La influencia de la tecnología en el Derecho

CAPÍTULO IV EVOLUCIÓN DEL DERECHO

5.1. LA RELACIÓN ENTRE DERECHO Y TECNOLOGÍA

5.1.1. La influencia de la tecnología en el Derecho

The Investment Management Fees are paid by the SICAV on a quarterly basis to the Investment Managers.

For the period ended June 30, 2015, investment management fee rates were:

SEF SICAV PART II – ASCENSUS STABIL – Class A 1.700%

SEF SICAV PART II – ASCENSUS STABIL – Class I 1.950%

SEF SICAV PART II – ATLAS OFFENSIV 2.050%

SEF SICAV PART II – ATLAS DEFENSIV 1.600%

SEF SICAV PART II – MOBILIS STABIL – Class I 1.500%

SEF SICAV PART II – MOBILIS STABIL – Class R 0.900%

SEF SICAV PART II – MOBILIS POTENTIAL – Class I 2.250%

SEF SICAV PART II – MOBILIS POTENTIAL – Class R 1.500%

SEF SICAV PART II – MOBILIS MIX – Class I 2.250%

SEF SICAV PART II – MOBILIS MIX – Class R 1.500%

SEF SICAV PART II – THE PERSISTENCE FUND 1.000%

SEF SICAV PART II – CAPITAL GROWTH STRATEGY 0.750%

SEF SICAV PART II – CAPITAL PRESERVATION STRATEGY – Class A 0.900%

SEF SICAV PART II – CAPITAL PRESERVATION STRATEGY – Class B 0.800%

Investment Management fees of other UCIs or UCITS (excluding any performance fees) may be in total up to:

- 0.90% for SEF SICAV PART II – ASCENSUS STABIL

- 2.00% for SEF SICAV PART II – ATLAS OFFENSIV and ATLAS DEFENSIV

- 3.00% for SEF SICAV PART II – MOBILIS STABIL, SEF SICAV PART II – MOBILIS POTENTIAL and SEF SICAV PART II – MOBILIS MIX

- 2.50% for SEF SICAV PART II – CAPITAL GROWTH STRATEGY and SEF SICAV

PART II – CAPITAL PRESERVATION STRATEGY.

NOTE 7 MANAGEMENT COMPANY FEES

The management company fees including risk management and domiciliation are based on the Total Net Asset Value of each sub-fund per year.

The annual Management Company fee rate is 0.05% for each the sub-fund except for SEF SICAV PART II – THE PERSISTENCE FUND, SEF SICAV PART II – CAPITAL GROWTH STRATEGY and SEF SICAV PART II – CAPITAL PRESERVATION STRATEGY.

The annual management company fee rate is 0.035% and at a fixed rate of 6,000.00 euros for the sub-fund SEF SICAV PART II - THE PERSISTENCE FUND and 0.06% for the sub-funds SEF SICAV PART II – CAPITAL GROWTH STRATEGY and SEF SICAV PART II – CAPITAL PRESERVATION STRATEGY.

Notes to the financial statements at June 30, 2015 (continued)

NOTE 8 ACCRUED EXPENSES

At June 30, 2015, accrued expenses consist of:

SEF SICAV PART II – ASCENSUS STABIL (SEK)

SEF SICAV PART II – ATLAS DEFENSIV (SEK)

SEF SICAV PART II – ATLAS OFFENSIV (SEK) Administrator fees (Note 5) 27,666.17 381,413.05 253,032.54 Audit and legal fees -38,041.51 19,804.94 19,804.94 Depositary fees (Note 5) 10,759.08 220,074.24 131,419.06 Investment Management fees

(Note 6) 248,719.67 3,337,654.58 2,504,936.37 Kickback fees (Note 15) 0.00 -76,510.34 -17,920.40 Management Company fees

(Note 7) 15,370.25 275,093.09 164,273.74 Subscription Tax (Note 2) 6,244.52 411,773.96 266,335.30

Total 270,718.18 4,569,303.52 3,321,881.55

SEF SICAV PART II – MOBILIS STABIL (SEK)

SEF SICAV PART II – MOBILIS POTENTIAL (SEK)

SEF SICAV PART II – MOBILIS MIX (SEK) Administrator fees (Note 5) 4,708.87 19,187.48 171,204.68 Audit and legal fees -38,041.32 19,804.94 19,804.94 Depositary fees (Note 5) 2,649.80 10,793.46 100,114.73 Investment Management fees

(Note 6) 25,941.99 183,842.34 2,548,029.12 Kickback fees (Note 15) 0.00 0.00 0.00 Management Company fees

(Note 7) 2,944.07 11,992.42 111,238.24 Subscription Tax (Note 2) -14,739.57 -12,949.89 46,164.74

Total -16,536.16 232,670.75 2,996,556.45

SEF SICAV PART II – THE PERSISTENCE

FUND (EUR)

SEF SICAV PART II – CAPITAL GROWTH STRATEGY (SEK)

SEF SICAV PART II – CAPITAL PRESERVATION STRATEGY (SEK) Administrator fees (Note 5) 5,157.03 5,244.21 36,188.21 Audit and legal fees 1,251.65 0.00 0.00 Depositary fees (Note 5) 184.16 2,786.01 19,225.03 Investment Management fees

(Note 6) 26,192.38 49,164.05 401,242.90 Kickback fees (Note 15) 0.00 0.00 0.00 Management Company fees

(Note 7) 2,578.36 3,933.11 27,141.16 Subscription Tax (Note 2) 1,441.22 3,277.56 20,267.65

Notes to the financial statements at June 30, 2015 (continued)

NOTE 9 PERFORMANCE FEES

In addition to the management fees, performance fees are added. The performance fee for each sub-fund is calculated as follow:

SEF SICAV PART II – MOBILIS STABIL

The Performance Fee is calculated and crystallized on each Valuation Day and will be accrued on the last Business Day of each month. If a performance fee is due, it shall be paid to the Investment Manager by the Fund monthly in arrears.

The Performance Fee is calculated after the Management Fee has been deducted from the Net Asset Value per Share. The Performance Fee will equal to the number of Shares in the Share Class multiplied by the Performance Fee rate which corresponds to 20% multiplied by the positive excess performance, if any, per Share recorded that Valuation Day as compared to the performance of OMRX T-Bill Index.

No performance fee is paid this period. SEF SICAV PART II – MOBILIS POTENTIAL

No performance fee is paid this period. SEF SICAV PART II – MOBILIS MIX

No performance fee is paid this period.

SEF SICAV PART II – THE PERSISTENCE FUND

The performance fee is calculated and accrued daily and paid out of the Sub-Fund quarterly at each month end of March, June, September and December (a “Calculation Period”). For each Calculation Period, the Performance Fee in respect of each Class will be equal to a percentage of the appreciation in the Net Asset Value per Share during that Calculation Period above the base Net Asset Value of that Share. The base Net Asset Value of a Share is the greater of the net Asset Value of that Share at the time of its issue and the highest Net Asset Value achieved by that Share as at the end of any previous Calculation Period (if any) with reference to which a Performance Fee has been paid and during which such Share was in issue (“High Watermark” – principle). The Performance Fee in respect of each Calculation Period will be calculated by reference to the Net Asset Value before making any deduction for accrued Performance Fees.

Notes to the financial statements at June 30, 2015 (continued)

In document Consecuencias Jurídicas de las Grandes Innovaciones Tecnológicas: de la Imprenta a Internet. (página 154-160)