Portfolio Investment Companies

A Portfolio Investment Company (P.I.C.) is a company formed as a Greek Soci?t? Anonyme with the sole purpose that of managing a portfolio of investments according to the provisions of law 3371/2005.

A P.I.C. is permitted to invest in:

• transferable securities (shares, bonds, warrants),
• UCITS units,
• UCI units (under conditions),
• derivative financial instruments,
• money market instruments and cash deposits.

A P.I.C. is formed:

• as a Greek specialized S.A. which issues registered shares,
• serving as a closed-end collective investment scheme,
• with a minimum share capital of € 500,000,
• with an operating license granted from the Hellenic Capital Market Commission (HCMC),
• under the condition that it will get its shares admitted to trading,

o   on a Regulated Market, within 6 months from establishment

o   with a minimum IPO of 10,000,000 €

o   if within this time frame shares are not listed, PIC's license of operation is revoked by HCMC

• safekeeping of the portfolio assets is delegated to a Custodian.