An important clarification from the NSSMC: what to consider as transactions with JII assets

The National Securities and Stock Market Commission has published an official interpretation of the term “transactions with JII assets”, which comes as a response to numerous inquiries from market participants.

The document aims to eliminate legal uncertainties faced by asset management companies and collective investment institutions in their daily practice.

What should be considered as transactions with JII assets?

These are actions involving property formed (paid for) with joint investment funds, which are carried out within the legislative framework with the aim of obtaining economic benefits or preserving assets. Such actions include both profitable and loss-making transactions, provided that they comply with the investment declaration, are economically justified, and are properly documented.

Examples of such transactions include:

• asset disposal (including replacement of parties in derivative contracts);
• conclusion of derivatives with premiums;
• receipt of penalties (fines, penalties);
• receipt of dividends, interest, insurance payments, advances;
• transfer of the assets for use (licenses, leases);
• transactions where income exceeds the value of the asset;
• revaluation of assets in accordance with the IFRS;
• agreements under which a JII receives more funds than it has spent.

Why is this important?

This clarification removes legal uncertainty and helps asset management companies and funds act with confidence, protecting the interests of investors.

The Resolution comes into force on the day following its publication on the official website of the Commission.