In July 2012 the European Securities and Markets Authority ("ESMA") issued a questions and answers paper on the cross-border notification of UCITS and the exchange of information between EU member state regulators ("Q&A"). The purpose of the Q&A is to promote common supervisory approaches and practices in the application of the UCITS Directive and its implementing measures. The Q&A deals with, among other things, the following practical issues relating to the operation of the UCITS IV cross-border notification process.
Notification of new sub-funds
ESMA has clarified that an umbrella UCITS, which has previously notified the marketing of shares of certain sub-funds in a particular host member state, must submit a new notification (with accompanying documentation) prior to marketing shares of further sub-funds in that host member state.
Amendments and updates of documents referred to in Article 93(2) of Directive 2009/65/EC
In notifying the competent authorities of the host member states of a change of name to the UCITS, sub-funds or share classes to be marketed or amendments to the documents referred to in Article 93(2) of Directive 2009/65/EC (i.e. the UCITS constitutional document, prospectus, financial statements and key investor information documents), ESMA has clarified that it is not necessary to submit a new notification letter via the home member state's competent authority (i.e. in the case of an Irish UCITS, the Central Bank of Ireland).
UCITS host member state's access to documents
In complying with the UCITS obligation to provide access via website to the fund documentation referred to above, the use of password protected documentation is not permitted.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.
