Legislation - collective investment

Slovak legal acts:

• Act on Collective Investment  
• Methodological Guideline NBS No. 5/2023 on unauthorized business in the field of collective investments
• NBS Decree No. 5/2011 on details concerning information to be provided to unitholders in respect of a merger of funds
• NBS Decree No. 6/2011 on the elements of applications for prior approval from NBS made under the Act on Collective Investments (changed by NBS Decree No. 1/2014, NBS Decree No. 5/2019)
• NBS Decree No. 7/2011 on the own funds of management companies
• NBS Decree No. 8/2011 on the content of the agreement and of the internal conduct of business rules in case of the master fund and feeder fund
• NBS Decree No. 9/2011 on liquid financial assets, transferable securities, money market instruments embedding derivatives and about index-replicating common funds
• NBS Decree No. 10/2011 on criteria, limits and restrictions for short-term MMF and MMF
• NBS Decree No. 11/2011 on risks and the risk management system, risk measurement and the calculation of global exposure and counterparty risk (changed by NBS Decree No. 7/2015)
• NBS Decree No. 13/2011 on the method of determining the value of assets in funds
• NBS Decree No. 5/2012 on the content of the statute of funds
• NBS Decree No. 13/2014 on the submitting of statements, reports and other disclosures by investment firms for the supervision purposes (changed by NBS Decree No. 2/2015)
• NBS Decree No. 1/2015 on the submission of information by AIF managers for supervision purposes and monitoring of systemic risk (changed by NBS Decree No. 7/2016)
• NBS Decree No. 11/2018 on reporting by management companies, self-managed investment funds and depositories for the purposes of financial market supervision
• NBS Decree No. 2/2020 on conditions for granting an authorization for establishment and management of funds
• NBS Decree No. 5/2021 on fees for acts performed by National Bank of Slovakia

Other generally binding legal regulations and methodological guidelines, recommendations, opinions, questions and answers are listed in the section National legislation, field of regulation Collective investment.

EU Legal Acts

UCITS

• UCITS Directive – Directive on undertakings for collective investment in transferable securities (UCITS)
• Commission Delegated Directive (EU) 2021/1270 – amending UCITS directive as regards the sustainability risks and sustainability factors to be taken into account for UCITS
• Commission Delegated Directive (EU) 2016/438 – on obligations of depositaries
• Commission Delegated Directive 2010/43/EÚ – as regards organizational requirements, conflicts of interest, conduct of business, risk management and content of the agreement between a depositary and a management company
• Commission Delegated Directive (EU) 584/2010 – as regards the form and content of the standard notification letter and UCITS attestation, the use of electronic communication between competent authorities for the purpose of notification, and procedures for on-the-spot verifications and investigations and the exchange of information between competent authorities
• Commission Delegated Directive (EU) 583/2010 – on key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website
• Guidelines on liquidity stress testing in UCITS and AIFs
• ESMA Guidelines on sound remuneration policies under the UCITS Directive
• ESMA Guidelines on ETFs and other UCITS issues
• ESMA Guidelines on risk measurement and the calculation of global exposure for certain types of structured UCITS

AIFMD

• AIFMD – Directive on alternative investment fund managers
• RTS (EU) 2021/1255 – on the sustainability risks and sustainability factors to be taken into account by Alternative Investment Fund Managers
• ITS (EU) 448/2013 – on the procedure for determining the Member State of reference of a non-EU AIFM under AIFMD
• Commission Delegated Regulation (EU) 231/2013 – on exemptions, general operating conditions, depositaries, leverage, transparency and supervision under AIFMD
• ITS (EU) 447/2013 – establishing the procedure for AIFMs which choose to opt in AIFMD
• ESMA Guidelines on key concepts of the AIFMD
• ESMA Guidelines on reporting obligations under Articles 3(3)(d) and 24(1),(2) and (4) of the AIFMD
• ESMA Guidelines on the model MoU concerning consultation, cooperation and the exchange of information related to the supervision of AIFMD entities
• ESMA Guidelines on sound remuneration policies from 2013 and from 2016 under AIFMD
• ESMA Guidelines on Article 25 of AIFMD
• ESMA Guidelines on liquidity stress testing in UCITS and AIFs
• ESMA Guidelines on performance fees in UCITS and certain types of AIF  

CBDF

• CBDF Directive – Directive on cross-border distribution of collective investment undertakings
• Regulation CBDF – Regulation on facilitating cross-border distribution of collective investment undertakings
• ITS (EU) 2021/955 – forms, templates, procedures and technical arrangements for the publications and notifications of marketing rules, fees and charges, and specifying the information to be communicated for the creation and maintenance of the central database on cross-border marketing of AIFs and UCITS, as well as the forms, templates and procedures for the communication of such information
• ESMA Guidelines on marketing communications under the Regulation on cross-border distribution of funds

MMF, EuVECA, EuSEF, ELTIF

• Regulation on money market funds
• Regulation EuSEF – Regulation (EU) 346/2013 on European social entrepreneurship funds (EuSEF)
• Regulation EuVECA – Regulation (EU) 345/2013 on European venture capital funds (EuVECA)
• Regulation 2017/1991 – Regulation (EU) 2017/1991 amending Regulation EuVECA and Regulation EuSEF
• Regulation ELTIF – Regulation (EU) 2015/760 on European long-term investment fund (ELTIF)
• Regulation ELTIF 2– Regulation (EU) 2023/606 on investment policies and operating conditions of ELTIFs and the scope of eligible investment assets, the portfolio composition and diversification requirements and the borrowing of cash and other fund rules
• RTS (EU) 2021/1383 – on the requirements for assets received by money market funds as part of reverse repurchase agreements
• ITS (EU) 2018/7008 – on the template to be used by managers of money market funds when reporting to competent authorities
•  Commission Delegated Regulation (EU) 2019/820 – on conflicts of interest in the area of European venture capital fund (EuVECA)
•  Commission Delegated Regulation (EU) 2019/819 – on conflicts of interest, social impact measurement and information to investors in the area of European social entrepreneurship funds (EuSEF)
• RTS (EU) 2018/480  – on financial derivative instruments solely serving hedging purposes, sufficient length of the life of the European long-term investment funds (ELTIF), assessment criteria for the market for potential buyers and valuation of the assets to be divested, and the types and characteristics of the facilities available to retail investors
• The ESMA guidelines are summarized by individual fund types and other areas on the ESMA website.