How it works bang
Work SIF based on the interaction of a number of independent structures, which increases its reliability. Mutual funds - it's all securities bought at the expense of its shareholders, and cash balances that have not yet used to buy securities. Securities and money is the Fund's portfolio. As an investor, you get the (share) of the portfolio, its cross-section, a miniature version. For example, buying a stock index fund that copies the RTS index, for the price you get a few shares of shares of 50 companies - more specifically the portion of shares, but all 50. This is not a legal entity, and the property complex. The Fund has no staff, office and administrative expenses, respectively, do not pay taxes (for the avoidance of double taxation).
Other structures serving the mutual fund, are legal entities and are responsible for their actions. Management Company (UK) - the main link in the service of the UIF. It organizes the creation of the mutual fund, records, produces and hosts his investment funds, decides on the purchase and sale of securities and other assets of the Fund, provides asset management mutual fund in accordance with the rules, registered in the Federal Financial Markets Service.CC is responsible for repayment to shareholders (at their market value). Agents - accept applications for the purchase and redemption by helping management company in their distribution.Specialized Registrar - shall maintain and keep the register of shareholders of the Fund. Specialized Depository - takes into account and keeps the fund's assets, estimates the value of assets of the Fund (UIF to open - on a daily basis, for the interval - a quarterly basis). Controls the legality of transactions with the fund.Can also serve as a registrar to keep the register of shareholders.Auditor - verifies the correctness of accounting and reporting management company. For interval and closed mutual funds that invest in real estate, binding link is also an appraiser. All of these organizations must have a license for the type of activity. Their activities in the highly regulated mutual funds more than 30 legislative acts.
Other structures serving the mutual fund, are legal entities and are responsible for their actions. Management Company (UK) - the main link in the service of the UIF. It organizes the creation of the mutual fund, records, produces and hosts his investment funds, decides on the purchase and sale of securities and other assets of the Fund, provides asset management mutual fund in accordance with the rules, registered in the Federal Financial Markets Service.CC is responsible for repayment to shareholders (at their market value). Agents - accept applications for the purchase and redemption by helping management company in their distribution.Specialized Registrar - shall maintain and keep the register of shareholders of the Fund. Specialized Depository - takes into account and keeps the fund's assets, estimates the value of assets of the Fund (UIF to open - on a daily basis, for the interval - a quarterly basis). Controls the legality of transactions with the fund.Can also serve as a registrar to keep the register of shareholders.Auditor - verifies the correctness of accounting and reporting management company. For interval and closed mutual funds that invest in real estate, binding link is also an appraiser. All of these organizations must have a license for the type of activity. Their activities in the highly regulated mutual funds more than 30 legislative acts.
In accordance with the provisions on disclosure and reportinginvestment fund management company and the SpecializedDepository rent monthly, quarterly and fiscal year reporting by the two organizations, thus creating a dual system of control,significantly reducing the risk of manipulation of accounting.
