S.A.I. ATLAS ASSET MANAGEMENT S.A. registered in the FSA Register under no. PJRO5SAIR/400030, as manager of FDI Audas Piscator, FDI Monolith and FDI Piscator Equity Plus, hereby informs the investors regarding the approval by the FSA, by means of Authorisations no. 178/19.12.2019, 179/19.12.2019, 180/19.12.2019, of the amendments made to the funds’ formation documents (Issue Prospectus, Company Agreement and Fund Rules) according to the provisions of FSA Regulation no. 2/2018 amending and supplementing some normative acts.
The main changes made to the funds’ documents in order to comply with FSA Regulation 2/2018 refer to:
- update the valuation method for the securities included in the funds’ portfolios;
- add provisions regarding the limits of investment policies;
- supplement the investment policy by including the terms for the selection of corporate bonds not accepted to trading;
- amend the funds’ investment policy as to eliminate direct or indirect investments in money market instruments such as commercial papers which are not dealt in on a regulated market or where no composite price model exists;
- change the exchange rates used in the valuation of assets denominated in other convertible currencies than the fund’s currency;
- add new provisions on keeping the redeemed amounts in case of Funds’ insolvency, namely in case the value of fund units cannot be paid to certain investors, the trustee shall keep in the bank account the amounts due to investors over an unlimited period;
- amend the chapter on the suspension of issue and redemption by the FSA or the Company, by adding 2 exceptional cases when operations may be suspended by the Company, as follows: (i) In case the value of redemption requests submitted on a day exceeds 15% of the value of the Fund’s assets, the Company may decide to pay them out up to 15% of the Fund’s assets, and the redemption requests shall be registered using the FIFO method; the Company shall publish on www.atlas-am.ro an announcement regarding the suspension of operations, as well as the suspension period, which may not exceed 30 business days; (ii) In case the value of redemption requests submitted during maximum five consecutive business days exceed 40% of the value of Fund’s assets, the Company reserves the right to suspend the operations for a period of maximum 30 business days;
- add a new chapter, “Tolerance of the calculation error for the Fund’s asset” which sets forth a limit of the calculation error of maximum 0.5% (50 basis points) of the Fund’s net asset value. Thus, in case it is found that the calculation of the net asset is within the maximum tolerance limits of the calculation error of the net asset or the lack of prejudicing of the investors for which there were transactions with fund units if the limit of tolerance of the calculation error was exceeded, the Company shall not perform the valuation again.
- Depositary’s responsibilities were updated/reformulated according to FSA Regulation no. 2/2018;
- eliminate from the investment policy the wording “obtain returns superior to bank deposits” so as to avoid falling under EU Regulation 1131/2017 on money market funds;
- update the chapters according to the annexes to Regulation 2/2018;
Besides the changes made in order to comply with Regulation 2/2018, the management company also made the following changes to the funds’ formation documents:
- add the chapter “Securities financing transactions” according to the provisions of EU Regulation no. 2365/2016;
- update the chapter on “Protection of individuals regarding personal data processing” in alignment with GDPR Regulation, the European regulation on personal data protection;
- add the chapter “Remuneration Policy” according to Law 29/2017 amending GEO 32/2012;
- update the chapter on the delegation of the management activity and accounting activity respectively;
- set forth the rounding to 4 digits of exchange rates, currency rates and total value of each financial instrument in the Fund’s asset;
- update/amend certain provisions for increased clarity/understanding of the documents’ content;
The amendments authorised by the FSA enter into force 10 days after the publication of this notice to investors. Complete details regarding the amended documents may be obtained on www.atlas-am.ro, or upon request, free of charge, at the registered office of the management company of Bucharest, sector 1, Sos. Bucuresti Ploiesti nr. 7A etaj 6 biroul 1 telefon 021- 021 361 78 21, fax 021- 361 78 22.