Investing in open-end mutual funds is very safe, Roman Vlček, chairman of the board of trustees of the Slovak Association of Asset Management Companies (SASS), said on October 20. The SASS would regret people withdrawing their money from portfolios just because they do not comprehend the current financial crisis.
Open-end mutual funds in Slovakia are under strong regulation. The law on collective investment provides a basic regulatory framework for these funds. It clearly defines rules for asset management companies on how to proceed when investing money. The oversight conducted by the National Bank of Slovakia (NBS) is another guarantee. The SASS is also trying to create self-regulatory mechanisms beyond the law on collective investments. It intends to enforce compliance with law by SASS members, Vlček said.
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
20. Oct 2008 at 20:00