The rules of the investment fund are included in the CMA, whereas the rules for investment fund managers are included in the CMA and the Act on Investment Firms and Commodity Exchange Service Providers. The opportunities derived from the uniform European passport are relevant for investment fund managers, thus, in the case of the EEA member states, one licence issued by the Supervisory Authority in the jurisdiction where the enterprise has its registered office is sufficient for performing the activity within the territory of all the member states.

The CMA differentiates public and private, as well as open-end and closed-end funds. In the case of public investment funds, it is possible to establish special funds (investment funds investing in investment funds, investment funds investing in derivative transactions, index-linked investment funds and European investment funds). In addition to managing investment funds, fund managers may perform those portfolio management, investment consulting and securities lending servcies listed under investment services, and are also licensed to accept and forward orders in respect of the investment notes of the investment fund they manage.

The obligation of the open-end funds investing in securities to invest a portion of the portfolio into government securities and other liquid assets has been removed, i.e. unlike former regulations, the CMA does not require a mandatory minimum level for the proportion of liquid assets. In order to ensure the continuous liquidity of the fund, however, the fund manager must define the minimum proportion of the liquid assets in respect of the given fund, which has to be recorded in the management regulation.  The CMA will expand its fund management scope of activity by the depository safekeeping and custodian services. In the case of these activities, along with portfolio management, fund asset management and investment consulting services, in order to ensure homogenious regulation, fund managers must apply a defined range of the rules for investment service providers.