World Bank2013-03-272013-03-272008-06https://hdl.handle.net/10986/13008This review examines corporate governance practices in the investment fund sector of the ten new member states in the European Union, composed of the European countries that transitioned to market economies in the 1990s: the eight countries that joined the European Union (EU) in 2004 .Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia. plus Bulgaria and Romania which joined in 2007. Croatia, for which accession negotiations started in 2005, is also included in this Review. (For simplification, these countries will be referred to as the EU11.) The review draws on two sources for data. Over the last two years, in-depth diagnostic reviews of investment governance were conducted by the World Bank in two of the countries, the Czech Republic and Slovenia. The objectives of the reviews were to develop a set of good practices. for investment fund governance and provide specific recommendations for the supervisory authorities in each country. The second source was the public websites of each of the supervisory authorities. The analysis in the review also draws on a number of recent studies done by international organizations such as IOSCO and the EU on governance in the investment fund sector. This review does not attempt to replicate these studies, but instead aims to identify selected areas where fund governance could be strengthened either by laws and regulations or by government policies.en-USCC BY 3.0 IGOAGENCY RELATIONSHIPSASSET MANAGEMENTASSET MANAGERASSET MANAGERSASSET PORTFOLIOASSET TYPESASSETS UNDER MANAGEMENTAUDITORAUDITORSAUDITSBANKING SECTORBROKERAGECAPITAL MARKETCAPITAL MARKETSCHECKSCLOSED END INVESTMENTCLOSED END INVESTMENT COMPANIESCLOSED-END FUNDCLOSED-END FUNDSCODE OF ETHICSCOLLECTIVE INVESTMENTCOLLECTIVE INVESTMENT SCHEMESCOLLECTIVE INVESTMENTSCOMMON LAWCOMPANY LAWCONFLICT OF INTERESTCONFLICTS OF INTERESTCONSUMER PROTECTIONCONTRIBUTIONS TO INVESTMENTCORPORATE GOVERNANCECREDIBILITYCUSTODIANDEPOSITORIESDEPOSITORYDERIVATIVEDERIVATIVESDISCLOSURE DOCUMENTSDISCLOSURE OF FEESDISCLOSURE REQUIREMENTSDISCLOSURESDIVERSIFIED INVESTMENTDIVIDENDSECONOMIC DEVELOPMENTEMERGING MARKETSENFORCEMENT ACTIONSENTRY REQUIREMENTSEQUITY MARKETFIDUCIARY DUTIESFIDUCIARY DUTYFINANCIAL ANALYSTSFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTFINANCIAL INSTRUMENTSFINANCIAL MARKETSFINANCIAL PLANNERFINANCIAL STATEMENTSFRAUDFRONT RUNNINGFULL DISCLOSUREFUND ACTIVITYFUND ASSETSFUND ASSOCIATIONFUND DISCLOSUREFUND GOVERNANCEFUND INDUSTRYFUND INVESTMENTFUND INVESTORFUND INVESTORSFUND MANAGEMENTFUND MANAGEMENT COMPANIESFUND MANAGERFUND MANAGERSFUND PERFORMANCEFUND PROSPECTUSESFUND SHARESFUND UNITSGLOBAL CAPITALGLOBAL CAPITAL MARKETSGOVERNANCE ISSUESGOVERNANCE STANDARDSGOVERNMENT POLICIESGOVERNMENT REGULATIONGROSS DOMESTIC PRODUCTHEDGE FUNDSHOLDING COMPANYILLIQUID SECURITIESINDIVIDUAL ACCOUNTSINDIVIDUAL INVESTORSINSIDERINSIDER TRADINGINSIDERSINSURANCEINSURANCE COMPANIESINSURANCE PRODUCTSINTERESTS OF INVESTORSINTERNATIONAL BANKINTERNATIONAL CAPITALINVESTINGINVESTMENT ADVISORINVESTMENT ADVISORSINVESTMENT ASSETSINVESTMENT COMPANIESINVESTMENT COMPANYINVESTMENT DECISIONSINVESTMENT FUNDINVESTMENT FUND LAWSINVESTMENT FUNDSINVESTMENT GUIDELINESINVESTMENT MANAGEMENTINVESTMENT MANAGEMENT COMPANIESINVESTMENT MANAGEMENT COMPANYINVESTMENT MANAGERSINVESTMENT POLICIESINVESTMENT PORTFOLIOINVESTMENT RETURNSINVESTMENT TRUSTINVESTMENT VEHICLESINVESTOR CONFIDENCEINVESTOR INTERESTINVESTOR INTERESTSINVESTOR PROTECTIONLEGAL ENTITIESLEGAL ENTITYLEGAL ENVIRONMENTLEGAL PROVISIONSLEGAL SYSTEMLEGAL TRADITIONSLEGISLATIVE FRAMEWORKLEGISLATIVE FRAMEWORKSLIABILITYLIMITED PARTNERSHIPLIQUIDATIONLIQUIDITYLOCAL SECURITIESLOCAL STOCK MARKETMANAGEMENT COMPANIESMANAGEMENT COMPANYMANAGEMENT FEESMARKET ECONOMIESMARKET PARTICIPANTSMARKET PRICEMARKET PRICESMARKET TIMINGMARKET VALUEMUTUAL FUNDMUTUAL FUND SCANDALSMUTUAL FUNDSNAVNET ASSETNET ASSET VALUENET ASSETSOPEN-ENDED FUNDSPARENT COMPANYPENSIONPENSION FUNDSPOOL OF ASSETSPORTFOLIOPORTFOLIO MANAGERPORTFOLIO OF SECURITIESPRICE MOVEMENTPRICE PRESSUREPRIVATE EQUITYPRIVATE EQUITY FUNDSPROSPECTUSPROSPECTUSESPROTECTION FOR INVESTORSREAL ESTATE FUNDSREDEMPTIONREDEMPTION OF UNITSREDEMPTIONSREGULATION OF INVESTMENT FUNDREGULATORY AUTHORITIESREGULATORY AUTHORITYREGULATORY FRAMEWORKSRETAIL INVESTORSRETURNRIGHTS OF INVESTORSRISK MANAGEMENTRISK MANAGEMENT SYSTEMSSECURITIESSECURITIES BROKERSECURITIES COMMISSIONSECURITIES COMMISSIONSSECURITIES MARKETSECURITIES MARKETSSECURITIES PORTFOLIOSSECURITIES REGULATORSECURITIES REGULATORSSHAREHOLDERSHAREHOLDER RIGHTSSHAREHOLDERSSOLVENCYSTOCK EXCHANGESSTOCK MARKETSTOCK PRICESTOCK SPLITSSUPERVISORY AGENCIESSUPERVISORY AGENCYSUPERVISORY AUTHORITIESSUPERVISORY BOARDSUPERVISORY BOARDSTRANSITION ECONOMIESTRANSPARENCYTRUST COMPANYTRUST CORPORATIONTRUSTEETRUSTEESTYPES OF FUNDSVALUATIONVALUATION OF SECURITIESVALUE OF ASSETSWorld Bank10.1596/13008