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préambule avec règlement de placement

English translation: Abridged Prospectus with Investment Rules

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
French term or phrase:préambule avec règlement de placement
English translation:Abridged Prospectus with Investment Rules
Entered by: Wendy Cummings

11:36 Oct 19, 2020
French to English translations [PRO]
Bus/Financial - Investment / Securities / fund regulations
French term or phrase: préambule avec règlement de placement
This is the title of an information document for a real estate SICAV.

This "preambule" is clearly not the recitals section (as for a contract) since it comprises the entire Part I of the document, whose sub-sections include "fund management", "delegation of investment decisions", "sub-fund investment policy", "depositary bank details", and many others. The other two parts of the document are the "Reglement de placement" and the "statuts".

I think this may be specific to the Swiss market. Looking on the site swissfunddata.ch, this type of document (with identically-worded sections to my translation, indicating a standard document) is listed under the category "Reglement de fonds", with entirely separate categories for the Prospectus and KIID.
Wendy Cummings
United Kingdom
Local time: 00:06
Abridged Prospectus / Memorandum with Terms of Trust Deed
Explanation:
Pity Daryo didn't grab the 'bull by the horns' and label this cheesy Swiss creature a 'Prospectus' cf. the asker's quote of 'with entirely separate categories for the Prospectus* and KIID.' pace Robbie R. *surely this is the full, unabridged prospectus.

Pace FB, my Debenture and Unit Trust / Mutual Fund Trust Deed drafting days from a City of London firm's co. & partnership law dept. came to mind, albeit with nauseous and nauseating memories of reptile and rodent Champagne Socialist Solicitors, on reading the question: 'A unit trust is a type of collective investment packaged under a trust deed. Unit trusts provide access to a vast range of securities.'


Selected response from:

Adrian MM.
Austria
Grading comment
The "preambule" was the key problem here, and I think that "abridged prospectus" is a good solution i.e. its not the actual prospectus BUT it does contain very similar information. I also agree with Daryo's comment on rules vs. regs.
2 KudoZ points were awarded for this answer



Summary of answers provided
4 +3Introduction and Investment Rules
Daryo
4preamble with regulation to buy fund shares
Francois Boye
3preamble with investment regulations
Mpoma
2Abridged Prospectus / Memorandum with Terms of Trust Deed
Adrian MM.


Discussion entries: 8





  

Answers


18 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
preamble with investment regulations


Explanation:
I may be slow but I'm not sure I really see the difficulty... a quick search shows that 1) this is very Swiss, indeed, 2) that it is "regulations" not "payment". Maybe there's something I haven't grasped.

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Note added at 2 hrs (2020-10-19 14:03:57 GMT)
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Re "payment", I was just wondering what the issue was. A "preamble" to a contract typically includes the names of the parties, etc., but can also contain things which help with the interpretation of it. Thus, to me, it doesn't seem so far-fetched that a contract might contain "investment regulations". I'll be interested to see what others come up with though.

--------------------------------------------------
Note added at 2 hrs (2020-10-19 14:05:18 GMT)
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X ... "that a preamble might contain"

--------------------------------------------------
Note added at 2 hrs (2020-10-19 14:15:05 GMT)
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Re not a contract. Oh yes, silly me. But I still think "preamble" works fine here and that a "preamble" typically contains more binding content than an "introduction". But I await other answers with interest.

Mpoma
United Kingdom
Local time: 00:06
Works in field
Native speaker of: English
Notes to answerer
Asker: Preamble suggests to me more of an "introduction", whereas this document is clearly more than just an introduction and contains detailed key information. And I don't recall suggesting that it would be "payment".

Asker: This ISN'T a contract - its a document describing the fund and its investment rules.


Peer comments on this answer (and responses from the answerer)
neutral  Daryo: I might be wrong, but wouldn't "regulations" imply some official state imposed rules while here it's about the fund's internal rules about where to invest or not to invest?
3 hrs
  -> Absolutely - forensic as ever. I hesitated between "regulations" and "rules". But in the end I assumed that these are likely to be rules/regulations imposed or regulated by the Swiss State. Prove me wrong!
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3 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
preamble with regulation to buy fund shares


Explanation:
A SICAV is an open-ended investment fund structure offered by European financial companies.

SICAV fund shares are available to the public to trade, with prices that are based on the fund investments' net asset value.

SICAV stands for Société d'investissement à Capital Variable, which translates literally to english as "Investment company with Variable Capital".

https://www.investopedia.com/terms/s/sicav.aspSource:


In the UK, SICAVs are called Unit Trusta.

A unit trust is an unincorporated mutual fund structure that allows funds to hold assets and provide profits that go straight to individual unit owners instead of reinvesting them back into the fund. Mutual funds are investments that are made up of pooled money from investors, which hold various securities, such as bonds and equities. However, a unit trust differs from a mutual fund in that a unit trust is established under a trust deed, and the investor is effectively the beneficiary of the trust.

Source: Investopedia

Francois Boye
United States
Local time: 19:06
Native speaker of: Native in FrenchFrench
PRO pts in category: 36

Peer comments on this answer (and responses from the answerer)
neutral  Daryo: all your explanations are correct, but you seem to have confused "putting money **IN** the SICAV" by ways of buying "units" with that same money "going **OUT** of the SICAV" to be invested in other companies' shares, or here in properties.
2 hrs
  -> It does not go that way. Once the SICAV is created, investors can only buy/sell fund shares. What you are talking about predates the creation of the SICAV.
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4 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +3
Introduction and Investment Rules


Explanation:
possibly
Preambule and Investment Rules

This document sounds like a "prospectus" i.e. an invitation to invest in this fund / buy "units", so "introduction" would make sense, as in "an introduction to what's on offer"

règlement de placement = the fund's internal rules that will apply when deciding how to invest the available capital / the money collected from subscribers or unit holders.


1.5 Objectif et politique d'investissement du Compartiment L’objectif de la SICAV immobilière consiste à constituer un portefeuille d’immeubles situés en Suisse, en maintenant à long terme la substance des investissements et en distribuant de manière appropriée leurs revenus. Il est prévu de fermer le Compartiment à la souscription dès que l’apport des investisseurs atteindra CHF 300 millions.

Afin d’atteindre l’objectif de placement, le Compartiment investit exclusivement dans des immeubles et autres valeurs admises selon le règlement de placement.

Les principaux risques du Compartiment sont les suivants: dépendance vis-à-vis de l’évolution conjoncturelle, changements dans l’offre et la demande sur le marché immobilier suisse, liquidité restreinte du marché immobilier suisse, en particulier pour les gros projets immobiliers, variation des taux du marché des capitaux et des taux hypothécaires, évaluation subjective des immeubles, risques inhérents à la construction de bâtiments, risques environnementaux (sites contaminés, entre autres), évolution incertaine de la concurrence sur le marché immobilier, modifications de lois ou de prescriptions, possibles conflits d’intérêts. A noter en outre qu’une hausse du cours des actions ne préfigure pas une évolution similaire à l’avenir. La SICAV immobilière, respectivement le Compartiment ne font pas usage d’instruments financiers dérivés, n’effectuent pas d’opération de prise en pension ou de prêts de valeurs mobilières etc...

https://www.swissfunddata.ch/sfdpub/docs/frd-1129_01_01-2020...





Daryo
United Kingdom
Local time: 00:06
Native speaker of: Native in SerbianSerbian, Native in FrenchFrench
PRO pts in category: 19

Peer comments on this answer (and responses from the answerer)
agree  Mpoma: The linked document is a bit confusing. I assume the RdP is the whole second part of the document, although it's not entirely clear.
10 mins
  -> Thanks!
agree  Steve Robbie: Good suggestion.
26 mins
  -> Thanks!
neutral  Francois Boye: you don't really invest in a SICAV. You just buy or sell its fund shares.//In the US, this is the job of the fund manager and investors are not privy to how that manager invests the SICAV (mutual fund)'s resources.
53 mins
  -> ??? This "règlement de placement" is NOT about anyone buying SICAV units, it's about how the money that is already in the SICAV fund will be invested. You seem to have confused the two.
agree  Cyril Tollari
6 hrs
  -> Merci!
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9 hrs   confidence: Answerer confidence 2/5Answerer confidence 2/5
CH préambule avec règlement de placement
Abridged Prospectus / Memorandum with Terms of Trust Deed


Explanation:
Pity Daryo didn't grab the 'bull by the horns' and label this cheesy Swiss creature a 'Prospectus' cf. the asker's quote of 'with entirely separate categories for the Prospectus* and KIID.' pace Robbie R. *surely this is the full, unabridged prospectus.

Pace FB, my Debenture and Unit Trust / Mutual Fund Trust Deed drafting days from a City of London firm's co. & partnership law dept. came to mind, albeit with nauseous and nauseating memories of reptile and rodent Champagne Socialist Solicitors, on reading the question: 'A unit trust is a type of collective investment packaged under a trust deed. Unit trusts provide access to a vast range of securities.'




Example sentence(s):
  • IATE: Entry domains: FINANCE (24) COM fr règle de placement imposée aux investisseurs institutionnels en placement rule imposed on institutional investors
  • Abridged Prospectus means the memorandum as prescribed in Form 2A under sub-section (3) of section 56 of the Companies Act, 1956. It contains all the salient features of a prospectus. It accompanies the application form of public issues.

    Reference: http://www.moneycontrol.com/glossary/ipo/abridged-prospectus...
Adrian MM.
Austria
Native speaker of: Native in EnglishEnglish
PRO pts in category: 18
Grading comment
The "preambule" was the key problem here, and I think that "abridged prospectus" is a good solution i.e. its not the actual prospectus BUT it does contain very similar information. I also agree with Daryo's comment on rules vs. regs.

Peer comments on this answer (and responses from the answerer)
neutral  Steve Robbie: I don't think it's worth trying too hard to find English-law equivalents for the terminology. In particular, throwing the word "trust" into the mix when the French entity is a "société" is more likely to impede understanding than assist it.
11 hrs
  -> A trust deed is not meant to imply an indepedent trust or trust corporation. The lawyers of the issuers of the /abridged/ prosepctus act, or used to up to half a century ago during my Stock Ex prospectus-drafting days, as investment bond or fund trustees.
neutral  Daryo: prospectus would make sense, but not sure that using "trust" for an entity under Swiss law is a good idea. + "règlement de placement" is only about "rules how to invest fund's capital", a "trust deed" would be containing far more than just that.
13 hrs
  -> OK, the trust deed in my day used to set up the fund, but the terms of such contained the 'placement rules'.
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