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REGISTRATION OF AN ASSET MANAGEMENT COMPANY
Description
BMG has 10 years of experience in providing services for the creation and registration of an asset management company in Ukraine. BMG has successfully implemented more than 1000 projects, opened more than 100 financial institutions and received more than 300 licenses for financial activities.
BMG services for setting up an asset management company:
- Term of registration of an asset management company: 2-5 months
- Type of service: registration of an asset management company turnkey
- Guarantee: we guarantee the performance of services in full on time
- Payment method: according to the contract
- Cost of services: request a quote
- Experience since 2008
Already working with us:
Activities of the Asset Management Company
Joint investment activities - activities carried out in the interests of the participants (participant) of the joint investment institution and at the expense of the joint investment institution by investing joint investment funds in the assets of the joint investment institution.
Joint investment institution - a corporate or mutual investment fund.
A corporate investment fund is a legal entity that is formed in the form of a joint-stock company and carries out exclusively joint investment activities.
A unit investment fund is a set of assets owned by the participants of such a fund under the right of common shared ownership, are managed by the Asset Management Company and are accounted for by it separately from the results of its business activities. A mutual investment fund is not a legal entity.
Registration of an Asset Management Company
Asset management refers to financial services.
A financial institution has the right to provide financial services after being entered into the Register and obtaining a Certificate and after obtaining an appropriate asset management license.
An asset management company is created in the form of a joint-stock company or a limited liability company and operates in accordance with the requirements of the legislation of Ukraine, taking into account the specifics provided for by the Law of Ukraine “On Joint Investment Institutions”, “On Non-State Pension Provision”, and regulatory legal acts of the State the Securities and Stock Market Commission and the Commission for that matter.
The procedure for establishing an asset management company, plans to provide asset management services for joint investment institutions:
- Registration of a legal entity
- Bringing to the standards for obtaining an AMC license for asset management
- Membership in a self-regulatory organization (SRO)
- Obtaining a license for AMC for asset management
- Entry in the register of financial companies
- Registration with the State Financial Monitoring Service
Registration of the Asset Management Company and obtaining a license for the AMC for asset management takes place in order to manage joint investment institutions.
Regulation of the activities of the Asset Management Company
Joint investment activities are regulated by the state and a self-regulatory organization of professional stock market participants - an association of stock market participants who carry out professional activities in the stock market to manage the assets of institutional investors.
State regulation in the field of joint investment is carried out by the National Securities and Stock Market Commission.
Registration of joint investment institution
Procedure for registration of investment funds:
Registration of a joint investment institution is carried out by the Commission by entering information about the joint investment institution into the Register with the assignment of a registration code to such an institution.
The Register is maintained by the Commission.
The basis for entering information about the institution of joint investment in the Register is the regulation registered in the manner prescribed by the Commission.
Information from the Register is posted on the official website of the Commission in the manner and to the extent established by the Commission.
Conditions for establishing an Asset Management Company
Charter of the Asset Management Company
An asset management company, in the charter must indicate information about:
- Types of activities to be carried out by the AMC.
- Prohibition to combine asset management activities of institutional investors with other types of professional activities in the stock market, except as provided by law.
- Implementation of asset management activities for institutional investors, taking into account the restrictions provided for by the Law of Ukraine “On Joint Investment Institutions”, “On Non-State Pension Provision”.
- Creation of a reserve fund of the Asset Management Company.
- The authorized body that decides on the creation, liquidation of a unit investment fund, the issuance of investment certificates and other actions related to the implementation of asset management activities for institutional investors.
- A structural unit or a separate official for conducting internal audit (control), which, in accordance with the requirements of the Regulations on the specifics of the organization and conduct of internal audit (control) in financial institutions engaged in professional activities in the stock market.
Authorized capital of the Asset Management Company
The amount of the authorized capital of the Asset Management Company, paid in cash, must be at least UAH 7,000,000 on the day of submission of documents to the Commission for obtaining an AMC license.
Requirements for the participants of the Asset Management Company
The participants (shareholders) of the Asset Management Company cannot include individuals who have an outstanding or unexpunged conviction in accordance with the procedure established by law for crimes against property, in the field of economic activity and / or in the field of official activity and have directly or indirectly shares (shares) in the amount of 10 percent or more of the authorized capital of this company.
Information about the ownership structure and related persons of the Asset Management Company is transparent and complies with the requirements of the Licensing Conditions, if it discloses information about the system of relationships between legal entities and individuals in this legal entity, enables the Commission to identify all persons who have a significant participation in a professional participant in the stock market, including the relationship of control between them. The specified information of the applicant about the ownership structure and related persons of the applicant must be true, complete, contain information about all owners of the legal entity's significant participation and comply with the requirements of these License Conditions.
For a legal entity that is the ultimate owner of the applicant, the amount of own funds is considered sufficient if it is not less than the nominal value of the relevant share of the applicant.
For a legal entity - owner with a significant participation, which has direct ownership in the authorized capital of the applicant, the amount of own funds is sufficient if it exceeds the nominal value of its share in volume.
The financial (property) condition of an individual owner with a significant participation, who has direct ownership in the authorized capital of the applicant, must meet the requirements for the availability of own funds in an amount exceeding the nominal value of his share.
The financial (property) condition of an individual who is the ultimate owner of the applicant must meet the requirements for having own funds in an amount not less than the nominal value of the corresponding share of the applicant.
Requirements for the premises of the Asset Management Company
The total area of the premises for ensuring the implementation of professional activities in the stock market - asset management activities of institutional investors (asset management activities) by the company must be at least 30 square meters, and its separate structural unit - at least 20 square meters. respectively.
Requirements for participation in a self-regulatory organization (SRO)
An asset management company obtains an AMC license upon submission of a self-regulatory organization of professional participants in the stock market, which unites asset management companies that carry out asset management activities of institutional investors (asset management activities).
Requirements for the personnel of the Asset Management Company
When obtaining an AMC license to carry out professional activities in the stock market - asset management activities of institutional investors (asset management activities), an asset management company must have at least three certified specialists (including a manager) who carry out asset management activities, and for implementation of asset management activities for institutional investors by separate subdivisions - at least two certified specialists in each separate subdivision (including the head of a separate subdivision).
Requirements for the head of an asset management company
The head and certified specialists of the Asset Management Company (including the heads and certified specialists of its separate subdivisions), who manage the assets of institutional investors, cannot be officials certified by specialists in another professional participant in the stock market.
The head or acting head of a legal entity that manages the assets of institutional investors (except for a bank) must have at least three years of experience in the stock market, including at least one year of experience in senior positions in the stock market.
Requirements for the chief accountant of an asset management company
The chief accountant of a professional stock market participant must meet the following professional requirements:
- Have a complete higher education (specialist, master).
- Have a document on advanced training by training according to the standard program of professional training of accountants for professional participants in the stock market, approved by the decision of the National Commission on Securities and Stock Market, and attestation in the manner determined by the Regulations on the procedure for training and attestation of specialists in the stock market. In the absence of such a document, within three months after being hired for the position of chief accountant, undergo advanced training. Complete this refresher course at least once every three years.
- Not to have an outstanding or unexpunged conviction for crimes against property, in the field of economic and official activities, and also not to be deprived of the right to hold certain positions and engage in certain activities.
- Have at least two years of work experience as an accountant or chief accountant in a financial institution or at least five years in any other institution.
Classification of joint investment institution
Open, interval, closed type
The institution of joint investment, depending on the procedure for carrying out activities, can be of an open, interval and closed type.
A joint investment institution belongs to an open type if the institution (Asset Management Company) undertakes to carry out at any time, at the request of the participants in this institution, the repurchase of securities issued by such an institution (Asset Management Company).
A joint investment institution belongs to the interval type if the institution (Asset Management Company) undertakes to carry out, at the request of the participants in this institution, the repurchase of securities issued by such an institution (Asset Management Company) within the period (interval) specified in the prospectus.
A joint investment institution belongs to the closed type, if the institution (Asset Management Company) does not undertake obligations to buy back securities issued by such an institution (Asset Management Company) until its termination.
Urgent or indefinite
A term joint investment institution is created for a certain period of time, established in its regulations, after which the specified joint investment institution is terminated, if, in accordance with the provisions of paragraphs four or five and in compliance with the requirements of paragraphs six and seven of this part, a decision has not been made to extend the period of operation of such institution of joint investment.
A joint investment institution of a closed type can only be urgent. The period of operation of a fixed-term corporate fund may be extended by decision of the general meeting of fund participants.
The period of operation of a fixed-term fund may be extended by decision of the Company's body for managing the assets of the fund, authorized to amend its regulations.
In the event of an extension of the period of operation of a term joint investment institution, the securities of such an institution must be redeemed from its participants, who, within three months from the date of the adoption of the said decision, submitted a written application for the redemption of securities from them, and from a participant in a corporate investment fund - also on condition that this participant did not vote for the adoption of the corresponding decision. Such redemption is carried out at the estimated cost as of the day the decision was made to extend the term of the term joint investment institution, and the number of securities redeemed from the participant cannot exceed the number of securities of which he was the owner on the day the said decision was made. The procedure for the mandatory redemption of securities of a joint investment institution is established by the Commission.
The period for which the activity of a fixed-term joint investment institution is extended cannot exceed the period of operation of such a joint investment institution, provided for by its regulations on the day of registration of this regulation. The number of decisions to extend the term of a term joint investment institution is not limited.
A perpetual institution of joint investment is created for an indefinite period.
Diversified, non-diversified, specialized or qualifying type
A joint investment institution is considered diversified if it simultaneously meets the following requirements:
- The total value of securities of one issuer in the assets of a joint investment institution does not exceed 10 percent of the total volume of securities of the corresponding issue of securities of such an issuer.
- The total value of securities constituting the assets of a joint investment institution in an amount exceeding 5 percent of the total volume of the issue of securities, at the time of their acquisition, does not exceed 40 percent of the net asset value.
- At least 70 percent of the total assets of a joint investment institution are funds, including those held in bank deposit accounts, savings (deposit) certificates, bank metals, enterprise bonds and local loan bonds, government securities, as well as securities admitted to trading on stock exchange.
A joint investment institution is considered specialized if it invests assets exclusively in certain assets by law.
Specialized joint investment institutions include investment funds of the following classes:
- Money market funds.
- Government securities funds.
- Bond funds.
- Equity funds.
- index funds.
- Funds of banking metals.
A co-investment institution is considered to qualify if it invests assets exclusively in one of the qualifying asset classes and funds, and does not have any asset structure requirements.
The qualifying asset classes include:
- Consolidated class of securities.
- Property class.
- Rental asset class.
- Class of credit assets.
- Class of exchange-traded commodity assets.
- Other asset classes may be introduced by the Commission and classified as qualifying.
Venture investment fund
A non-diversified joint investment institution of a closed type, which carries out exclusively private placement of securities of a joint investment institution among legal entities and individuals, is a venture fund.
An individual may be a participant in a venture fund, subject to the acquisition of securities of such a fund in an amount, at a nominal value of these securities, equal to at least 1,500 minimum wages in the monthly amount established by law as of January 1, 2014.
The assets of a venture capital fund may include debt obligations. Such obligations may be formalized by promissory notes, pledges, contracts for the assignment of rights of claim, loans, and in any other way not prohibited by law.
The venture fund has the right to lend funds. Loans at the expense of venture fund funds can only be provided to legal entities, provided that at least 10 percent of the authorized capital of the relevant legal entity belongs to such venture fund.
It is prohibited to convert the securities of venture joint investment institutions into securities of any joint investment institutions, as well as the conversion of securities of joint investment institutions into securities of venture joint investment institutions.
The assets of a venture capital fund may consist entirely of funds, real estate, corporate rights, claims and securities not admitted to trading on the stock exchange.
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REGULATIONS REGULATING ACTIVITIES
Legal Framework
01. Law of Ukraine: On joint investment institutions
02. Licensing conditions: Producing professional activities in the stock market (securities market) – asset management activities of institutional investors (asset management activities)
03. Professional requirements: For chief accountants of professional participants in the securities market
PROCEDURE FOR CREATING AN ASSET MANAGEMENT COMPANY
Stages of establishing an Asset Management Company
01. Company registration
Preparation of statutory documents, coordination of the position of director, registration of a legal entity
02. Bringing to the standards
Formation of the authorized capital, staff training, audit, development of rules and regulations
03. Participation in SRO
Preparation of a package of documents for participation in the SRO, obtaining recommendations from other participants, participation in the SRO
04. AMC license
Development of rules and contracts, audit, preparation of documents for a license, filing for a commission, issuance of an AMC license
WHAT CONDITIONS SHOULD BE PERFORMED
Requirements for setting up an Asset Management Company
ORGANIZATIONAL AND LEGAL AMC
AMC CHARTER
- Activities to be carried out by the applicant
- Prohibition to combine asset management activities of institutional investors with other types of professional activities in the stock market, except as provided by law
- Implementation of asset management activities for institutional investors, taking into account the restrictions provided for by the Law of Ukraine “On Joint Investment Institutions”, “On Non-State Pension Provision”
- Creation of a reserve fund for an asset management company
- The authorized body that decides on the creation, liquidation of a unit investment fund, the issuance of investment certificates and other actions related to the implementation of asset management activities for institutional investors
- A structural unit or a separate official for conducting internal audit (control), which, in accordance with the requirements of the Regulations on the specifics of the organization and conduct of internal audit (control) in financial institutions engaged in professional activities in the stock market
AUTHORIZED CAPITAL OF AMC
REQUIREMENTS FOR AMC FOUNDERS
Information about the ownership structure and related persons of an asset management company is transparent and complies with the requirements of the Licensing Conditions, if it discloses information about the system of relationships between legal entities and individuals in this legal entity, enables the Commission to identify all persons who have a significant participation in a professional participant in the stock market, including the relationship of control between them. The specified information of the applicant about the ownership structure and related persons of the applicant must be true, complete, contain information about all owners of the legal entity’s significant participation and comply with the requirements of these License Conditions.
For a legal entity – owner with a significant participation, which has direct ownership in the authorized capital of the applicant, the amount of own funds is sufficient if it exceeds the nominal value of its share in volume.
For a legal entity that is the ultimate owner of the applicant, the amount of own funds is considered sufficient if it is not less than the nominal value of the relevant share of the applicant.
The financial (property) condition of an individual owner with a significant participation, who has direct ownership in the authorized capital of the applicant, must meet the requirements for the availability of own funds in an amount exceeding the nominal value of his share.
The financial (property) condition of an individual who is the ultimate owner of the applicant must meet the requirements for having own funds in an amount not less than the nominal value of the corresponding share of the applicant.
ROOM AMC
The total area of the premises for ensuring the implementation of professional activities in the stock market – asset management activities of institutional investors (asset management activities) by the licensee must be at least 30 square meters, and its separate structural unit – at least 20 square meters. respectively.
УЧАСТИЕ В СРО КУА
AMC STAFF
HEAD OF AMC
The head or acting head of a legal entity that manages the assets of institutional investors (except for a bank) must have at least three years of experience in the stock market, including at least one year of experience in senior positions in the stock market.
CHIEF ACCOUNTANT AMC
- Have a complete higher education (specialist, master)
- Have a document on advanced training through training according to the standard program of professional training of accountants for professional participants in the stock market, approved by the decision of the National Commission on Securities and the Stock Market, and attestation in the manner determined by the Regulations on the procedure for training and attestation of specialists in the stock market. In the absence of such a document, within three months after being hired for the position of chief accountant, undergo advanced training. Attend this refresher course at least once every three years
- Not to have an outstanding or unexpunged conviction for crimes against property, in the field of economic and official activities, and also not to be deprived of the right to hold certain positions and engage in certain activities
- Have at least two years of work experience as an accountant or chief accountant in a financial institution or at least five years in any other institution
WHAT YOU NEED TO GET STARTED
- Data about Founders and ultimate beneficiaries.
- Data about the Premises (the physical address where the company will be located).
- Information about the Head, Chief Accountant, Responsible for financial monitoring (may be the person of the Director / Chief Accountant): passport, code, diploma, work book.
- Data about AMC personnel.
- Planned name of the Company.
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02. Work scheme
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We know that the result is important for you, not the process. More than 10 years of work in the market, more than 1000 successfully implemented projects, we know how to get the desired result on time
Experience
More than 10 years of experience, more than 1000 successful projects throughout Ukraine
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We have practitioners with over 5 years of experience.
Warranty
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