Deputies of the House of Representatives of the National Assembly passed the bill “About Investment Funds” in the first reading.
“The government and the National bank carry out a complex work on development of the financial market. One of the directions is the creation of collective investment institutes in the form of mutual and joint-stock investment funds”, Minister of Finance Vladimir Amarin noted, while representing the bill. According to him, in Belarus banks continue to hold a dominant position in the financial sector. At the same time the resources of the bank system are limited, which requires the creation of additional financing sources.
Vladimir Amarin said that the investment funds will create the market of long-term money that will finance the real production sector. “This institute should be interesting to legal entities and physical persons as a new high-profit object of spare cash investment”, the minister considers.
According to him, the implementation of the collective investment institute in the form of investment funds on the national financial market is required due to the need to accomplish by Belarus the agreements on forming the Eurasian Economic Union, which provide the harmonization of the legislation in the sphere of collective investments.
The document is directed to the determination of a legal status of the investment fund, regulation of the relations connected with the activities of joint-stock investment funds, with reorganization and liquidation, conditions and procedure for forming, existence and termination of mutual investment funds in Belarus.
The bill provides the implementation of a new type of personalized securities – investment shares, which will promote the expansion of the range of publicly traded securities of financial instruments.
According to Valery Borodeni, Vice-Chairman of the Standing Commission of the House of Representatives for the budget and finance, the development of investment funds will help to increase the inflow of internal investments into the economy, strengthen the competition in the sphere of attracting financial resources of the population, increase the demand for securities expand possibilities of the population to preserve and enhance their savings.
Source: BelTA