Investment funds are undertakings for collective investments that issue transferable securities (shares or units) which are listed and traded on the markets of the Athens Exchange (ATHEX). These investment vehicles are addressed to both institutional and retail investors and manage portfolios of listed and non-listed securities.

They are distinguished in closed-ended and open-ended funds, depending on their ability to change the value of their assets or their share capital on a daily basis.

They are distinguished in closed-ended and open-ended funds, depending on their ability to change the value of their assets or their share capital on a daily basis.
These investment vehicles may be constituted in accordance with contract law (common funds) that issue units, or statute (investment companies) that issue shares.

Α. Closed-end collective investment undertakings

The following schemes are regarded as closed-end collective investment undertakings:

  • Portfolio Investment Companies,
  • Real Estate Investment Companies,
  • Closed-end Investment Companies,
  • Closed-end Mutual Funds.

The institutional framework of their operation is defined by individual laws as updated by the provisions of Laws 4141/2013 & 4209/2013.

The following table summarizes the available types of closed-ended investment funds that are listed / admitted to trading on the markets of ATHEX.

Type Law Legal form Issues Listing on ATHEX Regulated Market Alternative Market
Portfolio Investment Company (P.I.C.) 3371/2005 Company Shares Mandatory V -
Real Estate Investment Company (R.E.I.C.) 2778/1999 Company Shares Mandatory V -
Closed-end Investment Company (C.I.C.) 2367/1995 Company Shares Mandatory V V
Closed-end Mutual Fund (C.M.F.) 2992/2002 Mutual Fund Units Optional V V

 

Β. Open-end collective investment undertakings

The following schemes are regarded as open-end collective investment undertakings:

·        Investment Companies with Variable Capital,  

·        UCITS Mutual Funds.

The institutional framework of their operation is defined by the provisions of Law 4099/2012.

 

The following table summarizes the available types of open-ended investment funds that are listed / admitted to trading on the markets of ATHEX.

Type Law Legal form Issues Listing on ATHEX Regulated Market Alternative Market
Investment Company with Variable Capital (I.C.V.C.) 4099/2012 Company Shares Optional V -
UCITS Mutual Fund 4099/2012 Mutual Fund Units Optional V -

 

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