Investment Funds
Shares, investment shares and units of mutual funds issued by qualified investors funds (as defined in the Article 272 and following of the Act No. 240/2013 Coll., on Investment Companies and Investment Funds – ZISIF) or similar investment instruments issued under foreign laws can be admitted to trading on the Regulated Market of the Exchange.
Who are the securities issued by qualified investors funds for?
Securities issued by qualified investors funds are the securities that can be purchased and traded only by qualified investors that fulfil the conditions set by the law.
Every investor interested in the purchase of such investment instruments has to fulfil the definition characters of a qualified investor as defined in Art. 272 (1) ZISIF, it means to be:
- a person referred to in Section 2a (1) (a) to (p) of an Act regulating business activities on the capital market,
- a person referred to in Section 2a (2) of an Act regulating business activities on the capital market,
- a manager or a comparable foreign person on the account of an investment fund of a foreign investment fund which it manages,
- a pension company on the account of a subscriber’s fund, a pension fund or a transformed fund, which it manages,
- a person engaged in activities under § 2 (b),
- a legal person subject to a central administrative body,
- a person who according to an act regulating business activities on the capital market or according to the laws of another member state is considered in relation to investments in a particular qualified investors fund to be a client, who is a professional client,
- a person which is a unitholder, a founder or a shareholder of another qualified investors fund or other foreign investment fund, which is managed by the same manager as this fund and whose administration is performed by the same administrator as the administration of this fund, the amount of paid-up contribution or paid up investment in these other funds, as well as the property managed according to § 11 (1) (c), if managed by the same manager as this fund, corresponds in total to the amount of at least EUR 125 000, and who has made a declaration about being aware of the risks connected with the investments in this qualified investors fund,
- or a person who has made a declaration about being aware of the risks involved in the investment in this qualified investor fund and whose amount of paid-up contribution or paid-up investment in these other funds corresponds in total to the amount of at least:
- EUR 125,000, or
- CZK 1,000,000, if the administrator of this qualified investor fund, or a person authorized by him, certifies in writing that based on the information obtained from an investing person, similarly to the situations when providing investment services as stated in the Section 4 (2) (d) or (e) of the Act regulationg business activities on the capital market, reasonably considers that such investment is appropriate to the investing person's financial background, investment objectives and expertise in the field of investments.
Alternatively, an investor has to comply with the rules set by relevant foreign laws applicable with respect to the country where an issuer has its registered seat.
The Prague Stock Exchange as a regulated market organizer is not responsible for the supervision of compliance with the rule that such securities can be purchased by qualified investors only. This is a responsibility of PSE trading members that would decide, among investment services provide, to offer to investors opportunity to purchase such investment instruments.
PSE trading members offering the purchase of investment instruments for qualified investors has a duty to ensure that purchase of such investment instruments is made in compliance with the relevant laws of the Czech Republic or in compliance with the relevant foreign laws. Furthermore, they have a duty to ensure that all conditions related to such a purchase are fulfilled, especially but not solely that the declaration stated in the Art. 272 (1) (i) ZISIF is signed.
The Prague Stock needs to draw the attention of the owners of securities issued by qualified investors funds to the fact that, in accordance with the Article 272 of ZISIF, they should not dispose these securities to other persons that stated in the Article 272 (1) ZISIF even out of the Regulated market.
How can be securities issued by qualified investors funds identified?
Investment funds designated solely for qualified investors are in the exchange systems identified in the following way:
- XETRA trading system: Market segment PRX - Qualified investors funds
- CSD Prague data interface (services 40994, 40306, 40310): Listing group X - Shares and units of qualified investors funds
- PSE website
