Internal control system of investment company should ensure the assessment of accounting and accountability system, as well as identification and assessment of risks that can affect capital requirements of the company.
Investment company should regularly control the effectiveness of its internal control system and renew it, if needed.
Prudential control on investment companies is done based on the reports and information submitted by investment companies. There are several requirements and control measures addressed to investment companies on application of accountability mechanisms by supervisory authority.
Requirements on the reports by investment companies for supervisory authority are regulated by the “Law on securities market” and “Rules on preparation and submission of reports by investment companies”.
Investment companies submit the term reports (capital requirement reports, financial reports, customer account reports), on provided services (operations), and reports on operations on their activity to supervisory authority monthly, semiannually and annually.