Content Options

COLL 12.4 UCITS product passport

Application

COLL 12.4.1 R
  1. (1)

    This section applies to:

    1. (a)

      an authorised fund manager of an AUT, ACS1 or ICVC;

    2. (b)

      any other director of an ICVC; and

    3. (c)

      an ICVC;

    which is a UCITS scheme whose units may be marketed in another EEA State (the Host State).

  2. (2)

    The marketing of units of a UCITS scheme in the Host State may not commence until the FCA has, in accordance with paragraph 20B(5) (Notice of intention to market) of Schedule 3 to the Act, notified the authorised fund manager, in response to the application of that firm, that it has transmitted a UCITS marketing notification to the appropriate Host State regulator.

COLL 12.4.2 G

The effect of article 58(4) (b) of the UCITS Directive is that a UCITS scheme that is a master UCITS which only has one or more feeder UCITS in another EEA State and therefore does not raise capital directly from the public in that EEA State will not thereby be exercising its right to market its units in that Host State in accordance with Chapter XI of the UCITS Directive.

[Note: article 58(4)(b) of the UCITS Directive]

Availability of facilities

COLL 12.4.3 G

The authorised fund manager of a UCITS scheme whose units are being marketed in a Host State should be aware that it may be required by the laws, regulations and administrative provisions of the Host State regulator to maintain facilities in that State, including for making payments to Unitholders, repurchasing or redeeming units and making available the information which is required to be provided in relation to the scheme.

[Note: article 92 of the UCITS Directive]

Keeping fund documentation up to date and notification of changes

COLL 12.4.4 R
  1. (1)

    The authorised fund manager of a UCITS scheme whose units are being marketed in the Host State must ensure that:

    1. (a)

      its instrument constituting the fund,2 its prospectus and, where appropriate, its latest annual report and any subsequent half-yearly report; and

      2
    2. (b)

      its key investor information document;

    together with their translations (wherever necessary), are kept up to date.

  2. (2)

    The authorised fund manager must notify any amendments to the documents referred to in (1) to each relevant Host State regulator and must indicate to them where those documents can be obtained electronically.

  3. (3)

    In the event of a change in the information regarding the arrangements made for marketing, communicated in the notification letter submitted to the FCA under paragraph 20B of Schedule 3 to the Act, or a change regarding the classes of units to be marketed, the authorised fund manager must give written notice of the change to each relevant Host State regulator before implementing the change.

  4. (4)

    For the purposes of (2) and (3), the authorised fund manager may give written notice of the change by sending an e-mail to the e-mail address maintained by each relevant Host State regulator.

  5. (5)

    The e-mail referred to in (4) notifying the update or amendment may:

    1. (a)

      describe the update or the amendment that has been made; or

    2. (b)

      provide the new version of the document as an attachment, in which case it must be provided in a commonly used electronic format.

[Note: articles 93(2), 93(7) second and third sentences and 93(8) of the UCITS Directive and article 32(2) and article 32(3) of the UCITS implementing Directive No 2]

Provision of information and documents

COLL 12.4.5 R
  1. (1)

    The authorised fund manager of a UCITS scheme whose units are being marketed in a Host State must ensure that investors within the territory of that Host State are provided with all the information and documents which it is required by the Handbook to provide to investors in the United Kingdom.

  2. (2)

    The information and documents referred to in (1) must be provided to investors in the way prescribed by the laws, regulations or administrative provisions of the Host State and in compliance with the following provisions:

    1. (a)

      the key investor information document must be translated into the official language or one of the official languages of the Host State or into a language approved by its Host State regulator;

    2. (b)

      information or documents other than the key investor information document (including the prospectus, the instrument constituting the fund2 and the latest annual and half-yearly long reports of the scheme) must be translated, at the choice of the authorised fund manager, into the official language, or one of the official languages, of the Host State, or into a language approved by its Host State regulator, or provided in a language customary in the sphere of international finance; and

      2
    3. (c)

      accurate translations of information or documents under (a) or (b) must be produced under the responsibility of the authorised fund manager.

  3. (3)

    The requirements in this rule also apply to any changes to the information or documents referred to in (1) and (2).

[Note: articles 94(1) and 94(2) of the UCITS Directive]

COLL 12.4.6 G

The frequency of the publication of the issue, sale, cancellation, repurchase or redemption prices of units of the UCITS scheme when they are marketed in another EEA State is governed by COLL 6.3.11 R (Publication of prices).

[Note: article 94(3) of the UCITS Directive]

Reference to the scheme's legal form

COLL 12.4.7 R

For the purpose of pursuing its marketing activities in another Host State, an authorised fund manager of a UCITS scheme may use the same reference to the scheme's legal form (such as open-ended investment company or investment company with variable capital or authorised unit trust or, for an authorised contractual scheme, either a co-ownership scheme or a limited partnership scheme1) in its designation in the Host State as is used in the United Kingdom.

[Note: article 96 of the UCITS Directive]

UCITS Host State's access to documents and updates of documents

COLL 12.4.8 R
  1. (1)

    The authorised fund manager of a UCITS scheme whose units are being marketed in a Host State must ensure that an electronic copy of each document referred to in COLL 12.4.4 R (1) is made available on:

    1. (a)

      the website of the UCITS scheme or the authorised fund manager; or

    2. (b)

      another website designated by the authorised fund manager in the notification letter submitted to the FCA under paragraph 20B of Schedule 3 to the Act or any updates to it.

  2. (2)

    Any document that is made available on a website referred to in (1) must be provided in an electronic format in common use.

  3. (3)

    The authorised fund manager of the UCITS scheme must ensure that each relevant Host State regulator has access to the website referred to in (1).

[Note: article 31 of the UCITS implementing Directive No 2]