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in this period, the necessary place, equipment, accounting system and
technical personnel required for the fund shall be provided. The CMB
concludes the examination within 20 work days. Following the
approval, within 10 work days, the offering circular and key investor
information document shall be disclosed in the KAP and on the formal
website of the founder, and shall follow the timeframe set forth in the
said document. The monies and other assets collected at the end of the
issuance shall be assigned to the assets according to the fund type, the
following work day after the issuance is completed.
Briefly, the establishment and issuance of a fund may continue for
3 or 6 months. Please note that the duration starts from the date of noti-
fication to the founder, and the duration of the CMB’s examination
might vary.
Fund Types
The Communiqué notes the fund types in detail, but, with the per-
mission of the CMB, new types of funds may be established. For
example, pursuant to the Guide of the Communiqué published by the
CMB, it gives permission to establish a “Mixed Umbrella Fund,”
which includes at least two types of funds among partners’ interests,
debt instruments, gold and other precious metals, as well as the capital
markets instruments backed by such metals, and whose values are not
less than 20% of the total fund value.
Another innovation brought by the Communiqué is the umbrella
participation fund, established through the principles of profit sharing:
a) Funds that invest at least 80% of the portfolio on a continuous
basis in,
i. Local and / or foreigner public and/or private debt instru-
ments shall be called “DEBT INSTRUMENTS UMBREL-
LA FUND”
ii. Stocks of local and/or foreign issuers shall be called
“STOCK UMBRELLA FUND”
iii. Publicly traded gold and other precious metals, as well as
capital markets instruments backed by such metals shall be
called “PRECIOUS METALS UMBRELLA FUND”
iv. Units of other mutual funds and participation shares of
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