The President signed the Law of Ukraine “On Joint Investment Institutions” with changes in the creation and elimination of ISI

The new law provides a clear steps for creating corporate and mutual funds, as well as during the procedure of their liquidation, determines new asset classification taking into account their class, improves procedure for information disclosure about activities of Joint Investment Institutions (JII).

Major changes:

• There were implemented clear steps for JII creating and elimination.
• It was defined new classification of JII according to the class of assets (money market funds, funds of government securities, bond funds, stock funds, index funds, funds of precious metals).
• It was defined that mutual funds can only be registered and issued only in electronic form.
• Payment of securities of all JII must be exclusively in cash.
• There were introduced new requirements for information disclosure about the activities of JII by placing the information on the websites of their asset management companies.

All changes will take effect in one year after their publication.