Law No X-1303 of 25 October 2007 Amending the Law on Collective Investment Undertakings of the Republic of Lithuania (Official Gazette (Valstybės Žinios), No 117 – 4772).

      The Law is presented in a new wording providing for basically new types of undertakings of collective investment. Along with the harmonisation of coordinated undertakings of collective investment operating according to the Council Directive 85/611/ EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) with the latest amendments (OJ 2004, special issue, Chapter 6, Volume 1, p. 139) with the latest amendments, starting from 1 March 2008 special undertakings of collective investment can be established, i.e. investment funds, investment companies with variable capital, investment funds of closed type and investment companies of closed type. The Law provides for legal possibilities to establish private capital, real estate, alternative investment and other special undertakings of collective investment.

      In the new wording, the terms used in the Law are expanded; new chapters are inserted in relation to new investment undertakings. The Law retains the licensing procedure for management companies and investment companies, the procedure for informing the public, etc. Except for the provisions regarding the application of the provisions of the Law on Markets in Financial Instruments to management companies, the new wording of the law comes into force on 1 March 2008.

      In connection with the implementation of the provisions of this Law, respective amendments to other laws were made: Law No X-1304 of 25 October 2007 Amending Article 12 of the Law on Corporate Income Tax (Official Gazette, No 117 – 4773), Law No X-1305 of 25 October Amending Article 28 of the Law on Value Added Tax (Official Gazette, No 117 – 4774), Law No X-1306 of 25 October 2007 Amending and Supplementing Articles 2, 3 of the Law on Financial Institutions (Official Gazette, No 117 – 4775), Law No X-1307 of 25 October 2007 Amending Article 2 of the Law on Audit (Official Gazette, No 117 – 4776), Law No X-1308 of 25 October 2007 Amending Article 1 of the Accounting Law (Official Gazette, No 117 – 4777), Law No X-1309 of 25 October 2007 Amending Article 3 of the Financial Collateral Arrangements (Official Gazette, No 117 – 4778), Law No X- 1310 of 25 October 2007 Amending Article 1 of the Law on Restructuring of Enterprises (Official Gazette, No 117 – 4779) and Law No X-1311 of 25 October 2007 Amending Article 10 of the Law on Competition (Official Gazette, No 117 – 4780).