2. The fixed part of the capital of the unit trusts may not be less than the variable part of the unit trust. 1 – Without prejudice to the following paragraph, the management of real estate investment funds is carried out by a company managing real estate investment funds, hereinafter referred to as a management company, having its registered office and effective management in Portugal. 2. As soon as the variable part of the capital of mixed unit trusts corresponds to the fixed part of the unit trust, subscriptions of units representing those unit trusts shall be automatically suspended and the rules governing the management of unit trusts shall lay down the allocation criteria for applications for subscription which have not yet been fulfilled. (i) the common fund`s profit and loss distribution policy, objectively defined in such a way as to enable it to be verified whether it is a capitalisation fund or a unit trust, with a total or partial distribution of profits, and, if so, the criteria and frequency of such distribution; 1 – The constitution of real estate investment funds is subject to the simplified approval of the CMVM. The manager is© the institution that constitutes the fund and approves in the same Act its regulations, its document setting the operating rules of the fund, its objective and its investment policy. 2 – The authorization provided for in the preceding paragraph does not imply any guarantee on the part of the CMVM as to the content and information contained in the by-laws and in the prospectus of the Investment Fund. (a) the provision of advisory services for real estate investments, including studies and analyses relating to the real estate market; (g) the principles incorporated or acquired by the real estate company shall be applied to immovable property and other assets acquired, operated or disposed of, comparable to those applicable to investment funds, in particular as regards valuation rules, conflicts of interest and the provision of information. (c) the content of the prospectus of open-ended investment funds; You just learned that mutual funds have a structure made up of different players, and each of them© is responsible for playing essential roles in the market – see below: For example, the manager is a licensed professional responsible for selecting the assets in which the fund invests when investing in funds. Many investors may not realize it, but there are several institutions involved in all the alternatives available on the market. Art. 3 – The capital value of the units is communicated the day following their release by publication in accordance with this diploma and on the sites and by the funds intended for the marketing of the units of the mutual fund.

(a) the name of the mutual fund, marked “real estate investment trust” or the abbreviation “F.I. identification of the nature and must not conflict with the investment and profit distribution policy of the mutual fund; 4 – Management companies publish the detailed composition of the files of each investment fund they manage and other information, as defined in the CMVM Regulation. 1 – The constitution and operation of real estate investment trusts, or SIIMO for short, are subject to this legislative decree with the particularities contained in this title. Art. 2 – Investment funds are autonomous assets which, under the special Community regime governed by this Decree, belong to a large number of natural or legal persons who, without prejudice to Article 48, are referred to as “participants” and do not take into account in any case the debts of these persons or entities which, according to the law, manage it. 3 – The company managing the Fund prevents and puts an end, within the period set by the CMVM, non-compliance with the rules set out in the previous figures. 2. The prospectus shall contain a statement that it contains only material information relating to each unit trust and that interested parties receive more detailed information, including the administrative arrangements and accounting records of the unit trust, at the premises of the management company and the depositary and at all places and with the funds intended for the marketing of units of the unit trust: can be consulted. (v) the acquisition and holding of shareholdings in real estate companies by investment funds in addition to the conditions laid down in this diploma; 2.

In no case may the Assembly decide on specific investment decisions or adopt investment guidelines or recommendations which are not limited to the exercise of the competence referred to in subparagraph (b) of the preceding paragraph. So it`s worth reading on to learn more about mutual fund structure. Should we go? (b) acquire, for their own account, units in real estate funds or investment securities, other than treasury funds; The AIFM and the AIFM shall apply the necessary policies, procedures and internal controls to ensure that the liquidity of the fund`s portfolio is consistent with the deadlines set out in the regulations for the payment of claims and compliance with the fund`s obligations. Participants in closed-end mutual funds may apply for winding-up provided that this possibility is provided for in the administrative by-laws or where they provide for the admission to trading of units or shares on the regulated market and does not take place within 12 months of the establishment of the fund. 2. In the event of an increase in the capital of the unit trust, the limits referred to in point (a) of Article 38(1) shall be complied with within one year from the date of the capital increase in proportion to the amount of the increase.