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Act No. 203/2011 Coll. on Collective Investment regulates the activity of asset management companies and management of mutual funds. Only those asset management companies which have obtained a licence for collective investment can perform business in this area. The act also regulates the rules of limitation and distribution of risk the asset management companies must adhere to upon investing assets of mutual funds whereby limitation of the effect of unfavorable development of one security on the entire fund is monitored.
Supervision of the National Bank of Slovakia
The whole investment process is supervised by the National Bank of Slovakia (NBS) as the supreme supervisory authority in the field of capital market. The NBS decides upon granting the license for activities of asset management companies, approves the establishment and statutes of mutual funds and checks whether asset management companies adhere to the legal regulations and act in the interest of investors.
Function of the depository is defined by the Act on Collective Investment. The main task of a depository is to check the observance of legal rules. Fund assets are entrusted to the depository who thus gets comprehensive information about all transactions executed with the fund assets. The depository is a guarantor of observance of law and rights of investors by the management company, holds responsibility for the correct determination of fund asset value and the related unit price.
Separate fund accounting
Asset management company maintains separate accounting of the fund assets which means, that obligations of the asset management company can not be covered from the fund assets. Fund expenses are defined by law and fund assets can be used only for the purpose of investment in compliance with law. Financial statements of a mutual fund, as well as of the asset management company, must be verified by auditor.