resolution 11.doc.doc

SECURITIES COMMISSION OF THE REPUBLIC OF LITHUANIA

RESOLUTION No. 11

CONCERNING THE RULES FOR THE PREPARATION AND SUBMISSION OF INFORMATION BY MANAGEMENT COMPANIES AND INVESTMENT

COMPANIES WITH VARIABLE CAPITAL THE MANAGEMENT OF WHOSE ASSETS HAS NOT BEEN DELEGATED TO A MANAGEMENT COMPANY

23 June 2004Vilnius

The Securities Commission of the Republic of Lithuania has resolved:

1. To approve the Rules on the preparation and submission of information by management companies and investment variable capital companies the management of whose assets has not been delegated to a management company (attached).

2. Recognise as invalidated:2.1. Resolution No. 9 of 11 April 1997 of the Securities Commission „On the

Rules on Filing Annual and Semi-Annual Reports of Investment Companies“(Official Gazette, 1997, No 34-866; 2001, No 54-1936; 2002, No 31-1191);

2.2. Resolution No. 30 of 22 December 1999 of the Securities Commission „On the Rules on the Preparation and Submission of Periodic Reports of Management Companies“(Official Gazette, 2000, No. 2-64).

DEPUTY CHAIRPERSON OF THE SECURITIES COMMISSION Eglė Surplienė

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APPROVED by Resolution No. 11 of 23 June 2004 of the Securities Commission of the Republic of Lithuania

THE RULES ON THE PREPARATION AND SUBMISSION OF INFORMATION BY MANAGEMENT COMPANIES AND INVESTMENT COMPANIES WITH VARIABLE CAPITAL THE MANAGEMENT OF WHOSE ASSETS HAS NOT BEEN DELEGATED TO A MANAGEMENT COMPANY

I. GENERAL PROVISIONS

1. The Rules on the preparation and submission of information by management companies and investment companies with variable capital the management of whose assets has not been delegated to a management company (further – the Rules) provide for the requirements for contents and the procedure and the time limits of submission to the Securities Commission (further – the Commission) and the public of information of management companies and investment companies with variable capital the management of whose assets has not been delegated to a management company, the procedure for the announcement of the value of accounting units of pension funds and submission of other information related to management companies and investment companies with variable capital the management of whose assets has not been delegated to management companies.

2. The present Rules shall apply to management companies and investment companies with variable capital the management of whose assets has not been delighted to a management company acting in accordance with the Law on Supplementary Voluntary Pension Accumulation and the Law on Collective Investment Undertakings.

3. The legal basis of the Rules are Articles 9, 52, 53 and 54 of the Law on Supplementary Voluntary Pension Accumulation and Articles 10 and 52 of the Law on Collective Investment Undertakings. The Rules have been draw up having regard to the Council Directive of 20 December 1985 on the coordination of laws, regulations and administrative provisions related to undertakings for collective investment in transferable securities (UCITS) (as last amended by Directives No. 2001/107/EC and 2001/108/EC of the European Parliament and the Council of 21 January 2002).

4. Unless the Rules define differently, all concepts of the used in the Rules and annexes thereto shall have the same meaning as in the Law on Supplementary Voluntary Pension Accumulation, the Law on Pension Accumulation, the Law on Collective Investment Undertakings and the Law on Securities Market.

5. Concepts for the purpose of these Rules:5.1. person related to the management company:

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5.1.1. a legal person whose block of shares is held by the management company;

5.1.2. a person controlling the management company;5.1.3. managers of the management company and their spouses;5.1.4. a person holding more than 5 percent of votes in the management

company;5.1.5. a person controlled by the management company;5.2. accounting period – a fiscal year of the management company, the first six

months of the fiscal year, the first and the third quarters of the fiscal year, a month of a fiscal year, a day of the fiscal year;

5.3. gross return on investment – return on investment portfolio of a pension fund and a collective investment undertaking for the calculation whereof only trading costs are taken into account;

5.4. total expense ratio – a percentage amount indicating the share of net assets of the fund allocated to cover its management costs.

5.5. net return on investment– return on investment portfolio of the supplementary voluntary pension accumulation fund and the collective investment undertaking for the calculation whereof trading and investment management costs are taken into account;

5.6. net rate on investment of a pension fund accumulating part of the State social insurance contribution for the calculation whereof deductions of pension contributions and pension assets are taken into account;

5.7. investment risk – probability that the expected return on investment portfolio will not be earned;

5.8. standard deviation of return on investment – a statistical risk ratio describing the volatility of return on investment portfolio;

5.9. investment management costs – remuneration to the management company for the asset management services and the pension fund management, paid from the funds of the collective investment undertaking or the pension fund;

5.10. external cash flows – pension contributions, amounts transferred from other pension funds, funds paid from the guarantee fund of the accumulation company, late interest paid by the State Social Insurance Fund, contributions for the purchase of units (shares) of collective investment undertakings, pension benefits, amounts transferred to other pension funds, amounts paid to investors purchasing units (shares) of collective investment undertakings;

5.11. benchmark index - a selected ratio the fluctuation of the value whereof is used as a reference value for the return ration of a collective investment undertakings or pension funds. The benchmark index shall be selected so that it is comparable and is able to truly reflect the investment strategy of the subject, - investment types, proportions and geographic zone, etc. As a benchmark index may be used universally recognised and widely used indexes reflecting the status in the equity or debenture markets, and the indexes reflecting the investment market composed by third countries, the rules on composing whereof are publicly announced;

5.12. supplementary voluntary pension accumulation fund – a pension fund acting in accordance with the Law on Supplementary Voluntary Pension Accumulation;

5.13. soft commissions – the economic benefit received by a management company in connection with the fund‘s payment of commissions on transactions that involve the fund‘s portfolio instruments. The soft commissions shall be

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typically obtained from the executive broker or a management company of a collective investment undertaking into which the investment has been made;

5.14. pension fund – fund for the supplementary voluntary pension accumulation and the pension fund for the accumulation of part of the State social insurance contribution;

5.15. periodic reports – annual, semi-annual and quarterly reports drafted by management companies and investment companies the management of whose assets has not been delegated to a management company, monthly notifications on the composition of the investment portfolio of a pension fund and daily notifications on the transactions concluded;

5.16. portfolio turnover rate – the rate describing the activity of trading in instruments composing the pension fund or collective investment undertaking;

5.17. trading costs - direct or indirect expenses related to the purchase or sale of investment instruments. These costs shall be composed of commission fees paid to intermediaries, exchanges, etc.

5.18. performance fee – a variable investment management fee the amount whereof depends on the appreciation in the value of the managed investment portfolio;

5.19. umbrella fund – the fund composed of two or more sub-funds pursuing different investment strategies;

5.20. management company – a company acting in accordance with the Law on the Supplementary Voluntary Pension Accumulation or the Law on Collective Investment Undertakings;

5.21. pension fund accumulating part of the State social insurance contribution – a pension fund acting in accordance with the Law on Pension Accumulation.

II. GENERAL REQUIREMENTS TO THE CONTENTS AND THE FORM OF SUBMISSION OF PERIODIC REPORTS

6. Periodic reports submitted in written form shall be printed clearly on A4 size white paper and contain no corrections.

7. The data of the report shall be laid down in an understandable and comprehensive manner, and may be illustrated by graphic material. The statements shall be supported by specific relevant projects, concluded contracts, business plans and other estimations. The entire text, including the tables shall be printed with no corrections. All data presented shall refer to the end of the accounting period.

8. The reports shall be filed in the official State language.

9. The information to be submitted by these reports shall be presented according to the requirements established in the Annexes to this Rule, and adhering to the established numbering of items and chapters. Where the information required to be submitted in a specific item (table) of the report is not relevant for the company, the name of the item shall be indicated followed by a dash (blank space of the table).

10. Management companies and investment companies with variable capital the management of whose assets has not been delegated to a management

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company acting for a period shorter than the indicated accounting period, shall submit the data for the period they have actually in operation.

11. Management companies and investment companies with variable capital the management of whose assets has not been delegated to a management company shall have a right in the reports to present the information other than in the Annexes to this Rule, related to their activities.

12. Each copy of the written report shall be signed by members of the bodies of management, employees and the head of administration of the management company and investment companies with variable capital the management of whose assets has not been delegated to a management company responsible for the accuracy of the submitted information.

13. Where the reports are prepared by the consultants or with the assistance of the consultants, each copy of the report together with the persons referred to in item 12 shall be signed by consultants, identifying parts of the report prepared by the consultants or with the assistance of the consultants and specifying the scope of the liability of the consultants.

14. The signatures of members of the bodies of management, employees and the head of the administration of the management company and the investment company with variable capital the management of the assets whereof has not been delegated to a management company, and the consultants shall constitute a certification that information contained in the report is in accordance with the facts and that there are no omissions capable of producing a material impact upon the activities of the management company or the investment company with variable capital the management of the assets whereof has not been delegated to a management company.

15. The head of the administration of a management company or an investment company with variable capital the management of the assets whereof has not been delegated to a management company shall be responsible for the correctness of only electronically submitted information.

III. THE PROCEDURE AND THE TERMS FOR THE DRAWING UP AND FILING WITH THE SECURITIES COMMISSION OF PERIODIC REPORTS

16. Management companies and the investment company with variable capital the management of the assets whereof has not been delegated to a management company shall file their annual report (2 copies) with the Securities Commission not later than within 4 months from the end of the financial year. The annual report of management companies shall be prepared in accordance with the requirements specified in Annex 1 to the Rules. The constituent parts of the annual report of the management company shall be the annual reports of pension funds managed thereby and those of collective investment undertakings which shall be attached as Annexes to the annual reports of the management company. The annual report of an investment company with variable capital the management of assets whereof has not been delegated to a management company shall be mutandis mutandis subject to the requirements of Sections I

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and VI, and clause 11.2 of Annex 1 and Annex 5 (except Section I). Financial statement of investment company with variable capital the management of assets whereof has not been delegated to a management company shall be submitted in accordance with the legal requirements set forth for this type of undertakings. The report shall be drawn up by first submitting the data specified in Annex 1, and further by submitting data specified in Annex 5. The numbering established in the Annexes shall not apply to the report submitted by investment company with variable capital the management of assets whereof has not been delegated to a management company, and the data submitted in the report shall be numbered in succession. The report of the investment company with variable capital the management of the assets whereof has not been delegated to a management company shall be subject to requirements specified in Annex 5. The original copy of an independent auditor‘s opinion and auditor‘s report shall be attached to the copy of the annual report submitted to the Securities Commission.

17. Management companies and the investment company with variable capital the management of the assets whereof has not been delegated to a management company shall file their semi-annual report (2 copies) with the Securities Commission not later than within 2 months from the end of the six-months period of the financial year. The semi-annual report of a management company shall be drawn up in accordance with the requirements specified in Annex 2. The constituent parts of the semi-annual report of the management company shall be the semi-annual reports of pension funds managed thereby and those of collective investment undertakings which shall be attached as Annexes to the semi-annual reports of the management company. The semi-annual report of an investment company with variable capital the management of assets whereof has not been delegated to a management company shall be mutandis mutandis subject to the requirements of Sections I and V, and clause 9.2 of Annex 2 and Annex 5 (except Section I).

Financial statements of an investment company with variable capital the management of assets whereof has not been delegated to a management company shall be submitted in accordance with the legal requirements set forth for this type of undertakings. The report shall be drawn up by first submitting the data specified in Annex 1, and further by submitting data specified in Annex 5. The numbering established in the Annexes shall not apply to the report submitted by investment company with variable capital the management of assets whereof has not been delegated to a management company, and the data submitted in the report shall be numbered in succession. The report of the investment company with variable capital the management of the assets whereof has not been delegated to a management company and the investment fund shall be subject to the requirements specified in Annex 5.

18. Management companies and investment companies with variable capital the management of the assets whereof has not been delegated to a management company shall file their quarterly report (2 copies) with the Securities Commission not later than within 1 month from the end of the quarter (first, third) of a financial year. The quarterly report of management companies shall be prepared in accordance with the requirements specified in Annex 3. The

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constituent parts of the quarterly report of the management company shall be the quarterly reports of collective investment undertakings, which shall be attached as Annexes to the quarterly reports of the management company. The quarterly report of an investment company with variable capital the management of assets whereof has not been delegated to a management company shall be mutandis mutandis subject to the requirements of Section I of Annex 3 and Annex 5 (except Section I). Financial statements of investment company with variable capital the management of assets whereof has not been delegated to a management company shall be submitted in accordance with the legal requirements set forth in respect of this type of undertakings. The report shall be drawn up by first submitting the data specified in Annex 1, and further - data specified in Annex 5. The numbering established in the Annexes shall not apply to the report submitted by investment company with variable capital the management of assets whereof has not been delegated to a management company, and the data submitted in the report shall be numbered in succession. The report of the investment company with variable capital the management of the assets whereof has not been delegated to a management company and that of the investment fund shall be subject to requirements specified in Annex 5.

19. The annual, semi-annual and quarterly reports of pension funds shall be drawn up in accordance with the rules set forth in Annex 4. The semi-annual and quarterly reports of the pension fund shall be drawn up in accordance with the rules specified in Annex 4 (with an exception of Section V, - the information specified in this Section shall not be provided in semi-annual and quarterly reports), and financial statements referred to in Section VI shall be provided in the semi-annual reports for the accounting six months period and compared with the data of the first six months period of the previous financial year, quarterly reports shall be submitted for the accountable quarter of the year and shall be compared with the data of the previous respective quarter. The management company shall draw up the reports under the present Rules and submit them to the Commission in respect of each fund managed thereby. The report specified in Annex 4 to the present Rule is a constituent part of the annual, semi-annual and quarterly report of the management company.

20. The annual report of the collective investment undertaking shall be drawn up in accordance with the rules set forth in Annex 5 of the present Rule. The semi-annual and quarterly reports of a collective investment undertaking shall be drawn up in accordance with the rules of Annex 5 (with an exception of Section V – information specified in this Section is not provided in semi-annual and quarterly reports), and the financial statements referred to in Section VI shall be submitted in the semi-annual reports for the accountable six months period and shall be compared with the data of the first six months period of the previous financial year, in the quarterly report the financial statements shall be submitted for the accountable quarter and compared with the data of the previous respective quarter. In accordance with the present Rule the management company shall draw up reports and submit them to the Commission in respect of each individual collective investment undertaking managed thereby. The report referred to in Annex 5 of the Rule is a constituent part of the annual, semi-annual and quarterly report of the management company.

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21. The management company managing pension funds shall, within 5 working days from the end of the calendar month, notify the Commission of the composition of the investment portfolio of the pension funds managed thereby. The management company shall draw up and submit such notifications in respect of each pension fund managed thereby individually. The notification about the composition of the investment portfolio of the pension fund shall be drawn up in accordance with the requirements of clause 12 of Section IV of Annex 4.

22. The management company managing pension funds shall, by noon, submit to the Commission a notification about all transactions concluded by assets of the pension funds during the previous day. Such notifications shall be drawn up in accordance with the rules set forth in Annex 6. The management company shall draw up and submit such notifications in respect of each individual pension fund managed thereby.

23. The periodic reports referred to in clauses 16, 17 and 18 of the Rule shall be filed with the Commission in written form and electronic format in MS Word format, additional the tables on the composition of the investment portfolios shall be submitted in MS Excel format. Notifications referred to in clauses 21 and 22 of the Rule shall be filed with the Commission in electronic format in MS Excel format only.

24. Written reports shall be mailed to the Commission by mail and delivered personally.

25. Electronic reports shall be sent to the Commission by electronic mail at the address indicated by the Commission or delivered in electronic media.

IV. THE CONTENT, PROCEDURE AND TERMS OF SUBMISSION OF REPORTS SUBMITTED TO THE PUBLIC

26. The management company and the investment company with variable capital the management of assets whereof has not been delegated to a management company shall publish the annual and semi-annual reports of established contents and shall publish the value (price) of accounting units (shares) and investment units.

27. The management company and the investment company with variable capital the management of assets whereof has not been delegated to a management company shall publish the annul report of the contents as specified in clause 28 in the national daily indicated in the Articles of Association of the company, and shall publish the full annual report by uploading it in the internet website not earlier than on the 15th and not later than the 30th calendar day from the submission of the annual report to the Commission in any case not later than within four months from the end of the accounting financial year.

28. The annual report of the management company published in the national daily shall contain the balance sheet and the profit (loss) account of the accounting year of the management company drawn up in accordance with the requirements set forth in Section V of Annex 1, and the financial statements of

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the pension funds managed by the management company and the collective investment undertakings, i.e., the balance sheets of accounting year and the statements of changes in net assets (drawn up, respectively, in accordance, with the requirements of Section VI of Annex 4 and Section VI of Annex 5), and the independent auditor‘s report. The report shall also indicate the annual return on net investment of each undertaking with an indication of the venue for persons interested to get acquainted with the complete annual report. The annual report of an investment company with variable capital the management of the assets whereof has not been delegated to a management company published in the daily shall contain the balance sheet for the accounting year, profit (loss) account of the investment company with variable capital and the independent auditor‘s report. The report shall also specify the annual net return on investment and the information on the place where persons interested may get acquainted with the complete annual report.

29. The management company and the investment company with variable capital the management of the assets whereof has not been delegated to a management company shall publish in their Internet website the semi-annual report not later than within 2 months from the end of the accounting six months period.

30. The management company and the investment company with variable capital the management of assets whereof has not been delegated to a management company shall ensure that their annual and semi-annual reports are made available to the public in venues designated in advance.

31. Copies of the most recent annual reports and the subsequently drawn up semi-annual report must be at no charge provided to the buyers of the investment units (shares) of the collective investment undertakings, if they request so.

32. Upon request of participants of the collective investment undertakings, copies of annual and semi-annul reports shall be provided to them at no charge. Where such reports are provided to the participants of pension funds, a fee may be charged which shall, however not exceeding the costs of production of such copies of the reports.

33. The management company and the investment company with variable capital the management of the assets whereof has not been delegated to a management company shall, within 10 calendar days from the publication of the annual report in the national daily, provide the Securities Commission with a copy of the publication in which the annual report has been published.

34. The pension funds management companies shall on each working day publish in their websites the value of the accounting unit of each pension fund managed thereby (with an indication of the date). The published value of the accounting unit of the pension fund shall indicate the initial value of the accounting unit, the last available value of the accounting unit, the value of the accounting unit preceding the last available value and the change thereof expressed in percent.

V. THE PROCEDURE FOR THE CALCULATION OF THE RATIOS PRESENTED IN THE REPORT

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35. Total expense ratio (TER) shall be calculated by dividing the total operating costs incurred (accrued) during the respective accounting period from the average net assets value of the same period.

35.1. For the purpose of the calculation of the TER of a pension fund accumulating part of the State social insurance contribution the total operating costs shall include deductions from pension assets and pension contributions.

35.2. For the purpose of the calculation of the TER of a collective investment undertaking and of a supplementary voluntary pension accumulation funds the total operating costs shall include:

35.2.1. investment management costs including performance fee;35.2.2. administration costs;35.2.3. fees linked to depository duties;35.2.4. audit fees;35.2.5. payments to services providers, providing services to holders of units

(shares), including payments to transfer agents, also intermediaries managing the accounting of a collective investment undertaking or a pension fund and providing additional accounting services to holders of units;

35.2.6. payments to lawyers;35.2.7. any costs related to distribution, issue, redemption and conversion of

investment (accounting) units (shares), charged to the assets of a collective investment undertaking or a pension fund;

35. 2.8. registration fees, State duties and other similar taxes;35.2.9. any other payments to a management company or other persons in

accordance with fee-sharing agreement as defined in clause 35.4. 35.3. The total operating costs shall not include: 35.3.1. transaction costs incurred by a collective investment undertaking of a

pension fund in connection with transactions on its portfolio. They include brokerage fees, taxes and charges, and the market impact of the transaction taking into account the remuneration of the broker and the liquidity of the concerned assets;

35.3.2. interest on borrowing;35.3.3. payments incurred because of financial derivative instruments;35.3.4. distribution and(or) redemption and other fees paid by the investor

directly;35.3.5. soft commissions in accordance with provisions of clause 35.4.35.4. Where a management company has concluded a fee-sharing

agreement with an intermediary or another management company (where it invests the funds of a fund managed thereby into funds managed by another management company), part of the fee received under the fee-sharing agreement shall be included into the total operating expenses for the purpose of calculation of the TER (provided such expenses has not been included into other expenses of a pension fund or a collective investment undertaking directly included for the purpose of calculation of the).

Part of the fee received in accordance with the fee-sharing agreement shall be also included into the total operating costs for the purpose of the calculation of TER also in cases when the management company uses the refunded part of the fee to cover the fund‘s operating costs which are to be taken into account when calculating TER.

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The total operating costs shall also include soft commissions, where the soft commissions are used to cover the costs to be taken into account for the purpose of calculation of TER.

35.5. Where more than 10 percent of net assets of a collective investment undertaking or a pension fund were invested into other collective investment undertakings, publishing their TER in accordance with the rules established in this Section, a synthetic TER equal to such fraction of the investment shall be calculated and disclosed in respect of such undertaking or funds. Such synthetic TER shall be equal to the ratio in which the numerator is equal to the average net assets of a respective period of a pension fund or a collective investment undertaking, and the denominator is derived by adding the total operating costs of the collective investment undertaking or the pension fund which are taken into account for the calculation of their TER, and all other costs related to the investment by the collective investment undertaking or the pension fund into other collective investment undertakings (i.e., costs expressed as the TER of the collective investment undertaking in which the investment has been made and calculated as a share of the investment of the collective investment undertaking or the pension fund in the net assets of that undertaking), also by adding the subscription and redemption fees paid to the target collective investment undertaking.

Synthetic , where

TOC – total operating costs of the collective investment undertaking or the pension fund taken into account while calculating TER in accordance with clauses 35.1 or 35.2;

qi – the ratio showing the share of the investment by the collective investment undertaking or the pension fund in the net assets of the target collective investment undertaking i. This ratio shall be derived by dividing the number of the units (shares) of the collective investment undertaking i by an average number of outstanding units (shares) during the period in respect of which TER is computed;

ki – time coefficient showing the period of investment into the collective investment undertaking i of the accounting period in respect of which the collective investment undertaking is calculating its TER (e.g., 60/365, where investment units are held for 60 days, and the collective investment undertaking i is computing its annual TER);

KBVIi – total operating costs of the collective investment undertaking i under clauses 35.1 taken into account for the purposes of the computing of TER, equal to the product of TER of the collective investment undertaking i and its NAV, where TER of the fund is computed as a ratio of the costs and the net assets;

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n – the number of collective investment undertakings targeted by a collective investment undertaking or a pension fund;

PL – the subscription and redemption fees related to the investment into other collective investment undertakings paid by the collective investment undertaking or the pension fund during the accounting period;

NAV – the average value of the net assets of the collective investment undertaking or the pension fund.

35.6. Where the target collective investment undertaking does not compute the TER in the manner described in this Section, the costs shall be disclosed as follows:

35.6.1. the fraction of the investment in respect of which the calculation of the synthetic TER is impossible shall be disclosed;35.6.2. the maximum proportion of the management fee of the target

collective investment undertaking shall be disclosed;35.6.3. the synthetic ratio of the total expected costs which shall be

calculated as a ratio of costs incorporated into the synthetic TER adding the estimated expected costs of collective investment undertakings not computing their TER (incorporating the maximum management fee, the last available performance fee proportionate to the investment by the undertaking or a fund into that collective investment undertaking), and the average net assets.

Expected synthetic TER , where

TOC – total operating costs of the collective investment undertakings or the pension funds which in accordance with clause 35.1 shall be incorporated for the purpose of the calculation of TER;

KBVIi – total operating costs of the collective investment undertaking i under clause 35.1 included for the purpose of the calculation of TER, equal to the product of the TER and NAV of the fund i, where TER of the fund is calculated as the ratio of the costs and the net assets;

n – the number of collective investment undertakings calculating TER and in which a collective investment undertaking or a pension fund invests by acquiring units (shares);

m – the number of collective investment undertakings not calculating TER and in which a collective investment undertaking or a pension fund invests by acquiring units (shares) thereof;

qj – same as 35.5;ki – same as 35.5;kj – time coefficient showing the period of investment into the collective

investment undertaking i during the accounting period in respect of which the collective investment undertaking or a pension fund calculates its TER (e.g., 60/365, where the collective investment undertaking or the pension fund calculate the annual TER, and was holding the investment units of the collective investment undertaking i for 60 days during that year);

PL – subscription and redemption fees paid by the collective investment undertakings and the pension funds in relation to investment into all other collective investment undertakings;

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TKBVIj – total expected operating costs of the collective investment undertaking i which under clause 35.1 should be included for the purpose of calculation of TER, although TER is not calculated. For the purpose of the assessment of the expected operating costs, account shall be taken of most probable cost values, e.g., maximum management fee, the last available performance fee;

NAV – the average net assets value of a collective investment undertaking or a pension fund.

35.7. In the case of umbrella funds, the TER should be calculated for each sub-fund.

35.8. If, in the case of multiclass funds shares of different classes are subject to different tax modes, a separate TER should be calculated fore each unit (share) class.

36. Pension fund investment portfolio turnover rate (PTR) computed in accordance with the formula:

PTR= [(Total 1 – Total 2)/M]∙100, where Total 1 (value of transactions in portfolio instruments) = X (purchase) + Y

(sale);Total 2 (total value of converted pension fund accounting units) = S+T,

whereS – value of converted accounting units (converting funds into accounting

units);T – value of converted accounting units (converting accounting units into

funds);M – total average of net assets of the period.

37. Collective investment undertaking (UCITS) investment portfolio turnover rate (PTR) shall be computed in accordance with the formula:

PTR= [Total 1 – Total 2) /M]∙100, where Total 1 (value of transactions in portfolio instruments) = X (purchase) + Y

(sale);Total 2 (total value of transactions in units (shares) of UCITS) = S+T, whereS= value of subscribed units (shares) of the fund;T= value of redeemed units (shares);M= total average net asset value for the period.

38. The procedure for the calculation of return on investment portfolio:38.1. the gross and net return on investment portfolio shall be calculated on

a daily basis in accordance with the following formula:

Gross return on investment ,

Net return on investment ,

Si = Pi – Ii + Ki , where

RiD – return on investment portfolio on day i;

Ti – investment portfolio value as of the end of the day i;

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NAVi-1 – net assets value at day (i-1);Ii – value of investment/accounting units redeemed/converted during day i;Pi – value of investment/accounting units sold/converted during day i;Ki – receipts from accumulation company guarantee reserve on day i;Si – value of received external cash flows on day i increasing the value of

investment portfolio;pi – trading costs on day i;vm – investment management fees on day i.

38.2. The net return on investment on a pension fund accumulating part of the State social security contribution shall be computed in accordance with the formula:

,

S‘i = Pi – Ii + Ki + Di, where

RiD – return on investment portfolio on day i;

Ti – value of investment portfolio on the close of day i;NAVi-1 – net assets value on day (i-1);Ii – value of accounting units converted during day i (where the accounting

units are converted into funds);Pi – value of accounting units converted on day i (where funds are converted

into accounting units);Ki – receipts from guarantee reserve of the pension accumulation company

on day i;Di – late interest paid by the State social security fund on day i;S‘i – value of external cash flows received on day i which has appreciated the

value of the investment portfolio of the pension fund of the accumulating part of the State social insurance contribution;

ai –total deductions from contributions on day i;at – deductions from assets accrued as of day i.

The gross return on investment may also be calculated in respect of pension funds accumulating part of the State social insurance contributions in the manner provided in clause 38.1, provided the trading costs can be calculated.

38.3. Where during the accounting period for which the gross and net return on investment are calculated there were any receipts or payments of external cash flows, such cash flows shall be deemed invested or paid as of the beginning of the next day;

38.4. Annual investment return shall be equal: = , where

R annual– annual return on investment portfolio;RDi –return on investment portfolio of day i.

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39. Standard deviation of return on investment shall be calculated in accordance with the formula:

,

RmDi = (1 + RD

i )n - 1,

av(RmD) = , where

σR –standard deviation of return on investment;RmD

i –return on investment portfolio of day i recalculated for the year;av(RmD) – arithmetic mean of returns on investment (RmD

t) recalculated for the year;

n – number of days in the year (period in which the standard deviation of return on investment is computed).

VI. FINAL PROVISIONS

40. The Commission in the course of fulfilling its supervisory functions shall have a right to:

40.1. require to submit additional information or explanations;40.2. having examined the submitted reports, to prepare a commentary, in

which shortcomings, misleading information or discrepancies be indicated. The Commission shall send this commentary to the management company or the investment company with variable capital the management of assets whereof has not been delegated to a management company. The reporting companies shall, not later than within 10 calendar days from the receipt of the commentaries, amend and supplement the reports reviewed and file them with the Commission.

41. Having noticed any inaccuracies in the reports already submitted to the Commission the management company or the investment company with variable capital the management of assets whereof has not been transferred to a management company shall without delay notify the Commission thereof and submit to the Commission the amended or supplemented versions of the reports.

42. The Commission shall not be liable for the accuracy and explicitness of the data disclosed in reports.

43. Managers of the management company or an investment company with variable capital the management of the assets whereof has not been delegated to a management company shall be liable for the failure to submit a periodic report or a delayed submission of the report, as well as presentation of incorrect data in the report.

15

Annex 1Rules on the preparation and submission of information by management companies and investment companies with variable capital the management of whose assets has not been delegated to a management company

CONTENTS OF THE ANNUAL REPORT OF THE MANAGEMENT COMPANY

I. GENERAL INFORMATION

1. Principal data of the management company:1.1. name;1.2. registered office (address);1.3. telephone, fax numbers, electronic mail address, Internet website address;1.4. number of the management company licence;1.5. date, place and code of the registration of the management company with

the Register of Legal Entities.

2. Name, address, telephone and fax number of the auditor.

3. The accounting period for which the annual report has been prepared.

4. The beginning and the end of the financial year.

5. Information on the venue and time where one can get acquainted with the report and the underlying documents (financial statements, auditor‘s reports, etc.).

6. Persons responsible for the information provided in the report: 6.1. members of the managing bodies of the management company, employees and the head of the administration responsible for the report (first and last names, their office duties, telephone and fax numbers); 6.2. where the report is prepared by consultants or with the assistance of consultants, the report shall contain: first and last names of the consultants (where the consultant is a legal person, its name, telephone and fax numbers and the names of the persons representing the consultant), specifying which particular parts of the report were prepared by the consultants or which parts of the report were prepared with the assistance of the consultants, indicating the scope of the consultant’s liability.

7. Declaration by the members of the managing bodies, employees, the head of the administration of the management company and the consultants or their representatives that the information contained in the report is in accordance with the facts and that the report makes no omission likely to have an effect on the performance of the management company and the collective investment undertakings (pension funds) managed thereby. Original signatures of the above-mentioned persons must confirm the declaration.

16

II. INFORMATION ON THE MANAGEMENT COMPANY‘S CAPITAL, SECURITIES ISSUED AND SHAREHOLDERS

8. Authorised capital of the management company: 8.1. amount and composition of the authorised capital, its changes in the

course of the last three years, and the date of registration of the relevant amendments with the Register of Legal Entities;

8.2. number and nominal value of shares issued by the management company, as well as the rights carried thereby.

9. Amount of the borrowed capital (in percent) as compared to the own capital, purpose of the borrowing, period of the borrowing and the interest rate paid.

10. Amount of own capital invested into the diversified investment portfolio.

11. Shareholders:11.1. total shareholders and the change in the number of shareholders during

the previous three years; 11.2. shareholders holding or managing over 5 percent of the authorised capital of the management company: full names of natural persons, personal codes (to be provided only in the first copy of the Report submitted to the Commission), names and types of the companies, registered office (address), code in the Register of Legal Entities, number of shares held by the shareholders, the percentage share of the authorised capital and votes held by the shareholders, breaking into the percentage of votes belonging to him/her personally and the percentage of votes held in concert with other persons);

11.3. dividends accrued and paid, the period in respect of which the dividends were paid;

11.4. number of shares held by heads and members of administration of the management company and other related persons, specific weight in the authorised capital (in percent).

III. DATA ON THE ACTIVITIES OF THE MANAGEMENT COMPANY

12. Membership in associated structures (belonging of the management company to associations of enterprises and organisations, - financial industrial associations, concerns, consortia, associations etc.; description of the association, position of the management company in the association, its participation in the capital of the members of the association and the participation of other members of the association in the authorised capital of the management company, legal basis for the incorporation of the association).

13. Customers of the management company:13.1. collective investment undertakings (investment companies with variable

capital, investment funds, collective investment undertakings of limited distribution):

Type of the collective

Name Total net asset

Average annual value of

Annual net return on

Num-ber of mem-

Annual accrued remuneratio

Annual actually paid

17

investment undertaking

s net assets investment

bers n to the management company

remu-neration to the mana-gement company

Total:

13.2. pension funds:

Type of the pension fund

Name Total net assets

Average annual value of net assets

Annual net return on investment

Number of members

Annual accrued remuneration to the management company

Annual actually paid remu-neration to the mana-gement company

Total:

13.3. information on management of portfolios of individual customers (persons whose portfolios are managed, main characteristics of individual portfolios, total amount of the portfolios, characteristic customers – natural , legal persons, professional investors, number of customers by types);

13.4. information on the custody and management of units and shares of collective investment undertakings.

14. Intermediaries of public trading in securities with which the management company has concluded the service agreements (names, addresses and types of agreements).

15. Total remuneration paid to the intermediaries of public trading in securities (by intermediaries).

16. Information on delegation of functions (specifying the delegated functions, and subjects to which the functions have been delegated, totals of remuneration paid).

17. Characteristics of the management company (providing data and changes thereof in the course of the 3 previous financial years): list of services rendered in accordance with the types of licensed services, revenues by individual types of services, total managed net assets, number of customers, other relevant information on provided services.

18. Immovable property (description of main buildings and structures – functional purpose, balance sheet and market value, age and conditions; changes thereof,

18

as compared to those of the previous financial year and short description thereof).

19. Risk factors related to the activities of the management company (economic, political, other).

20. Judicial and third party (arbitration) proceedings (information on judicial and arbitration proceedings in the course of the accounting period which are likely to or have affected the performance of the management company).

21. Number of employees, educational background, average monthly wages; changes as compared to the previous financial year, and a short description thereof.

22. Competitors (main competitors in domestic and foreign markets).

IV. INVESTMENT ACTIVITY

23. Composition of the investment portfolio (as of end-of-financial year).

Name of the issuer

State

ISIN code

Num-ber (units)

Total nominal value

Total acquisition value

Acquisi-tion value per unit

Total market value

Market on the basis of which the market value was established (web address)

Vote share in the issuer (%)

Share in the portfolio (%)

Equity securities admitted to the Official Trading List

Total:

Equity securities admitted to the Current Trading List

Total:

Equity securities traded on other regulated markets

Total:

New equity securities issued

Total: Total equity securities:

Name of the issuer

State

ISIN code

Num-ber (units)

Total nominal value


Acqui-sition value per unit

Total market value

Interest rate Redemp-tion/conver-sion date


Debt securities admitted to the Official Trading List

Total:

Debt securities admitted to the Current Trading List

Total:

Debt securities traded on other regulated markets

Total:

New debt securities issued

19

Total: Total debt securities:

Name of UCITS

State

ISIN code

Num-ber (units)

Manager


Acqui-sition value per unit

Total market value

Source referred to establish the market value (web address)

Share of UCITS assets invested into other UCITS (%)


Units (shares) of collective investment undertakings complying with the requirements of Art. 40(1) of the Law on Collective Investment Undertakings

Total:

Units (shares) of other collective investment undertakings

Total: Total UCITS units (shares):

Name of the issuer

State

Name of the instrument

Num-ber (units)

Currency

Total market value

Interest rate Expiry date


Money market instruments traded on regulated markets

Total:

Other money market instruments

Total: Total money market instruments

Credit institution name

State

Currency

Total market value

Interest rate Deposit expiry


Deposits in credit institutions Total:


Na-me of theiss-uer

State Trans-action counter-party

Currency

Investment transaction (position)

Value (posi-tion) of invest-ment trans-action

Total market value

Name of the market (web address)

Validity term


Derivative investment instruments traded on regulated markets

20

Total:

Other derivative investment instruments

Total:

Name of the bank

Currency

Total market value

Interest rate Share in the portfolio (%)

Monies

Total:

Name Short description Total value Purpose Share in the portfolio (%)

Other instruments not specified in Art. 36(1) of the Law on Collective Investment Undertakings

Total:

V. FINANCIAL STATUS

24. The following financial statements prepared in accordance with the requirements of the Law on the Securities Market shall be submitted:

24.1. statements of the balance sheet and off-balance sheet items account for the last three financial years presented in a comparative table;

24.2. profit (loss) account of the last three financial years presented in a comparative table;

24.3. cash flow statements of the last three financial years presented in a comparative table;

24.4. statement of changes in own capital for the last three financial years presented in a comparative table;

24.5. explanatory letter.

25. Present other information necessary to present a true view of the financial status of the company.

26. The text of the independent auditor‘s report.

VI. MANAGEMENT BODIES OF THE COMPANY

27. Organisational structure of the managing bodies of the company.

28. Rights and duties of the bodies of management of the company.

29. Members of the bodies of the company (members of the Supervisory board, the Board, head of the administration of the company, deputy heads of the company, Chief financier):

21

29.1. names and last names, data on the participation in the authorised capital (percentage share of the authorised capital and votes), position in the management company;

29.2. additionally the following information shall be provided about the chairman of the Board, head of the administration, and the chief financier: educational background, employment and positions in the course of the previous 10 years;

29.3. data on the participation in the activities of other companies, enterprises and organisations (name of the company, enterprise or organisation and position therein) and the capital (name of the company, enterprise or organisation, the percentage share of capital and votes held);

29.4. date on the beginning and the expiry of the term of office of each member of the managing bodies of the company.

30. Names, last names, dates of birth, personal codes (to be provided only in the first copy of the report submitted to the Commission), addresses, telephone numbers, education, name and number of qualification certificates recognised by the LSC held by managers and employees of the management company.

31. Information about payments and loans extended to the members of managing bodies (members of the Supervisory Council, the Board, the administration (head of the administration, his/her deputies, and chief financier):

31.1. information about total and average amounts of tantiemes, salaries and other payments made during the accountable period from profit of the issuer per person (according to the categories mentioned above); 31.2 total amounts of tantiemes, salaries and other payments made during the accountable period from profit to members of the Supervisory Council, the Board and the administration (to every category of the above mentioned persons), received from enterprises wherein the management company’s share in the authorized capital makes up more than 20 per cent;

31.3. loans granted to members of managing bodies over the accountable period, guarantees and warranties given with respect to fulfilment of their obligations.

32. Indicate persons related to the management company:32.1. persons controlled by the management company and persons controlling

the management company (name, company code);32.2. where the controlled or controlling person is a legal person, provide the

information on managers of such persons, - names, last names and their personal codes in one copy of the report submitted to the Commission.

33. Transactions in relation to the assets of the collective investment undertakings or pension funds managed by the management company concluded by persons related thereto (as defined in item 5.1); share held by such persons in the managed portfolios of such collective investment undertakings.

VII. UPDATED AND MATERIAL EVENTS IN THE ACTIVITIES OF THE MANAGEMENT COMPANY AND ITS PERSPECTIVES

34. The most recent events in the activity of the management company.

22

35. Material events in the activity of the management company (characteristics of the material events during the accountable period, their date (period).

36. Activity strategy and the anticipated changes during the immediate financial year.

23


CONTENTS OF MANAGEMENT COMPANY’S SEMI-ANNUAL REPORT


1. Main data about the management company:1.1. name;1.2. registered office (address);1.3. telephone and fax numbers, e-mail address, Internet website address;1.4. number of the licence to engage in the management company activity;1.5. date, place and code of the registration of the management company in


2. Accountable period for which the report has been prepared.

3. Information about where and how one can get acquainted with the report and the documents on the basis of which it was prepared (financial statements, auditor’s reports, etc.).

4. Persons responsible for the accuracy of the information submitted in the report:

4.1. members of the managing bodies of the issuer, employees and the head of the administration responsible for the report (first and last names, their office duties, telephone and fax numbers);

4.2. where the report has been prepared by consultants or with the assistance of consultants, the report shall contain: first and last names of the consultants (where the consultant is a legal person, its name, telephone and fax numbers and the names of the persons representing the consultant, specifying which particular parts of the report were prepared by the consultants or which parts of the report were prepared with the assistance of the consultants, indicating the scope of the consultant’s liability).

5. Declaration by the members of the management company’s managing bodies, employees, the head of the administration and the management company’s consultants or their representatives that the information contained in the report is in accordance with the facts and that the report makes no omissions likely to have an effect on operations of the management company or the collective investment undertakings (pension funds) managed thereby. The declaration must be confirmed by original signatures of the above mentioned persons.

24

II. INFORMATION ON THE CAPITAL OF THE MANAGEMENT COMPANY, ITS ACTIVITY AND ISSUED SECURITIES

6. The authorised capital of the management company: 6.1. amount and composition of the authorised capital during the accounting

period; 6.2. total number and nominal value of shares issued by the company.

7. Share of the borrowed capital (in percent) in the own capital.

8. Amount of own capital invested into the diversified investment portfolio.

9. Shareholders:9.1. total shareholders;

9.2. shareholders holding or managing over 5 percent of the authorised capital of the management company: full names of natural persons, personal codes (to be provided only in the first copy of the report submitted to the Commission), names and types of the companies, registered office (address), code of the Register of Legal Entities, number of shares held by the shareholders, the percentage share of the authorised capital and votes held by the shareholders, breaking into the percentage of votes belonging to him/her personally and the percentage of votes held in concert with other persons); 9.3. number of shares held by managers, members of administration and other related persons of the management company, shares of the authorised capital held thereby (in percent).

10. Customers of the management company:10.1. collective investment undertakings (investment companies with variable

capital, investment funds, collective investment undertakings of limited distribution):

Type of the collective investment undertaking


Average net assets value of the period

Semi-annual net return on investment

Num-ber of parti-cipants

Accrued remuneration to the mana-gement company

Actual re-muneration to the mana-gement company

Total:

10.2. pension funds:

Type of pension fund


Average net assets value of the period

Semi-annual net return on investment

Num-ber of parti-cipants

Accrued remuneration to the management company

Actual re-muneration to the mana-gement company

25

Total:

10.3. information on management of portfolios of individual customers (persons whose portfolios are managed, main characteristics of the individual portfolios, total amount of portfolios, characteristics of individual portfolios, typical customers – natural, legal persons, professional investors, number of customers by types);

10.4. information on custody and management of units or shares of the collective investment undertakings.

11. Intermediaries of public trading in securities with which the management company has concluded the service agreements (names, addresses, nature of the contracts).

12. Total remuneration paid to the intermediaries of public trading in securities for the provision of services (by intermediaries).

III. INVESTMENT ACTIVITIES

13. Composition of the investment portfolio end-of-accounting period:

Issuer’s name

State

ISIN code

Number (units)

Total nominal value



Total market value

Market on the basis of which the market value was established (web address)

Share of votes in the issuer (%)

Share in portfolio (%)


Total:


Total:


Total:

New issued equity securities

Total:Total equity securities:

Issuer’s name

State

ISIN code

Number (units)

Total nominal value



Total market value


Share in portfolio (%)


Total:


Total:

26


Total:

New issued debt securities

Total:Total debt securities:

Name of the UCITS

State

ISIN code

Num-ber (units)

Manger Total acquisition value


Total market value

Source referred to establish market value (website address)

Share of assets of UCITS invested into other UCITS (%)


Units (shares) of the collective investment undertakings complying with the requirements of Art. 40(1) of the Law on Collective Investment Undertakings

Total:


Total:Total units (shares) of UCITS:

Issuer’s name

State

Name of the instru-ment

Num-ber (units)

Currency

Total market value

Interest rate Expiry date


Money market instruments traded on regulated markets

Total:


Total:Total money market instruments:

Name of the credit institution

State

Currency

Total market value

Interest rate Deposit maturity

Share in the portfolio(%)



Issu-er’sna-me

State Coun-terpar-ty

Currency


Value of the invest-ment trans-action

Total market value

Name of the market (website address)

Term of validity


27

(posi-tion)


Total:


Total:

Name of the bank

Currency

Total market value

Interest rate Share in portfolio (%)

Monies

Total:

Name Short description Total value Purpose Share in portfolio (%)


Total:

IV. FINANCIAL STATUS

14. Balance sheet and the off-balance sheet items account (the balance sheet and the off-balance sheet items account for the beginning and the end of the accounting period, set out in a comparative table with the data of the first six months period of the previous financial year).

15. Profit (loss) account (profit (loss) account set out in a comparative table with the data of the first six months period of the previous financial year).

16. Cash flow statement.

17. Explanatory letter.

V. MANAGING BODIES OF THE COMPANY

18. Members of the managing bodies (members of the Supervisory Board, the Board, the administration (head of the administration, his/her deputies, chief financier):

18.1. positions held, names and surnames, personal codes (in the first copy of the report only), data about participation in the issuer's authorized capital (percentage of the authorized capital and votes held);

18.2. data about participation in the activities of other companies, enterprises and organizations (name of the company, enterprise, or organization and position held), and the capital and votes held in other enterprises (percentage);

18.3. data about the beginning and the end of the term of office of each managing body member.

28

19. Full names, years of birth, personal codes (to be provided only in copies of the report submitted to the Commission), address, telephone, education background, of persons holding certificates recognised by the Securities Commission, the name and the number of the certificates.

20. Persons related to the management company:20.1. persons controlling the management company, and controlled thereby;20.2. where the controlled or controlling person is a legal person, heads of

such legal person.

21. Transactions in assets of the collective investment undertakings or pension funds managed by the management company concluded by persons related to the management company (as defined in item 5.1 of the Rules); share in the portfolios of the collective investment undertakings held by such persons.

VI. MATERIAL EVENTS IN THE ACTIVITIES OF THE MANAGEMENT COMPANY

22. Material events in issuer's activity (brief characteristics of the material events that occurred during the accountable period, the date (period).

23. Judicial or arbitration proceedings (information on the judicial or arbitration proceedings likely to have or which has had an effect upon the activities of the management company).

29


CONTENTS OF THE QUARTERLY REPORT OF THE MANAGEMENT COMPANY


1. Principal data of the management company:1.1. name;1.2. registered office (address);1.3. telephone, fax numbers, electronic mail address, Internet website address;1.4. number of the management company licence;1.5. date, place and code of the registration of the management company with


2. The accounting period for which the quarterly report has been prepared.

3. Persons responsible for the accuracy of the information presented in the report:

3.1. members of the managing bodies of the management company, employees and the head of the administration responsible for the report (first and last names, their office duties, telephone and fax numbers); 3.2. where the report is prepared by consultants or with the assistance of consultants, the report shall contain: first and last names of the consultants (where the consultant is a legal person, its name, telephone and fax numbers and the names of the persons representing the consultant), specifying which particular parts of the report were prepared by the consultants or which parts of the report were prepared with the assistance of the consultants, indicating the scope of the consultant’s liability.

4. Declaration by the members of the management company managing bodies, employees, the head of the administration and the consultants or their representatives that the information contained in the report is in accordance with the facts and that the report makes no omission likely to have an effect on the performance of the management company and the collective investment undertakings (pension funds) managed thereby. Original signatures of the above-mentioned persons must confirm the declaration.

II. INFORMATION ON THE ACTIVITIES OF THE MANAGEMENT COMPANY

5. Customers of the management company:

30

5.1. collective investment undertakings (investment companies with variable capital, investment funds and collective investment undertakings of limited distribution):

Type of the collective investment undertaking


Average value of net assets for the period

Quarterly net return on investment

Num-ber of participants


Actual remunera-tion to the manage-ment company

Total:

5.2. pension funds:

Type of the pension fund


Average value of net assets for the period

Quarterly net return on investment

Num-ber of participants


Actual remunera-tion to the manage-ment company

Total:

5.3. information on management of portfolios of individual customers (persons whose portfolios are managed, main characteristics of the individual portfolios, total amount of portfolios, characteristics of individual portfolios, typical customers – natural, legal persons, professional investors, number of customers by types);

5.4. information on custody and management of units or shares of the collective investment undertakings.

6. Intermediaries of public trading in securities with which the management company has concluded service agreements (names, addresses, nature of the contracts).

III. INVESTMENT ACTIVITIES

7. Own capital invested into the diversified investment portfolio.

8. Composition of the investment portfolio as of end-of-accounting period:

Issuer’s name

State

ISIN code

Num-ber (units)

Total nominal value


Acquisition value per unit

Total market value

Market referred to establish the market value (website address)

Share of votes in issuer (%)

Share in port-folio (%)


31

Total:

Equity securities admitted into the Current Trading List

Total:


Total:

Issued new equity securities

Total:Total equity securities

Issuer’s name

State

ISIN code

Num-ber (units)

Total nominal value



Total market value


Share in portfo-lio (%)


Total:


Total:


Total:

Issued new debt securities

Total:Total debt securities

UCITS name

State

ISIN code

Num-ber (units)

Manager



Total market value

Source referred to establish market value (website address)

Share of UCITS assets invested into other UCITS (%)

Share in port-folio (%)

Units (shares) of collective investment undertakings complying with the requirements oaf Art. 40(1) of the Law on Collective Investment Undertakings

Total:



Issuer’s name

State


Number (units)

Currency

Total market value

Interest rate Validity expiry date


Money market instruments traded in regulated markets

32

Total:


Total: Total money market instruments

Name of credit institution

State

Currency

Total market value

Interest rate Deposit term expiry date


Deposits in credit institutionsTotal:


Issu-er’s na-me

State Coun-ter-party

Currency


Value of invest-ment transact-tion (posi-tion)

Total market value


Validity term



Total:


Total:

Name of the bank

Currency

Total market value

Interest rate Share in the portfolio (%)

Monies

Total:

Name Short description Total value Purpose Share in the portfolio (%)


Total:

V. FINANCIAL STATUS

9. Balance sheet and the off-balance sheet items account (the balance sheet and the off-balance sheet items account for the beginning and the end of the accounting period, set out in a comparative table with the data of the relevant previous quarter).

33

10. Profit (loss) account (profit (loss) account set out in a comparative table with the data of the relevant previous quarter).

VI. MATERIAL EVENTS IN THE ACTIVITIES OF THE MANAGEMENT COMPANY

11. Material events in the activity of the management company (characteristics of the material events during the accounting period, their date (period)).

12. Judicial and arbitration proceedings (information on judicial and arbitration proceedings which are likely to or have had an effect upon the activities of the management company).

34

Annex 4Rules on the preparation and submission of information by management companies and investment companies with variable capita; the management of whose assets has not been delegated to a management company

CONTENTS OF THE REPORT OF A PENSION FUND


1. Name of the pension fund, name of the rules underlying the activities of the pension fund, number of the pension fund regulations assigned by the Securities Commission.

2. Data on the management company: 2.1. name and company code;2.2. registered office (address);2.3. telephone, fax numbers, e-mail and website addresses;2.4. activity licence number;2.5. full name and position of the manager of the pension fund (person or

persons authorised to make investment decisions).3. Persons responsible for the accuracy of the information provided in the report:

3.1. members of the managing bodies, employees and the head of the administration responsible for the report (names, last names, telephone and fax numbers, electronic mail addresses);

3.2. where the report has been prepared by consultants or with the assistance of consultants, the report shall contain: first and last names of the consultants (where the consultant is a legal person, its name, telephone and fax numbers and the names of the persons representing the consultant, specifying which particular parts of the report were prepared by the consultants or which parts of the report were prepared with the assistance of the consultants, indicating the scope of the consultant’s liability).

4. Name, code, address, telephone and fax numbers of the depository.

5. Accounting period for which the report is prepared.

II. CHANGES IN THE NET ASSETS, THE NUMBER AND VALUE OF THE ACCOUNTING UNITS

6. Indicate the changes in the net assets, number and value of the accounting units:

Beginning of the

End of the accounting

A year ago (date)

Two years ago (date)

35

accounting period (date)

period (date)

NAVValue of the accounting units (LTL) Number of the accounting units

7. Indicate the number of the converted accounting units and the total conversion amounts during the accounting period:

Number of the accounting units

Value (LTL)

Number of units (converting the funds into accounting units)Number of units (converting units into funds)

III. DEDUCTIONS FROM PENSION ASSETS

8. Deductions from pension assets (to complete the relevant table according to the type of the fund):

Deductions from the pension assets of the pension funds accumulating part of the State social insurance contribution (where in the course of the accounting period the amount of the contribution has changed, submit amounts by each rate); in case of calculation of the synthetic expected total expense ratio, additional information specified in item 35.6 of the Rule shall be submitted:Deductions Maximum

rates provided for in the Rules

Actually applied deduction rates

Accrued deductions during the accounting period

Amount of deductions during the accounting period

From contributionsFrom assets value Changing fees:Change of the fund within the same company more than once a yearChange of the pension accumulation

36

company once a yearChange of the pension accumulation company more than once a yearChange of the pension fund more than once a yearTotal:TER (total expense ratio):PTR (portfolio turnover ratio):

Deductions from the supplementary voluntary pension accumulation fund (where the amount of the contribution has been changed during the accounting period, submit the amounts by each rate):Deductions Fee Amount of the

fee (LTL)% of NAV

Management fee:Flat-rate feePerformance feeFees related to depository duties Transaction costsAudit costsOther operating costs (indicate types of costs)Amount of costs included into TERTER % of NAV*Total costs PTR (PTR of the previous equivalent period)**

*Total expense ratio (TER) – a percentage ratio showing the average share of net assets of the fund allocated to cover the management costs. These expenses directly reduce the return of the investor’s investment. Notable, that for the purpose of calculation of TER transaction costs are not taken into account.

**Portfolio turnover rate – the rate reflecting the volatility of the instruments composing the pension fund portfolio. The funds of high PTR incur higher transaction costs.

9. Fees to intermediaries (indicate the specific intermediaries and amounts of fees paid thereto, as well as services rendered). Indicate the intermediaries related to the management company.

37

10. Information on all effective fee-sharing agreements and soft commissions (service provider, value of provided services and (or) the nature of the services, etc.).

11. Provide a specific example of the effect of the fees on the final return on investment in respect of a participant (to be submitted only in the annual report).

IV. INFORMATION ON THE INVESTMENT PORTFOLIO OF THE PENSION FUND

12. Composition of the investment portfolio at the end of the accounting period:

Issuer’s name

State

ISIN code

Num-ber (units)

Total nominal value



Total market value



Share in NA (%)


Total:


Total:


Total:

Issued new equity securities


Issuer’s name

State

ISIN code

Num-ber (units)

Total nominal value



Total market value

Interest rate Redem-ption/con-version date

Share in NA (%)


Total:


Total:


Total:



Name of UCITS

State

ISIN code

Num-ber (unit)

Manager



Total market value

Source referred to establish the market value (website

Share of UCITS assets invested in other

Share in NA (%)

38

address) UCITS (%)

Units (shares) of collective investment undertakings complying with the requirements of Art. 40(1) of the Law on Collective Investment Undertakings

Total:



Issuer’s name

State


Num-ber (units)

Currency

Total market value


Share in NA (%)

Money market instruments traded in other regulated markets

Total:


Total:Total money market instruments :

Name of the credit institution

State

Currency

Total market value

Interest rate Deposit maturity

Share in NA (%)

Deposits in credit institutionsTotal:


Issu-er’s na-me


Currency


Value of invest-ment transaction (position)

Total market value


Expiry term

Share in NA (%)


Total:


Total:

Name of the bank

Currency

Total market value

Interest rate Share in NA (%)

Monies

Total:

39

Name Short description Total value Purpose Share in NA (%)


Total:

13. Investment breakdown by criteria reflecting the investment strategy (e.g., types of assets, sectors of industry, geographical zones, currencies, markets, types of issuers (governments, companies), issuers’ credit ratings, terms of validity of the instruments, etc.).

Investment break-down

Market value Share in assets (%)

Market value beginning of the accounting period

Share in the assets beginning of the accounting period (%)

By investment targets

Total:

By sectors

Total:

By currencies

Total:

By geographical zones

Total:

By other criteria

Total:

14. Transactions in derivative instruments concluded during the accounting period except those indicated in item 12 (by types of derivative investment instruments, indicate the values of transactions, objectives of the derivative investment instruments (currency exchange, interest rate, equity-related, other), transactions in regulated markets and counterparty transactions and other relevant information);

15. Describe the types of derivative instruments specified in item 12, related risks, quantity thresholds and the methods used to assess the pension fund risk arising from derivative transactions, followed by an indication of how a derivative investment instrument may protect the investment transaction (investment position) from risk.

40

16. Total liabilities arising from derivatives transactions at the end of the accounting period (separately indicate the amount by different categories of acquired derivative investment instruments).

17. Provide the analysis on the compliance (failure to comply) of the investment portfolio the pension fund’s investment strategy (investment directions, investment trends, geographical zone, etc.).

18. Indicate the factors, which most affected changes in the structure and the value of the investment portfolio during the accounting period.

V. RETURN ON INVESTMETN OF THE PENSION FUND AND RISK INDICATORS

19. Benchmark index and its brief description.

20. Indicators of changes in the annual return on investment of the investment portfolio of a pension fund and the value of the benchmark index (where selected) in the course of the last ten years of the activities of the fund, set out in a comparative table. Where the fund has been in operation the annual return on investment in respect of the period the fund has been actually in operation shall be declared. The relevant table shall be completed by type of the fund:

Pension fund accumulating part of the State social insurance contribution:Over the

accounting period

A year ago Two years ago X years ago

Change in the value of the benchmark indexAnnual net return on investment Standard deviation of the net return on investment

Supplementary voluntary pension accumulation fund:Over the

accounting period


Change in the value of the benchmark indexAnnual gross return on investment Annual net return on investment Standard

41

deviation of the gross return on investment

21. Where the advertising of the pension fund has used the forecast concerning the return on investment, indicate the forecasted return, compare the discrepancies with the actual return on investment and indicate the possible reasons for the variance.

22. Average return on investment and the change in the value of the benchmark index in the course of the last three, five or ten years. The average return on investment shall be calculated as a geometrical mean of the annual returns. The relevant table shall be completed taking into account the type of the fund:

Pension fund accumulating part of the State social insurance contribution:

Over the last three years

Over the last five years

Over the last ten years

Since the outset of

operationsAverage change in the value of the benchmark indexAverage return on investment Standard deviation of the average net return on investment*

*Standard deviation of the return on investment- a statistical indicator describing the volatility of the return on investment portfolio. Where the standard deviation of the return on investment is equal to zero the investment portfolio yields an invariable return on investment (e.g., bank deposit with a fixed interest rate).

Supplementary voluntary pension accumulation fund:

Over last 3 years

Over last 5 years

Over last 10 years

From the outset of the operations

Average change of the reference indexAverage gross return on investment Average net return on investment Standard deviation of the gross return on investment

42

23. Other indicators disclosing the risk related to the investment portfolio. Explanations and calculation methods shall be disclosed in respect of each indicators of investment risks.

VI. FINANCIAL STATUS OF A PENSION FUND

24. Submit the following financial statements of the pension fund drawn up in accordance with the requirements of the laws and other regulations of the Republic of Lithuania:

24.1. balance sheets of the previous 3 financial years set out in a comparative table;

24.2. statements on changes in net assets of the previous 3 financial years set out in a comparative table;

24.3. explanatory letter.

VII. INFORMATION ON THE PARTICIPANTS OF THE PENSION FUND

25. General data on the participants of the pension fund (participants shall also include persons who exercised the right to postpone the commencement of payment of pension benefits, also persons receiving periodic pension benefits):

Number of participants at the beginning of the accounting periodNumber of participants at the end of the accounting period

Participants who have exercised the right to postpone the commencement of payment of pension benefitsParticipants receiving periodic pension benefits Total:

Change in the number of participants

26. Number of participants who have joined the pension fund during the accounting period:

Total number of participants who have joined the pension fundParticipant who have concluded the pension accumulation contracts for the first time Participants who have joined the funds from other pension funds

From the same pension accumulation company From another pension accumulation company

27. Number of participants who have withdrawn from the fund during the accounting period:

Total withdrawalsNumber of participants who have withdrawn to other pension funds

Managed by the same pension accumulation company Managed by another pension accumulation company

Number of participants who have terminated their participation

Withdrawals (completed only for supplementary voluntary pension accumulation fund) Participants who have reached the established

43

pensionable age and have exercised their right to pension benefit (lump sum, annuity or a combination thereof)Deceased participants

28. Pension fund participants structure by age and gender at the end of the accounting period:

Total participants

Participants under 30

Participants aged 30-45

Participants aged 45-60

Participants aged over 60

Males Females Males Females Males Females Males Femalesnumber

% number

% number

% number

% number

% number

% number

% number

VIII. CASH FLOWS

29. Actual receipts during the accounting period:

Total receiptsPeriodic contributions to the pension fund

From the State social insurance fundFunds contributed by the participants (only in case of a supplementary voluntary pension accumulation fund)Funds paid by employers and other third persons (only in case of a supplementary voluntary pension accumulation fund)

Late interest paid by the State social insurance fundFunds paid from the guarantee reserveFunds transferred from other pension funds

From the same pension accumulation companyFrom another pension accumulation company

Other receipts (indicate the source and the amount of the funds received)

30. Funds paid:

Total funds paidPension benefits Lump sum benefits to the participants

Periodic benefits to the participants Payments for the acquisition of the annuity

Funds transferred to other pension funds

Managed by the same pension accumulation companyManaged by another pension accumulation company

Funds paid to participants who have withdrawn (only for supplementary voluntary pension accumulation fund)Funds paid to heirsFunds paid on other basis

44

IX. INFORMTION ON THE GUARANTEE RESERVE

31. Where the Rules of a pension fund provides for a guarantee of a certain yield, specify the guaranteed yield, amounts of contributions to the guarantee reserve during the accounting period, specify the investment portfolio where the portfolio has been used, indicate the reasons for using the portfolio, the amount used, amount of the reserve at the end of the accounting period and other important information.

X. INFORMATION ON FUNDS BORROWED BY THE PENSION FUND FOR OWN NEEDS

32. Funds borrowed by the pension fund for own needs at the end of the accounting period:

No. Loan amount

Loan currency

Loan extension date

Loan redemption date

Interest rate

Borrowing purpose

Creditor

Borrowed funds weight in the fund’s NA (%)

Total:

XI. OTHER PROVISIONS

33. Explanations, commentaries, illustrative graphics and other important information on the activities of the fund enabling the investor to properly evaluate the changes in the activities of the fund and its performance.

34. Full names (names of legal persons), addresses, names and numbers of licences to engage in relevant activities of consultants whose services were used in the preparation of the report (FBF, auditors).

35. Full names, positions and office of persons who have drafted the reports (where the report has been prepared by other persons than the employees of the company).

36. Signatures of the manager, chief financier and persons who have drafted the report of the management company and their declaration that the information contained in the report is true and does not contain any omissions which could have a material effect upon the values of ratios presented.

45

Annex 5Rules on the preparation and submission of information by management companies and investment variable capital companies the management of whose assets has not been delegated to a management company

CONTENTS OF THE REPORT OF A COLLECTIVE INVESTMENT UNDERTAKING

I. GENERAL INFORMATION

1. Name and legal form of the collective investment undertaking, date of the approval by the Securities Commission of the documents of the collective investment undertaking.

2. Data of the management company:2.1. name and code of the company;2.2. registered office (address);2.3. telephone, fax numbers, e-mail and website address;2.4. operating licence number;2.5. name, last name and position of the manager of the collective

investment undertaking (person or persons taking investment decisions).

3. Persons responsible for the accuracy of the information provided in the report:3.1.members of the managing bodies, employees and the head of the

administration of the managing company responsible for the report (names, last names, telephone and fax numbers, e-mail address);

3.2. where the report is prepared by consultants or with the assistance of consultants, the report shall contain: first and last names of the consultants (where the consultant is a legal person, its name, telephone and fax numbers and the names of the persons representing the consultant), specifying which particular parts of the report were prepared by the consultants or which parts of the report were prepared with the assistance of the consultants, indicating the scope of the consultant’s liability.

4. Name, code, address, telephone and fax numbers of the depository.

5. The accounting period for which the report has been prepared.

II. CHANGES IN VALUE OF NET ASSETS AND THE NUMBER AND VALUE OF INVESTMENT UNITS (SHARES)

6. Indicate the changes of net assets and the number and value of investment units (shares):

Beginning of End of the A year ago Two years

46

the accounting period (date)

accounting period (date)

(date ago (date)

NAVValue of the units (share) (LTL)Number of outstanding units (shares)

7. Indicate the number and amounts of investment units subscribed and redeemed during the accounting period:

Number of units (shares)

Value (LTL)

SubscribedRedeemed

8. Number of persons holding investment units (shares) end-of-accounting period.

III. EXPENSE AND TURNOVER RATIOS OF A COLLECTIVE INVESTMENT UNDERTAKING

9. Types of deductions from the assets of a collective investment undertakings, total expense ration, portfolio turnover ratio (where the fee rate has during the accounting period changed specify amounts individually by each rate). In case the synthetic expected total expense ratio is calculated, additional information shall be presented in accordance with clause 35.6.

Deductions Fee rate Fee amount (Lt)

% of NAV

Management fee:Fixed feesPerformance feeDepository feeTransaction costs Audit costs Other operating costs (indicate types of costs)Total costs included into TERTER % of NAV*Total costs PTR) (PTR of the previous corresponding accounting period)**

47

*Total expense ratio (TER) – a percentage ratio showing the average share of net assets of the fund allocated to cover the management costs. These expenses directly reduce the return of the investor’s investment. Notable, that for the purpose of calculation of TER transaction costs are not taken into account.

**Portfolio turnover rate (PTR) – the rate reflecting the volatility of the instruments composing the pension fund portfolio. The funds of high PTR incur higher transaction costs.

10. Fees to intermediaries (indicate the intermediaries and amounts of fees paid to them, services). Indicate the nature of the relation of intermediaries with the management company of the collective investment undertakings.

11. Information on all effective fee-sharing agreements and the soft commissions (the service provider, nature of services, other).

12. Provide a specific example illustrating the effect of fees upon the return on investment ultimately transferred to an investor (provided for only in the annual report).

IV. INFORMATION ON THE INVESTMENT PORTFOLIO OF THE COLLECTIVE INVESTMENT UNDERTAKING

13. Composition of the investment portfolio as of the end-of-accounting period:

Issuer’s name

State

ISIN code

Num-ber(units)

Total nominalvalue



Total market value



Share in NA (%)

Equity securities admitted in the Official Trading List

Total:Equity securities admitted to the Current Trading List

Total:Equity securities traded on other regulated markets

Total:Issued new equity securities


Issuer’s name

State

ISIN code

Num-ber (units)

Total nominal value



Total market value


Share in NA (%)


Total:

48


Total:


Total:



Name of UCITS

State

ISIN code

Num-ber(units)

Manager



Total market value

Source referred to establish the market value (website address)

Share of assets of UCITS invested in other UCITS (%)

Share in NA (%)

Units (shares) of collective investment undertakings complying with the requirements of 40(1) of the Law on Collective Investment Undertakings

Total:



Issuer’s name

State


Num-ber (units)

Currency

Total market value


Share in NA (%)

Money market instrument traded on regulated markets

Total:


Total:Total money market instruments

Name of credit institution

State

Currency

Total market value

Interest rate Deposit term expiry

Share in NA (%)



Issuer’s na-me


Currency

Investment transaction(position)

Value of invest-ment transact-tion

Total market value


Expiry term

Share in NA (%)

49

(posi-tion)


Total:


Total:

Name of the bank

Currency

Total market value

Interest rate Share in NA (%)

Monies

Total:

Name Short description Total value Purpose Share in NA (%)


Total:

14. Investment break-down by criteria reflecting the investment strategy (e.g., types of assets, sectors of industry, geographical zones, currencies, markets, types of issuers (governments, companies), issuers’ credit ratings, terms of validity of the instruments, etc.).

Investment break-down

Market value Share in assets (%)

Market value at the beginning of the accounting period

Share in the assets at the beginning of the accounting period (%)

By investment targets

Total:

By sectors

Total:

By currencies

Total:

By geographical zone

Total:

By other criteria (indicate the criteria)

50

Total:

15. Transactions in derivative instruments concluded during the accounting period except those indicated in item 13 (by types of derivative investment instruments, indicate the values of transactions, objectives of the derivative investment instruments (currency exchange, interest rate, equity-related, other), transactions in regulated markets and counterparty transactions and other relevant information);

16. Describe the types of derivative instruments specified in item 13, related risks, quantity thresholds and the methods used to assess the pension fund risk arising from derivative transactions, followed by an indication of how a derivative investment instrument may protect the investment transaction (investment position) from risk (where the measure is used for risk management purposes).

17. Total liabilities arising from derivatives transactions at the end of the accounting period (separately indicate the amount by different categories of acquired derivative investment instruments).

18. Provide the analysis on the compliance (failure to comply) of the investment portfolio the pension fund’s investment strategy (investment directions, investment trends, geographical zone, etc.).

19. Indicate the factors, which most affected changes in the structure and the value of the investment portfolio during the accounting period.

V. RETURN ON INVESTMENT AND RISK INDICATORS OF THE COLLECTIVE INVESTMENT UNDERTAKINGS

20. Benchmark index and its short description. 21. Indicators in the change of value of the annual return on investment of the investment portfolio (gross and net) and the reference index (where such has been selected) in the course of the last ten years of the operation of the undertaking set out in a comparative table and described graphically. Where the collective investment undertaking has been in operation for less than ten years, annual return on investment for the actual period of operations of the portfolio shall be declared.

Accounting period


Change in the value of the benchmark indexAnnual gross return on investmentAnnual bet return on

51

investmentStandard deviation of the gross return on investment *

*Standard deviation of the return on investment - a statistical indicator describing the volatility of the return on investment portfolio. Where the standard deviation of the return on investment is equal to zero, the investment portfolio yields an invariable return on investment (e.g., bank deposit with a fixed interest rate).

22. Average return on investment and the change in the value of the benchmark index over the last three, five and ten years. The average return on investment shall be calculated as a geometrical mean of the average annual returns on investment.

Over the last three years

Over the last five years

Over the last ten years

From the outset of the operation

Average change in the value of the benchmark index Average gross return on investmentAverage net return on investment Standard deviation of the average gross return on investment

23. Other ratios disclosing the risk related to the investment portfolio. For the purpose of disclosing the investment risk ratios explanations and calculation methods shall be provided.

VI. FINANCIAL STATUS OF THE COLLECTIVE INVESTMENT UNDERTAKING

24. Submit the following financial statements of the collective investment undertaking drawn up in accordance with the requirements of the laws and other regulations of the Republic of Lithuania:

24.1. balance sheets of the previous 3 financial years set out in a comparative table;

24.2. statements on changes in net assets of the previous 3 financial years set out in a comparative table;

24.3. explanatory note.

25. Full text of the auditor’s report.

52

26. Information on the investment income and costs incurred by the collective investment undertaking during the accounting period:

I. Investment income1. Interest income2. Realised yield from investment into:2.1 equity securities2.2 Government securities 2.3 debentures2.4 financial instruments 2.5 financial derivatives2.6 units of other collective investment

undertakings 2.7 Other3. Unrealised profit (loss):3.1 equity securities 3.2 Government securities 3.3 debentures 3.4 financial instruments 3.5 financial derivatives3.6 units of other collective investment

undertakings 3.7 Other

Total income II. Costs1. Operating costs:1.1 management fees1.2 depository fees 1.3 Intermediary fees1.4 Audit costs 1.5 Other fees and costs 2. Other costs

Total costs III. Net income IV. Payments (dividends) to holders of

investment units V. Reinvested income

27. Other material information on the financial status of the collective investment undertaking, factors and circumstances which ha an effect upon the assets and liabilities of the collective investment undertaking.

VII. INFORMATION ON PAYMENT OF DIVIDENDS

28. Provide information on the accrued and/or paid dividends (in semi-annual reports – interim dividends after taxes), periods for which the dividends were

53

paid, payment dates, amounts of dividends per unit (share), and other important information.

VIII. INFORMATION ON FUNDS BORROWED FOR THE NEEDS OF THE COLECTIVE INVESTMENT UNDERTKING

29. Funds borrowed for the needs of the collective investment undertaking as of the end of the accounting period:

Nr. Loan amount

Loan currency

Date of extension of the loan

Loan maturity

Interest rate

Purpose of borrowing

Creditor Weight of borrowed funds in the NA (%)

Total:

VIII. OTHER PROVISIONS

30. Explanations, commentaries, illustrative graphics and other important information on the activities of the collective investment undertaking enabling the investor to properly evaluate the changes in the activities of the undertakings and its performance.

31. Full names (names of legal persons), addresses, names and numbers of licences to engage in relevant activities of consultants whose services were used in the preparation of the report (FBFs, auditors).

32. Full names, position and office of persons who have drafted the reports (where the report has been prepared by other persons than the employees of the company).

33. Signatures of the manager, chief financier and persons who have drafted the report of the management company and their declaration that the information contained in the report is true and does not contain any omissions which could have a material effect upon the values of ratios presented.

54

Annex 6Rules on the preparation and submission of information by management companies and investment variable capital companies the management of whose assets has not been delegated to a management company

NOTIFICATION ON TRANSACTIONS CONCLUDED IN THE ASSETS OF THE PENSION FUND

1. Name of the management company.2. Name of the pension fund.3. Date of completion of the notification. 4. Accounting period for which the notification is filed. 5. Position, full name and telephone of the responsible person. 6. Position, full name and telephone of the manager of the management company.

Nr.

Code of the management company

No. of the regulation of the pension fund (1-16)

Date of concluding the transaction

Date of transaction settlement/validity

Intermediary

Where counterparty known- name, code of the company, name, last name, personal code Name of

transaction object

Abbreviation of transaction object

ISIN code

Number (units)

Unit price

Transaction currency

Transaction value

Interest rate (percent)

Type of transaction (purchase, sale, etc.)

Transaction value (LTL)

Market on which the transaction concluded/data on the colelctive investment undertaking

Name

Enterprise code

Name/name, last name

Enterprise code/personal code

Name

State

1

2

3

4

5

6

55

resolution 11.doc.doc

Documents

management companyi

submission of information

present rules

submission ofinformation

transferable securities

public of information

time limits of submission

approvedby resolution