In Russia there will be new mutual funds - artistic values

[Mark]

Federal Service for Financial Markets (FFMS) has prepared a draft order amending the provision on the composition and structure of investment funds. Federal Financial Markets According to the plan in the near future Russia will have funds that invest in art treasures. These funds can be invested in paintings, sculpture, stamps, works of applied art, as well as old books, coins and musical instruments. Values must undergo examination, to be insured at the time of purchase fund to be in Russia. The nominal value of shares or assets, which issued an investment share may not be less than 500 thousand rubles.

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Such funds are well known abroad, but in Russia it is the first pilot project. For what purpose are these same funds? This question "RSF" asked the Federal Financial Markets Service head Vladimir Milovidov:

- Funds are established in order to diversify the range of investments. The choice of tools for investors in Russia's financial market will expand, and more investment opportunities, the better, - considers the head of Federal Financial Markets Service.

As the demand for such funds, Vladimir Milovidov sure, of course, they will be in demand, but it's not going to gather the type of funds. There will not be in such numbers as other species, but rather to be unity.

According to Vladimir Milovidov, "when he wrote the text of the order, we took as a basis for what is defined as the art treasures in other laws. These include: painting, drawing, sculpture, objects of arts and crafts, as well as what is commonly referred to as antiques .

Because the new funds will be closed, then the valuation of the assets of such funds will be the same as now provided for all private investment funds. This procedure is set every six months, but I think for these funds, we will have to make additional changes to the evaluation procedure assets, and, naturally, in such funds reasonable to increase the time for assessing "- said Vladimir Milovidov. "Profitability will also be calculated based on an assessment, the appraiser estimated the value of a certain date," - he added.

By the way, investing, according to the head of Federal Financial Markets Service, will have meaning for a term not less than three - five years.

http://www.rg.ru/2009/08/04/pifi.html

Funds, however, can work effectively only in conditions of growing economy. Otherwise it is just another tool in order to pump money out of people