Czech Republic: Revolution in the regulation of Collective Investment
The Czech Republic has a new Act on Investment Companies and Investment Funds that implements an Alternative Investment Fund Managers Directive. The aim of the Act is to transform the Czech Republic into an Investment Funds centre for Eastern and Central Europe.
The main benefits of the new Act will be:
1. Extension of legal forms of funds: Newly, funds may be in the form of a joint stock company with variable capital (SICAV) and, in the case of Funds of qualified investors, for example in the forms of trusts, limited liability companies, cooperative associations or partnership
companies limited by investment certificates.
2. The separation of funds maintenance (portfolio management, risk management) from the administration of funds (accounting, disclosure duties, etc.). This shall lead to more efficient administration and lower costs.
Under the amendment of the Income Tax Act, the income of investment funds shall have favourable tax treatment.
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