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Redemption of Investment Certificates of Mutual Funds

To apply for the redemption of investment certificates of the mutual funds managed by Signet Asset Management Latvia IPS (hereinafter – the Company), Signet Bank AS clients need to submit the financial instruments’ transaction order to Signet Bank AS. For additional information, please contact your private banker.

To apply for the redemption of the investment certificates of the mutual funds managed by the Company, investors who are clients of other Latvian credit institutions must:

  1. Complete the application form:
  2. Attach the documents specified in the application that are necessary for the execution of the transaction. The list of documents is available here. The amount of information required to certify the origin of funds is available here.

  3. Sign the application and the documents with a secure electronic signature and send them to [email protected].

The Company carries out absentee identification of the investor. Information on the remote identification procedure is available here.

The Company processes the application submitted by the investor in the following order:

1. Receipt of the Application by the Company (T)

If the Company receives the application by email [email protected]:

  • after 3:00 p.m. or on non-business days – the next business day is considered as the receipt day (T);
  • till 3:00 p.m. – the same business day is considered as the receipt day (T).
2. Review and Decision (T+3)

The Company performs a review to ensure that:

  • the application is correctly completed,
  • all required documents are submitted,
  • the investor complies with internal and external regulatory requirements (AML/KYC).

If the application is accepted, the Company sends to the investor settlement details, including price and quantity of the investment certificates, trade date (usually T+3), settlement date (usually T+5). If the application is rejected, the Company informs the investor by email.

3. Settlement (T+4)

To execute the transaction:

  • The Investor must ensure settlements for the redemption of investment certificates by submitting to his account holder (i.e., the credit institution where the investor has a financial instrument account) an DVP (deliveryversus payment) order for the transfer of the investment certificates to Signet Bank AS against the receipt of the funds to the investor’s cash account specified in the application. In the DVP order, the investor indicates the transaction settlement details in accordance with the information sent by the Company.
  • The Investor’s account holder (i.e., the credit institution where the investor has a financial instrument account) must submit to the depository Nasdaq CSD SE by 3:00 p.m. on the day before the settlement date (T+4) an DVP order for the transfer of investment certificates versus payment to Signet Bank AS.

If settlement is not ensured in time, the application becomes invalid.

4. Execution (T+5)

On the settlement day, the issued investment certificates are credited to the investor’s financial instrument account with the account holder.

5. Trade Confirmation (T+6)

On the next business day after the settlement date (T+6), the investor receives the Trade confirmation from the Company containing information about the executed transaction. If the transaction is not executed, the investor receives a notification from the Company with the reason for the non-fulfillment.

6. Fees

The Company does not charge a fee for the redemption of investment certificates if the holding period of the investment certificates is at least one year. However, if the holding period of the investment certificates is less than one year, the Company charges the fee of 0.50%.

Please note that the investor’s account holder (i.e. the credit institution with which the investor has opened a financial instruments account) may charge fees according to their pricing. Please ask your account holder for the current service price list.

If you have any questions, please contact the Company by e-mail [email protected].