Registered managers

There are following entities registered in the Register of Managers maintained by Národná banka Slovenska in accordance with § 31b of the Act on Collective Investment:
• legal entities that manage alternative investment funds (so-called registered managers), as well as
• self-managed investment funds,
which are subject to the exemption according to § 31a, par. 1 of the Act on Collective Investment.

The exemption according to § 31a, par. 1 of the Act on Collective Investment regulates the so-called “under-limit registered funds” in the territory of the Slovak Republic, which must meet at least one of the following conditions:
• the total value of managed assets, including all assets acquired through use of a leverage, does not exceed EUR 100,000,000, or
• the total value of managed assets does not exceed EUR 500,000,000 in the case of alternative investment funds that do not use the leverage effect and do not have redemption rights exercisable during a period of five years following the date of the initial investment in such alternative investment fund.

If the conditions according to § 31a par. 1 of the Act on Collective Investment cease to be met, the registered manager shall:
• without delay notify Národná banka Slovenska that it has ceased to meet the conditions
• without delay request cancellation of registration in the Register of Managers and
• within one month from the day it ceased to meet the conditions to (i) apply for an authorization according to § 28a of the Act on Collective Investment or (ii) terminate the activities.

Yes, they exist.

An authorization to establish a fund is not needed if it concerns so-called “under-limit registered funds” on the territory of the Slovak Republic, which:
• are established as a domestic collective investment undertaking according to § 4 paragraph 2 letter b) of the Act on Collective Investment and at the same time
• meet the exemption according to § 31a par. 1 of the Act on Collective Investment.

These registered funds must meet at least one of the following conditions:
• the total value of managed assets, including all assets acquired through use of a leverage, does not exceed EUR 100,000,000, or
• the total value of managed assets does not exceed EUR 500,000,000 in the case of alternative investment funds that do not use the leverage effect and do not have redemption rights exercisable during a period of five years following the date of the initial investment in such alternative investment fund.

An authorization is also not required if a special fund of qualified investors is established by a management company. These special funds of qualified investors are registered in the register maintained by Národná banka Slovenska.

No. The so-called “under-limit registered funds” established on the territory of the Slovak Republic, which:
• are created as domestic collective investment undertakings according to § 4 paragraph 2 letter b) of the Act on Collective Investment and at the same time
• meet the exemption according to § 31a par. 1 of the Act on Collective Investment,
can be distributed only to professional investors and qualified investors according to § 31d of the Act on Collective Investment.

The investor must be informed of this condition of the distribution.

Only following entities are entitled to distribute these funds to qualified investors:
• a financial institution with an authorization for provision of the investment service of investment advice or portfolio management or
• a management company authorized to manage an alternative investment fund.

The so-called “under-limit registered funds” or domestic collective investment undertakings pursuant to § 4 paragraph 2 letter b) of the Act on Collective Investment may be offered to qualified investors only if:
• the amount of one investor’s investment in the fund is at least EUR 100,000,
• the number of qualified investors in one fund is max. 50 persons,
• the share of qualified investors on the fund´s net asset value is not higher than 20% a
• the share of qualified investors on the total value of all funds managed by the registered manager is not higher than 20%.

Registered managers shall comply with the following obligations:

• to be registered in the Register of Managers maintained by the Národná banka Slovenska pursuant to § 31b of the Act on Collective Investment,
• to comply with information obligations towards Národná banka Slovenska pursuant to § 189a of the Act on Collective Investment,
• to ensure that the distribution of the fund to qualified investors according to § 31d of the Act on Collective Investment in the territory of the Slovak Republic is secured only by financial institutions with an authorization for the provision of the investment service of investment advisory or portfolio management or by management companies with an authorization to manage an alternative investment fund,
• to comply with the ban on cross-border provision of activities or cross-border distribution,
• to comply with other obligations in relation to investors or fund management according to § 26a, § 31c, § 151, § 159a par. 1 letter a), b), d), i) and l) of the Act on Collective Investment,
• to calculate the total value of managed assets according to the Articles. 2 to 5 of the AIFMD Delegated Regulation,
• to fulfill the reporting obligation according to NBS Decree No. 1/2015 for the purposes of supervision and monitoring of systemic risk,
• to prepare for qualified investors a document with key information according to the PRIIPS Regulation,
• to disclose information on sustainability according to the SFDR Regulation.