Investment Fund Market Guide - Estonia
Key features (Register market)
Yes/No | Remarks | |
Settlement free of payment | Yes | |
Settlement against payment | Yes | Refer to CBL’s Eligible currencies and the fund currency specified in fund prospectus. |
Disclosure Requirements | Yes | Refer to Disclosure Requirements – Investment Funds – Estonia. |
Restrictions on customer | Yes | |
Restrictions on settlement | No |
Remarks | |
Market type / link type (Settlement link) | Register market and CSD link |
Eligible fund types in CBL | Register market: Contractual fund, Limited Partnership Fund CSD linka: CSD-eligible investment funds |
a. Please refer to the Market Link Guide – Estonia for more details on funds on CSD link.
Eligible fund types in CBL
Register market
Under Estonian law, a fund can be established pursuant to the Estonian Investment Fund Act as a contractual fund, public limited company, limited partnership or a defined-benefit occupational pension fund.
The main classification of Estonian investment funds eligible in CBL are as followed:
- Contractual fund: Pool of assets established from the money collected through the issue of units or other assets and assets acquired through investment of money and which is jointly owned by unitholders. A fund manager conducts transactions with the assets of a contractual fund in its own name and for the common account of all the unitholders.
- Public limited Fund: Fund founded as a public limited company pursuant to the Investment Funds Act and the provisions of the Commercial Code apply to the foundation, operation and dissolution thereof.
- Limited Partnership Fund: Fund founded as a limited partnership pursuant to the Invest Funds Act and the provision of the Commercial Code apply to the foundation, operation and dissolution thereof. A limited partnership fund may manage its own assets or enter into a management contract with a fund manager.
These funds can be further classified:
- UCITS: Funds that comply with the requirements provided for in Directive 2009/65/EC of the European Parliament and of the Council. Shares or Units of UCTIS Funds may be publicly offered in all EEA Member States and shall be redeemed at the request of unitholders or shareholders.
- Alternative Investment Fund (AIF): Any fund which is not a UCITS, pension fund or defined-benefit occupational pension fund. The subcategories of alternative investment funds are:
- Small Alternative Fund
- European Venture Capital Fund
- European Social Entrepreneurship Fund
- Closed-Ended Fund
- European Long-Term Investment Fund
- Feeder fund: Fund which assets are invested to the extent of at least 85% in the units or shares of a master fund or placed in the master fund in any other manner.
- Master fund: Fund that has at least one feeder fund among its unitholders or shareholders, not a feeder fund itself and does not hold any units or shares of a feeder fund.
- Foreign fund: Fund which has been established or founded pursuant to foreign law.
CSD link
Please refer to the Market Link Guide – Estonia for more information.
CSD-eligible investment funds – CSD-eligible investment funds in Estonia are settled in T2S.