On 1 March 2019, a number of amendments and changes to the Finnish rules and regulations concerning common funds came into effect. To account for these changes, the Board of Directors of PYN Fund Management Ltd has decided to amend the rules of the PYN Elite Fund (non-UCITS).
The most important changes in the rules are:
- Annual general meetings for fund unit holders will no longer be held, and the rules concerning the members of PYN Fund Management Ltd’s board members and auditors have been rescinded from the rules. Under the applicable rules and regulations, a general meeting of unit holders is no longer required, nor are auditors or board members appointed by unit holders. However, we will continue to organise an annual event for unit holders in the form of a Portfolio Manager’s Review. The next review will be held on 25 May 2020. Please save the date, more details to follow later (NOTE: The event will be in Finnish and organized in Finland).
- The fund manager will be able to place restrictions on redemption in order to manage the fund’s liquid assets and protect the unit holders’ interests. More specifically, if the overall value of redemption orders for a single Redemption Day is in excess of 10 per cent of the Fund’s net assets, redemptions can be staggered across several Redemption Days. This amendment clarifies the liquidity requirements for the fund’s portfolio and ensures that the fund manager has the resources and capability to manage the fund’s investments in an efficient manner.
- The fund manager will be able to unilaterally redeem fund units in special circumstances, such as a fund unit holder’s failure to provide or update information required by the fund manager to fulfil their statutory obligations. Another example would be a unit holder’s relocation to a state where the regulatory framework would place additional unreasonable administrative obligations on the fund manager or placement on a relevant sanction list.
- In the future, any official communications to unit holders can be handled via e-mail and through the company website; no letters or newspaper notices will be required.
In addition to the above, certain technical and linguistic changes have been made. These changes have no material impact on the content of the rules. The rules are available at the fund manager’s premises and on the company website, address: www.pyn.fi/en/pyn-elite/documents/.
The amended rules will take effect on 1 April 2020. Under the current rules, Unit holders may redeem their fund units before the amended rules take effect (by 31 March 2020 at the latest). If a unit holder wishes to exercise this right of redemption, the unit holder must submit a redemption order to the fund manager on 28 February 2020 at the latest.
No action or response on the part of the unit holders is required to adopt these amendments.
For further information, please contact PYN Fund Management Ltd directly either by phone, tel. +358 9 270 70400 or via email:
PYN Fund Management Ltd
Board of Directors