Legal Basis for Investment Fund

Legal Basis

nr.10198 Law dated 10.12.2009 “On collective investment undertakings” adopted by the Parliament of the Republic of Albania and supporting regulations, issued by the Financial Supervisory Authority are the basis of the activities and operations of the Investment Fund “Credins Premium”. The law and regulations requirements form an integral part of the prospectus of the Fund “Credins Premium”

The Financial Supervisory Authority with the address St “Dora d’Istria”, No.10 P.O. Box 8363, Tirana, Albania, exercise oversight over the activities of the managing company , the Fund and the Depositary.

Law nr.10198, dated 10.12.2009 “On collective investment undertakings”
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Depositary

  • Depository Bank is responsible for safekeeping the fund’s assets.
  • Depository Bank is licensed by the Bank of Albania and the Financial Supervisory Authority for the custody and depositary activity of Pension Funds.
  • Depository Bank is regulated and supervised by the AFSA.
  • The depository bank aims to protect the interests of fund members.
  • The depository bank is obliged to report to the AFSA any breaches of the Management Company.
  • It performs the function of control of compliance and independent reporting for the Fund.
  • The Fund carries no risk of the Depository bank, and nor of the Management Company, according to Albanian law and international principles of establishing and administering the funds.
  • The Fund’s assets may not be subject to claims or executions, carried out on behalf of the Management Company or the Depositary creditors.
  • The Fund is not part of the bankruptcy proceedings.
  • American Investment Bank sh.a. is the depositary bank of the Investment Fund Credins Premium.

Taxation of investment funds:

For tax purposes, the investment fund, is considered the owner of securities or the owner of all assets, as well as, the last person who benefits from it, unless otherwise provided in tax legislation. Taxation of the Fund is based on Law no. 8438, dated 28.12.1998 “On Income Tax” as amended, and its regulations.

Example:
Percentage ALL
Contribution at the beginning of the year 1,000,000.00
Accrued interest for the period of investment 80,000
Return on investment 8%
Contributions and accrued interest 1,080,000
Tax (at liquidation) 15% 12,000
The net asset value at the end of the investment period of the fund 1,068,000

Inheritance Fund:

If the member dies before receiving payment of all its assets, assets in his account will be distributed to his successors (inheritors) in accordance with the legal provisions governing the inheritance.

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