Portfolio Investment Companies
A Portfolio Investment Company (P.I.C.) is a company formed as a Greek Soci?t? Anonyme with the sole purpose that of managing a portfolio of investments according to the provisions of law 3371/2005.
A P.I.C. is permitted to invest in:
- transferable securities (shares, bonds, warrants),
- UCITS units,
- UCI units (under conditions),
- derivative financial instruments,
- money market instruments and cash deposits.
A P.I.C. is formed:
- as a Greek specialized S.A. which issues registered shares,
- serving as a closed-end collective investment scheme,
- with a minimum share capital of € 500,000,
- with an operating license granted from the Hellenic Capital Market Commission (HCMC),
- under the condition that it will get its shares admitted to trading,
o on a Regulated Market, within 6 months from establishment
o with a minimum IPO of 10,000,000 €
o if within this time frame shares are not listed, PIC's license of operation is revoked by HCMC
- safekeeping of the portfolio assets is delegated to a Custodian.
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