Chapter 370

In short

This law, called the Investment Services Act, regulates how investment businesses operate and deals with related matters. It aims to provide a framework for the provision of investment services.

What it regulates

• The carrying on of investment business.
• Matters ancillary to investment business.
• Matters connected with investment business.
• The definition and operation of collective investment schemes.

Who it concerns

• Entities and individuals involved in investment services.
• Clients receiving investment or ancillary services from licensed providers.

Key points

• The Act defines various terms related to investment services, such as "agricultural commodity derivatives," "Alternative Investment Fund," and "ancillary services."
• It specifies what constitutes "close links" between natural or legal persons, including ownership or control of 20% or more of voting rights or capital.
• It defines "collective investment scheme" based on characteristics like risk spreading, pooling of contributions/profits, and continuous or block issuance/repurchase of units.
• The law refers to various European Union Directives and Regulations, such as the AIFM Directive, the CRD, and the CRR, for specific definitions and requirements.