Cross-Border Distribution of UCITS

A CACEIS PRODUCT DEVELOPMENT PUBLICATION - 2011

CHALLENGES & OPPORTUNITIES

Table 5: Comparison of registration requirements in the top 7 target countries as at January 2011

Please note that some information may be no longer valid from 1st July 2011, depending on the transposition of the UCITS IV Directive in each Member State

Translation requirement in local language

Timing to obtain initial regist.

Information requirement at first registration

Local agent requirement

Initial registration & annual fees

• Latest full & simplified prospectus with visa stamp, self-certified • UCITS Certificate, self-certified • Latest constitutional documents, self-certified • Original confirmation of credit institution acting as Information/Paying Agent • Copy of latest annual & semi-annual reports • Original of POA/mandate for submission of notification by 3rd party • Proof of fees payment • Original of notification form (including marketing and distribution arrangements in Germany) • Additional information for Shareholders as internal part of the German language full & simplified prospectus • Latest full & simplified prospectus with visa stamp, self-certified • UCITS Certificate, self-certified • Latest constitutional documents, self-certified • Original confirmation of credit institution acting as Paying Agent • Copy of latest annual & semi-annual reports • Original of POA/mandate for submission of notification by 3rd party • Copy of proof of fees payment • Original of notification form (incl. marketing and distribution arrangements in Austria) • Additional information for Shareholders as integral part of the German language full prospectus

All documents to be submitted in the original

Paying Agent (“Zahlstelle”) and Information Agent (“Informa- tionsstelle”)

• Initial reg.: EUR 1,500 for a single- fund structure or for each sub-fund • Annual fee: EUR 500 for a single- fund structure or for each sub-fund

language + in German

Max 2 months

Germany

(except UCITS certificate and notification form accepted in English)

All documents to be submitted in the original

Paying Agent (“Zahlstelle”) and Information Agent (“Informa- tionsstelle”)

• Initial reg.: EUR 1,100 per structure • Launch of new sub-funds: EUR 220 per sub-fund • Annual fee: EUR 600 per structure (additional fee of EUR 200 for each sub-fund starting from the 2nd sub-fund)

language + in German

Within 2-4 weeks

Austria

(except UCITS certificate and notification form accepted in English)

• Initial reg.: CHF 2,000 to 20,000 per structure depending on the time spent by the FINMA’s agent • Approval of changes made to prospectus: CHF 1,000 to 10,000 depending on the time spent by the FINMA’s agent • Annual fee: “Taxe de surveillance” (CHF 1,250 for the funds without sub-funds, CHF 1,250 for the first sub-fund of an umbrella-fund and CHF 750 for each subsequent fund) + “Taxe d’assujetissement” (CHF 1,000 per structure and CHF 500 for the first sub-fund and each additional sub-fund) - Total of annual fees = Max CHF 20,000

• Latest Swiss version of full & simplified prospectus signed by custodian, Swiss representative & management company/fund • Original of UCITS Certificate • Copy of the articles of incorporation (SICAV) or management regulations (FCP) signed by the Fund/ManCo • Signed copy of Representative & Paying Agent Agreement

Yes, all documents must be submitted in one of the official languages (French, German or Italian)

Local representative and Local Paying Agent

2 to 6 months

Switzerland

• Mandate to the Lawyers (if appointed) • Latest annual and semi-annual reports

All documents can be submitted in English or in Dutch, except the simplified prospectus which shall always be translated into Dutch

• Latest full & simplified prospectus with visa stamp • Latest articles of incorporation • UCITS Certificate • Latest annual & semi-annual reports (if available)

• Initial reg.: EUR 2,350 per structure • No fee for the subsequent registration of additional sub-funds • No annual fee

Max 2 months

Netherlands

• Explanation of the envisaged manner of providing information, of marketing units, of paying out distribution on units and of the repurchasing or redemption of units in the Netherlands • Application form for a Collective Investment Scheme with a European passport

None

page 42 | Cross-border distribution of UCITS