an EEA UCITS management company that acts as:
any other director of an ICVC; and
that is a UCITS scheme.
- (b) 22
COLL 12.4 (UCITS product passport) contains rules and guidance relating to the operation of the product passport under the UCITS Directive under which a UCITS scheme established in the United Kingdom may passport into and be marketed in another EEA State (the Host State).
Where an authorised fund manager wishes to market the units of a UCITS scheme it operates in a Host State, without establishing a branch or pursuing any other activities in that State, a management company passport is not required for those marketing activities. A UCITS marketing notification should be made for the relevant UCITS scheme (see COLL 12.4 (UCITS product passport) in order to access the market of the Host State. The marketing must be carried on in conformity with the laws and regulations of that Host State implementing Chapter XI of the UCITS Directive.
[Note: article 16(1) second paragraph of the UCITS Directive]