Management company, which founded the privatisation fund would have to register voucher points transferred to their account and total number of investment units in the Central Depositary Agency (CDA). According to the Regulation on alterations and amendments of the Regulation on privatisation funds that was passed by the Council for privatisation at its latest meeting, and which should be discussed at the Government’s session today, privatisation funds must, among other things, transform themselves into investment funds a year after the MVP is completed. In the explanation of the Government, which also proposed this regulation, it was stated that this Regulation was, by registration of voucher points in the CDA, adjusted with the Law on valuable papers. “This proposal would state that all credentials are to be registered in the CDA, and that the paper issued by the Central Register is the only and exclusive proof of ownership over the credentials,” states the explanation and adds that the registration is obligatory in the second MVP phase. It was also explained that investment units become shares when privatisation fund is transformed into investment, which is why they have to be registered in CDA as all other credentials. Transformation of the fund one year after MVP is completed was requested in order to avoid reduction of the capital of the owners of investment units and to enable payment of commission rates in money only. According to the present Regulation, it was possible that owners of privatisation funds collect the commission rate by taking over a certain number of shares from citizens that transferred their voucher points to them in the first year. The commission rate is specified with management contract and it cannot exceed 5% of the net value of the total assets of the fund. The Regulation, which is to enter into force eight day after publishing in the Official Journal, also states that privatisation funds can invest maximum 10% of investment capital into one company.