the date of the founding meeting of the CIF, subject to compliance with the requirements of part one of Article 10 of the Law;

– such amendments to the proceedings of the CIF founders’ meeting are approved by the proceedings of the CIF founders’ meeting and certified by the signatures of the fund founders. The proceeding is submitted in the documentation package for the registration of regulations and entry of information on the collective investment institution to the Unified State Register of CIF;

– such amendments to the decision of the CIF sole founder shall be approved by the decision of the sole participant of the fund, reduced to writing in the form of a decision and notarized. The decision is submitted in the documentation package for the registration of regulations and the entry of information – into the Register.

The NSSMC has prepared the clarifications for the purpose of interpreting the norms of Part 4 of Article 9 of the Law and Section 2 of the Regulation on the Procedure of Registration of the Corporate Investment Fund Prospectus and Share Issue (the NSSMC’s Decision №1104 dated 20.06.2013), which define the stages of CIF creation, as well as the list of relevant documents to be submitted as part of each stage.

The full text of the clarification can be found on the official website of the Regulator at the link.

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