MAKING THE MOST OF UCITS IV
• The competent authority of the home Member State shall immediately notify the UCITS of this submission and upon receipt of this notification the UCITS may proceed to market the units in the host Member State. • No more than 5 working days from the date on which the file is received, the competent authority of the host Member State must confirm to the authority of the home Member State that the file is complete and whether or not it can be viewed and printed. Languages used • The KIID attached to the file must be translated into the official language of the host Member State or a language accepted by the competent authority of such host Member State. • The other documents may be translated into the official language of the host Member State, another language approved by the competent authority of the host Member State or a language customary in the sphere of internatio- nal finance (for example, English).
Main questions that clients should address
Is cross-border marketing an attractive option and potential source of opportunity for our company?
What countries are the most attractive in marketing terms? What are the regulatory and fiscal constraints in my target countries? Does the establishment of the new procedure have an impact on UCITS that are in the course of registering with foreign supervisory bodies? Have we thought through all the implications of cross- border marketing (legal, operational, commercial, fiscal, costs and operating framework, etc.)? Is there a list of specific legal and regulatory features prevailing in each of the Member States in the marketing area (additional document or information to be attached to the file, information for share/ unitholders, legal publications, financial, tax and statistical reports; need to appoint a paying agent, etc.)? How can my current service provider (depository, fund administrator, etc.) help with my registration/ post-registration procedures? Does it have local infrastructures or networks? Does it have any experience of cross-border marketing?
Points of attention
• Monitoring of compliance with legislative, regulatory and administrative provisions may be conducted after the event by the competent authority of the host Member State; This highlights the importance of the work to be carried out in advance so as to lodge a file that is complete and compliant in terms of both form and content; • The UCITS remains responsible for the quality, suitability and accuracy of the information and documents provided in the registration file. The same shall apply to post-regis- tration obligations;
Does cross-border registration require the Management Company to have a European Passport?
• To date, no procedure has been planned in the event of de- registration, merger or liquidation of the UCITS.
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