Infrastructure

In an effort to protect interest of investors the control system of movements of the Asset Management Company is maintained. Functions under the order, the account and storage of property of fund are distributed between the various companies.

Asset Management Company (AMC):

• Organizes the creation of mutual fund;
• Carries out confidential management and the order property of fund (purchase/sale of securities in a portfolio of fund);
• Provides the rights of investors, in due time executing their requirements about repayment of units;
• Conducts book keeping property of fund, spends estimation of cost of pure actives and calculation of cost of unit;
• Places advertisements of the fund and realizes marketing campaigns.

Specialized depositary:

• Takes stock of the property of fund, daily supervising and verifying data according to cost of pure assets of fund and cost of the unit with AMC;
• Carries out storage of property of fund and considers the rights to this property;
• Controls all operations with property of the fund accomplished by AMC.

Person, who is carrying out conducting of register (specialized registrar):

• Carries out conducting the register of investors of the fund;
• Registers operations, which are being made with investments units.

Auditor:

• Checks the correctness of conducting the account and the reporting of the AMC of the fund;

The independent appraiser (for the closed and interval funds):

• Evaluates that part of property of the part, which has no market-value.

Agent:

• Makes receiving of issuing applications, redemption and exchange of units of the fund;
• Gives information upon request of interested in people.

Brokers:

• Sell and buy securities according to instructions of AMC.

The State Stock Market and Securities Commission (SSMSC):

• Gives out licenses, adjusts and supervises activity of Asset Management Company, specialized depositary, the registrar, the independent appraiser;
• Register the Prospectus of the Fund.

Self-adjustable organizations:

• States obligatory rules for members and standards for Mutual Funds’ asset management;
• Controls these requirements’ performance;
• Develops curriculums according to SSMSC requirements.