Statement from the 25th Meeting of the Bank Board of Národná banka Slovenska
The 25th Meeting of the Bank Board of Národná banka Slovenska was held today (26 July 2011) and was chaired by Jozef Makúch, the NBS Governor.
The Bank Board discussed the Report on Economic Development in June 2011, which will be published in electronic form on the NBS website as the Monthly Bulletin of NBS.
The Bank Board discussed the document entitled Analysis of Convergence of the Slovak Economy. The aim of this analysis is to evaluate the progress Slovakia has made in converging to the EU average level, in the context of developments in other EU countries and candidate countries. The document will be published in full on the NBS website.
The Bank Board discussed and approved the draft Decree of Národná banka Slovenska laying down details of the information to be provided to unit-holders in the case of fund mergers.
This Decree lays down details about the information that is to be provided to unit-holders of merging and receiving undertakings for collective investment in transferable securities (UCITS) in order that they can make an informed decision about the effect of the proposed merger on their investments. The content of this information is stipulated in Section 21(2) of the Act. The Decree transposes Commission Directive 2010/44/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards certain provisions concerning fund mergers, master-feeder structures and notification procedure.
The Decree will enter into force on 15 August 2011.
The Bank Board discussed and approved the Decree of Národná banka Slovenska on the elements of an application for prior approval of Národná banka Slovenska pursuant to the Act on Collective Investment.
The purpose of this Decree is to bring the process of granting approval to asset management companies and UCITS in line with a new amendment Act. The Decree transposes Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) and Commission Directive 2010/44/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards certain provisions concerning fund mergers, master-feeder structures and notification procedure.
This Decree will enter into force on 15 August 2011.
The Bank Board discussed and approved the draft Decree of Národná banka Slovenska on the own funds of management companies.
The purpose of this Decree is to ensure the consistent and due transposition of Article 2(1)(l) of Directive 2009/65/EC of the European Parliament and of the Council, which refers to the definition of own funds in Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions. It therefore lays down a structure of own funds similar to that laid down in Decree No 4/2007 of Národná banka Slovenska of 13 March 2007 on banks’ own funds of financing and banks’ capital requirements and on investment firms’ own funds of financing and investment firms’ capital requirements (Notification No 121/2007 Coll.), as amended by Decree No 10/2007 (Notification No 420/2007 Coll.) as amended by Decree No 17/2008 (Notification No 443/2008 Coll.). However, certain own funds items are not eligible for the business of asset management companies.
The Decree will enter into force on 15 August 2011.
The Bank Board discussed and approved the draft Decree of Národná banka Slovenska on the elements of agreements entered into in a master-feeder UCITS structure and on the internal conduct of business rules of asset management companies that manage a master UCITS and feeder UCITS.
This Decree lays down the elements of agreements entered into between asset management companies managing a master UCITS and feeder UCITS, details about the internal conduct of business rules of management companies that manages a master UCITS and feeder UCITS, and the elements of agreements entered into between the depositary of a master UCITS and the depositary of a feeder UCITS and between the auditor of a master UCITS and the auditor of a feeder UCITS. The Decree transposes Directive 2010/44/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards certain provisions concerning fund mergers, master-feeder structures and notification procedure.
The Decree will enter into force on 15 August 2011.
Petra Pauerová
Spokesperson of the NBS
National Bank of Slovakia
Press and Editorial Section
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