Review of Governance of Collective Investment Funds in the New Member States of the European Union
This review examines corporate governance practices in the investment fund sector of the ten new member states in the European Union, composed of the European countries that transitioned to market economies in the 1990s: the eight countries that jo...
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| Format: | Policy Note |
| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2008/06/16402448/review-governance-collective-investment-funds-new-member-states-european-union http://hdl.handle.net/10986/13008 |
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okr-10986-13008 |
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oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
AGENCY RELATIONSHIPS ASSET MANAGEMENT ASSET MANAGER ASSET MANAGERS ASSET PORTFOLIO ASSET TYPES ASSETS UNDER MANAGEMENT AUDITOR AUDITORS AUDITS BANKING SECTOR BROKERAGE CAPITAL MARKET CAPITAL MARKETS CHECKS CLOSED END INVESTMENT CLOSED END INVESTMENT COMPANIES CLOSED-END FUND CLOSED-END FUNDS CODE OF ETHICS COLLECTIVE INVESTMENT COLLECTIVE INVESTMENT SCHEMES COLLECTIVE INVESTMENTS COMMON LAW COMPANY LAW CONFLICT OF INTEREST CONFLICTS OF INTEREST CONSUMER PROTECTION CONTRIBUTIONS TO INVESTMENT CORPORATE GOVERNANCE CREDIBILITY CUSTODIAN DEPOSITORIES DEPOSITORY DERIVATIVE DERIVATIVES DISCLOSURE DOCUMENTS DISCLOSURE OF FEES DISCLOSURE REQUIREMENTS DISCLOSURES DIVERSIFIED INVESTMENT DIVIDENDS ECONOMIC DEVELOPMENT EMERGING MARKETS ENFORCEMENT ACTIONS ENTRY REQUIREMENTS EQUITY MARKET FIDUCIARY DUTIES FIDUCIARY DUTY FINANCIAL ANALYSTS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENT FINANCIAL INSTRUMENTS FINANCIAL MARKETS FINANCIAL PLANNER FINANCIAL STATEMENTS FRAUD FRONT RUNNING FULL DISCLOSURE FUND ACTIVITY FUND ASSETS FUND ASSOCIATION FUND DISCLOSURE FUND GOVERNANCE FUND INDUSTRY FUND INVESTMENT FUND INVESTOR FUND INVESTORS FUND MANAGEMENT FUND MANAGEMENT COMPANIES FUND MANAGER FUND MANAGERS FUND PERFORMANCE FUND PROSPECTUSES FUND SHARES FUND UNITS GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GOVERNANCE ISSUES GOVERNANCE STANDARDS GOVERNMENT POLICIES GOVERNMENT REGULATION GROSS DOMESTIC PRODUCT HEDGE FUNDS HOLDING COMPANY ILLIQUID SECURITIES INDIVIDUAL ACCOUNTS INDIVIDUAL INVESTORS INSIDER INSIDER TRADING INSIDERS INSURANCE INSURANCE COMPANIES INSURANCE PRODUCTS INTERESTS OF INVESTORS INTERNATIONAL BANK INTERNATIONAL CAPITAL INVESTING INVESTMENT ADVISOR INVESTMENT ADVISORS INVESTMENT ASSETS INVESTMENT COMPANIES INVESTMENT COMPANY INVESTMENT DECISIONS INVESTMENT FUND INVESTMENT FUND LAWS INVESTMENT FUNDS INVESTMENT GUIDELINES INVESTMENT MANAGEMENT INVESTMENT MANAGEMENT COMPANIES INVESTMENT MANAGEMENT COMPANY INVESTMENT MANAGERS INVESTMENT POLICIES INVESTMENT PORTFOLIO INVESTMENT RETURNS INVESTMENT TRUST INVESTMENT VEHICLES INVESTOR CONFIDENCE INVESTOR INTEREST INVESTOR INTERESTS INVESTOR PROTECTION LEGAL ENTITIES LEGAL ENTITY LEGAL ENVIRONMENT LEGAL PROVISIONS LEGAL SYSTEM LEGAL TRADITIONS LEGISLATIVE FRAMEWORK LEGISLATIVE FRAMEWORKS LIABILITY LIMITED PARTNERSHIP LIQUIDATION LIQUIDITY LOCAL SECURITIES LOCAL STOCK MARKET MANAGEMENT COMPANIES MANAGEMENT COMPANY MANAGEMENT FEES MARKET ECONOMIES MARKET PARTICIPANTS MARKET PRICE MARKET PRICES MARKET TIMING MARKET VALUE MUTUAL FUND MUTUAL FUND SCANDALS MUTUAL FUNDS NAV NET ASSET NET ASSET VALUE NET ASSETS OPEN-ENDED FUNDS PARENT COMPANY PENSION PENSION FUNDS POOL OF ASSETS PORTFOLIO PORTFOLIO MANAGER PORTFOLIO OF SECURITIES PRICE MOVEMENT PRICE PRESSURE PRIVATE EQUITY PRIVATE EQUITY FUNDS PROSPECTUS PROSPECTUSES PROTECTION FOR INVESTORS REAL ESTATE FUNDS REDEMPTION REDEMPTION OF UNITS REDEMPTIONS REGULATION OF INVESTMENT FUND REGULATORY AUTHORITIES REGULATORY AUTHORITY REGULATORY FRAMEWORKS RETAIL INVESTORS RETURN RIGHTS OF INVESTORS RISK MANAGEMENT RISK MANAGEMENT SYSTEMS SECURITIES SECURITIES BROKER SECURITIES COMMISSION SECURITIES COMMISSIONS SECURITIES MARKET SECURITIES MARKETS SECURITIES PORTFOLIOS SECURITIES REGULATOR SECURITIES REGULATORS SHAREHOLDER SHAREHOLDER RIGHTS SHAREHOLDERS SOLVENCY STOCK EXCHANGES STOCK MARKET STOCK PRICE STOCK SPLITS SUPERVISORY AGENCIES SUPERVISORY AGENCY SUPERVISORY AUTHORITIES SUPERVISORY BOARD SUPERVISORY BOARDS TRANSITION ECONOMIES TRANSPARENCY TRUST COMPANY TRUST CORPORATION TRUSTEE TRUSTEES TYPES OF FUNDS VALUATION VALUATION OF SECURITIES VALUE OF ASSETS |
| spellingShingle |
AGENCY RELATIONSHIPS ASSET MANAGEMENT ASSET MANAGER ASSET MANAGERS ASSET PORTFOLIO ASSET TYPES ASSETS UNDER MANAGEMENT AUDITOR AUDITORS AUDITS BANKING SECTOR BROKERAGE CAPITAL MARKET CAPITAL MARKETS CHECKS CLOSED END INVESTMENT CLOSED END INVESTMENT COMPANIES CLOSED-END FUND CLOSED-END FUNDS CODE OF ETHICS COLLECTIVE INVESTMENT COLLECTIVE INVESTMENT SCHEMES COLLECTIVE INVESTMENTS COMMON LAW COMPANY LAW CONFLICT OF INTEREST CONFLICTS OF INTEREST CONSUMER PROTECTION CONTRIBUTIONS TO INVESTMENT CORPORATE GOVERNANCE CREDIBILITY CUSTODIAN DEPOSITORIES DEPOSITORY DERIVATIVE DERIVATIVES DISCLOSURE DOCUMENTS DISCLOSURE OF FEES DISCLOSURE REQUIREMENTS DISCLOSURES DIVERSIFIED INVESTMENT DIVIDENDS ECONOMIC DEVELOPMENT EMERGING MARKETS ENFORCEMENT ACTIONS ENTRY REQUIREMENTS EQUITY MARKET FIDUCIARY DUTIES FIDUCIARY DUTY FINANCIAL ANALYSTS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENT FINANCIAL INSTRUMENTS FINANCIAL MARKETS FINANCIAL PLANNER FINANCIAL STATEMENTS FRAUD FRONT RUNNING FULL DISCLOSURE FUND ACTIVITY FUND ASSETS FUND ASSOCIATION FUND DISCLOSURE FUND GOVERNANCE FUND INDUSTRY FUND INVESTMENT FUND INVESTOR FUND INVESTORS FUND MANAGEMENT FUND MANAGEMENT COMPANIES FUND MANAGER FUND MANAGERS FUND PERFORMANCE FUND PROSPECTUSES FUND SHARES FUND UNITS GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GOVERNANCE ISSUES GOVERNANCE STANDARDS GOVERNMENT POLICIES GOVERNMENT REGULATION GROSS DOMESTIC PRODUCT HEDGE FUNDS HOLDING COMPANY ILLIQUID SECURITIES INDIVIDUAL ACCOUNTS INDIVIDUAL INVESTORS INSIDER INSIDER TRADING INSIDERS INSURANCE INSURANCE COMPANIES INSURANCE PRODUCTS INTERESTS OF INVESTORS INTERNATIONAL BANK INTERNATIONAL CAPITAL INVESTING INVESTMENT ADVISOR INVESTMENT ADVISORS INVESTMENT ASSETS INVESTMENT COMPANIES INVESTMENT COMPANY INVESTMENT DECISIONS INVESTMENT FUND INVESTMENT FUND LAWS INVESTMENT FUNDS INVESTMENT GUIDELINES INVESTMENT MANAGEMENT INVESTMENT MANAGEMENT COMPANIES INVESTMENT MANAGEMENT COMPANY INVESTMENT MANAGERS INVESTMENT POLICIES INVESTMENT PORTFOLIO INVESTMENT RETURNS INVESTMENT TRUST INVESTMENT VEHICLES INVESTOR CONFIDENCE INVESTOR INTEREST INVESTOR INTERESTS INVESTOR PROTECTION LEGAL ENTITIES LEGAL ENTITY LEGAL ENVIRONMENT LEGAL PROVISIONS LEGAL SYSTEM LEGAL TRADITIONS LEGISLATIVE FRAMEWORK LEGISLATIVE FRAMEWORKS LIABILITY LIMITED PARTNERSHIP LIQUIDATION LIQUIDITY LOCAL SECURITIES LOCAL STOCK MARKET MANAGEMENT COMPANIES MANAGEMENT COMPANY MANAGEMENT FEES MARKET ECONOMIES MARKET PARTICIPANTS MARKET PRICE MARKET PRICES MARKET TIMING MARKET VALUE MUTUAL FUND MUTUAL FUND SCANDALS MUTUAL FUNDS NAV NET ASSET NET ASSET VALUE NET ASSETS OPEN-ENDED FUNDS PARENT COMPANY PENSION PENSION FUNDS POOL OF ASSETS PORTFOLIO PORTFOLIO MANAGER PORTFOLIO OF SECURITIES PRICE MOVEMENT PRICE PRESSURE PRIVATE EQUITY PRIVATE EQUITY FUNDS PROSPECTUS PROSPECTUSES PROTECTION FOR INVESTORS REAL ESTATE FUNDS REDEMPTION REDEMPTION OF UNITS REDEMPTIONS REGULATION OF INVESTMENT FUND REGULATORY AUTHORITIES REGULATORY AUTHORITY REGULATORY FRAMEWORKS RETAIL INVESTORS RETURN RIGHTS OF INVESTORS RISK MANAGEMENT RISK MANAGEMENT SYSTEMS SECURITIES SECURITIES BROKER SECURITIES COMMISSION SECURITIES COMMISSIONS SECURITIES MARKET SECURITIES MARKETS SECURITIES PORTFOLIOS SECURITIES REGULATOR SECURITIES REGULATORS SHAREHOLDER SHAREHOLDER RIGHTS SHAREHOLDERS SOLVENCY STOCK EXCHANGES STOCK MARKET STOCK PRICE STOCK SPLITS SUPERVISORY AGENCIES SUPERVISORY AGENCY SUPERVISORY AUTHORITIES SUPERVISORY BOARD SUPERVISORY BOARDS TRANSITION ECONOMIES TRANSPARENCY TRUST COMPANY TRUST CORPORATION TRUSTEE TRUSTEES TYPES OF FUNDS VALUATION VALUATION OF SECURITIES VALUE OF ASSETS World Bank Review of Governance of Collective Investment Funds in the New Member States of the European Union |
| geographic_facet |
Europe and Central Asia European Union |
| description |
This review examines corporate
governance practices in the investment fund sector of the
ten new member states in the European Union, composed of the
European countries that transitioned to market economies in
the 1990s: the eight countries that joined the European
Union (EU) in 2004 .Czech Republic, Estonia, Hungary,
Latvia, Lithuania, Poland, Slovakia and Slovenia. plus
Bulgaria and Romania which joined in 2007. Croatia, for
which accession negotiations started in 2005, is also
included in this Review. (For simplification, these
countries will be referred to as the EU11.) The review draws
on two sources for data. Over the last two years, in-depth
diagnostic reviews of investment governance were conducted
by the World Bank in two of the countries, the Czech
Republic and Slovenia. The objectives of the reviews were to
develop a set of good practices. for investment fund
governance and provide specific recommendations for the
supervisory authorities in each country. The second source
was the public websites of each of the supervisory
authorities. The analysis in the review also draws on a
number of recent studies done by international organizations
such as IOSCO and the EU on governance in the investment
fund sector. This review does not attempt to replicate these
studies, but instead aims to identify selected areas where
fund governance could be strengthened either by laws and
regulations or by government policies. |
| format |
Economic & Sector Work :: Policy Note |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Review of Governance of Collective Investment Funds in the New Member States of the European Union |
| title_short |
Review of Governance of Collective Investment Funds in the New Member States of the European Union |
| title_full |
Review of Governance of Collective Investment Funds in the New Member States of the European Union |
| title_fullStr |
Review of Governance of Collective Investment Funds in the New Member States of the European Union |
| title_full_unstemmed |
Review of Governance of Collective Investment Funds in the New Member States of the European Union |
| title_sort |
review of governance of collective investment funds in the new member states of the european union |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2008/06/16402448/review-governance-collective-investment-funds-new-member-states-european-union http://hdl.handle.net/10986/13008 |
| _version_ |
1764420936974467072 |
| spelling |
okr-10986-130082021-04-23T14:03:03Z Review of Governance of Collective Investment Funds in the New Member States of the European Union World Bank AGENCY RELATIONSHIPS ASSET MANAGEMENT ASSET MANAGER ASSET MANAGERS ASSET PORTFOLIO ASSET TYPES ASSETS UNDER MANAGEMENT AUDITOR AUDITORS AUDITS BANKING SECTOR BROKERAGE CAPITAL MARKET CAPITAL MARKETS CHECKS CLOSED END INVESTMENT CLOSED END INVESTMENT COMPANIES CLOSED-END FUND CLOSED-END FUNDS CODE OF ETHICS COLLECTIVE INVESTMENT COLLECTIVE INVESTMENT SCHEMES COLLECTIVE INVESTMENTS COMMON LAW COMPANY LAW CONFLICT OF INTEREST CONFLICTS OF INTEREST CONSUMER PROTECTION CONTRIBUTIONS TO INVESTMENT CORPORATE GOVERNANCE CREDIBILITY CUSTODIAN DEPOSITORIES DEPOSITORY DERIVATIVE DERIVATIVES DISCLOSURE DOCUMENTS DISCLOSURE OF FEES DISCLOSURE REQUIREMENTS DISCLOSURES DIVERSIFIED INVESTMENT DIVIDENDS ECONOMIC DEVELOPMENT EMERGING MARKETS ENFORCEMENT ACTIONS ENTRY REQUIREMENTS EQUITY MARKET FIDUCIARY DUTIES FIDUCIARY DUTY FINANCIAL ANALYSTS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENT FINANCIAL INSTRUMENTS FINANCIAL MARKETS FINANCIAL PLANNER FINANCIAL STATEMENTS FRAUD FRONT RUNNING FULL DISCLOSURE FUND ACTIVITY FUND ASSETS FUND ASSOCIATION FUND DISCLOSURE FUND GOVERNANCE FUND INDUSTRY FUND INVESTMENT FUND INVESTOR FUND INVESTORS FUND MANAGEMENT FUND MANAGEMENT COMPANIES FUND MANAGER FUND MANAGERS FUND PERFORMANCE FUND PROSPECTUSES FUND SHARES FUND UNITS GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GOVERNANCE ISSUES GOVERNANCE STANDARDS GOVERNMENT POLICIES GOVERNMENT REGULATION GROSS DOMESTIC PRODUCT HEDGE FUNDS HOLDING COMPANY ILLIQUID SECURITIES INDIVIDUAL ACCOUNTS INDIVIDUAL INVESTORS INSIDER INSIDER TRADING INSIDERS INSURANCE INSURANCE COMPANIES INSURANCE PRODUCTS INTERESTS OF INVESTORS INTERNATIONAL BANK INTERNATIONAL CAPITAL INVESTING INVESTMENT ADVISOR INVESTMENT ADVISORS INVESTMENT ASSETS INVESTMENT COMPANIES INVESTMENT COMPANY INVESTMENT DECISIONS INVESTMENT FUND INVESTMENT FUND LAWS INVESTMENT FUNDS INVESTMENT GUIDELINES INVESTMENT MANAGEMENT INVESTMENT MANAGEMENT COMPANIES INVESTMENT MANAGEMENT COMPANY INVESTMENT MANAGERS INVESTMENT POLICIES INVESTMENT PORTFOLIO INVESTMENT RETURNS INVESTMENT TRUST INVESTMENT VEHICLES INVESTOR CONFIDENCE INVESTOR INTEREST INVESTOR INTERESTS INVESTOR PROTECTION LEGAL ENTITIES LEGAL ENTITY LEGAL ENVIRONMENT LEGAL PROVISIONS LEGAL SYSTEM LEGAL TRADITIONS LEGISLATIVE FRAMEWORK LEGISLATIVE FRAMEWORKS LIABILITY LIMITED PARTNERSHIP LIQUIDATION LIQUIDITY LOCAL SECURITIES LOCAL STOCK MARKET MANAGEMENT COMPANIES MANAGEMENT COMPANY MANAGEMENT FEES MARKET ECONOMIES MARKET PARTICIPANTS MARKET PRICE MARKET PRICES MARKET TIMING MARKET VALUE MUTUAL FUND MUTUAL FUND SCANDALS MUTUAL FUNDS NAV NET ASSET NET ASSET VALUE NET ASSETS OPEN-ENDED FUNDS PARENT COMPANY PENSION PENSION FUNDS POOL OF ASSETS PORTFOLIO PORTFOLIO MANAGER PORTFOLIO OF SECURITIES PRICE MOVEMENT PRICE PRESSURE PRIVATE EQUITY PRIVATE EQUITY FUNDS PROSPECTUS PROSPECTUSES PROTECTION FOR INVESTORS REAL ESTATE FUNDS REDEMPTION REDEMPTION OF UNITS REDEMPTIONS REGULATION OF INVESTMENT FUND REGULATORY AUTHORITIES REGULATORY AUTHORITY REGULATORY FRAMEWORKS RETAIL INVESTORS RETURN RIGHTS OF INVESTORS RISK MANAGEMENT RISK MANAGEMENT SYSTEMS SECURITIES SECURITIES BROKER SECURITIES COMMISSION SECURITIES COMMISSIONS SECURITIES MARKET SECURITIES MARKETS SECURITIES PORTFOLIOS SECURITIES REGULATOR SECURITIES REGULATORS SHAREHOLDER SHAREHOLDER RIGHTS SHAREHOLDERS SOLVENCY STOCK EXCHANGES STOCK MARKET STOCK PRICE STOCK SPLITS SUPERVISORY AGENCIES SUPERVISORY AGENCY SUPERVISORY AUTHORITIES SUPERVISORY BOARD SUPERVISORY BOARDS TRANSITION ECONOMIES TRANSPARENCY TRUST COMPANY TRUST CORPORATION TRUSTEE TRUSTEES TYPES OF FUNDS VALUATION VALUATION OF SECURITIES VALUE OF ASSETS This review examines corporate governance practices in the investment fund sector of the ten new member states in the European Union, composed of the European countries that transitioned to market economies in the 1990s: the eight countries that joined the European Union (EU) in 2004 .Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia. plus Bulgaria and Romania which joined in 2007. Croatia, for which accession negotiations started in 2005, is also included in this Review. (For simplification, these countries will be referred to as the EU11.) The review draws on two sources for data. Over the last two years, in-depth diagnostic reviews of investment governance were conducted by the World Bank in two of the countries, the Czech Republic and Slovenia. The objectives of the reviews were to develop a set of good practices. for investment fund governance and provide specific recommendations for the supervisory authorities in each country. The second source was the public websites of each of the supervisory authorities. The analysis in the review also draws on a number of recent studies done by international organizations such as IOSCO and the EU on governance in the investment fund sector. This review does not attempt to replicate these studies, but instead aims to identify selected areas where fund governance could be strengthened either by laws and regulations or by government policies. 2013-03-27T21:18:36Z 2013-03-27T21:18:36Z 2008-06 http://documents.worldbank.org/curated/en/2008/06/16402448/review-governance-collective-investment-funds-new-member-states-european-union http://hdl.handle.net/10986/13008 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Policy Note Economic & Sector Work Europe and Central Asia European Union |