Cross-Border Distribution of UCITS

A CACEIS PRODUCT DEVELOPMENT PUBLICATION - 2011

CHALLENGES & OPPORTUNITIES

Table 6: Comparison of post-registration requirements in the top 7 target countries

Statistical Reporting

Financial Reporting

Publication Requirements

• NAV: The law requires publication of NAV to be done according to the laws and regulations of the home country of the fund, but in German. The BaFin’s regulations (Merkblatt 2008) state that it is sufficient that the NAV publication toward German investors is made via electronic information media, e.g. website (therefore it is no longer mandatory to publish NAV in a German newspaper). Other appropriate publication media are: German newspaper, individual letter to German investors, Electronic Federal Gazette. • Shareholder information: The law states that all information and documentation that the EU Home State requires to be published must be published in German. The manner in which such publications are to be done is according to the rules in force in the EU Home State. However, in their regulations (Merkblatt 2008) the BaFin states that notifications to shareholders are required to be published in an appropriate publication medium, explicitly stated as acceptable by the BaFin are the following: German newspaper, individual letter to German investors, Electronic Federal Gazette (publication in electronic information media is not acceptable).

Annual & Semi-annual reports (1 copy of the original report + 1 translation in German) must be submitted to the BaFin twice a year, with the inclusion of the German paying and information agent

No statistical reporting obligations imposed on foreign funds

Germany

Annual & Semi-annual reports in German must be submitted twice a year to the FMA, with the name of the local representative/paying agent (market practice) Annual & Semi-annual reports in French, German or Italian – with additional requirements to those in force in the home country - must be submitted twice a year by the local representative Annual & Semi-annual reports shall be made available to the investors. Access to these documents through the fund’s website is acceptable.

• NAV: Publication requirement identical to the requirements in the home country of the fund.

No statistical reporting obligations imposed on foreign funds

Austria

• Shareholder information: Publication requirements identical to the requirements in the home country of the fund.

• NAV: The fund management company shall publish jointly the issue & redemption prices every time shares are issued or repurchased and at least twice a month in daily newspaper(s) or in electronic platform(s) mentioned in the prospectus. • Shareholder information: Foreign UCITS shall comply with the same publication obligations in Switzerland, with the same frequency and in the same number of publications as prescripted by the law of the country of origin of the UCITS.

Statistical reporting obligations imposed on foreign funds suspended since 31/12/07

Switzerland

• Shareholder information: Publications shall be made in the same way as what is made in the home country, in English or in Dutch.

Netherlands

No statistical reporting required

3.1

• NAV: At least one of the fund distributors/the representative or the management company must make available for consultation the NAVs corresponding to the shares marketed in Spain via electronic means. • Shareholder information: All events of which investors in the original country are notified have to be communicated to the investors in Spain at the same time and in the same format.

Annual & Semi-annual reports in Spanish (sworn translation) must be made available for consultation and should be kept at the fund’s representative (must be supplied to CNMV upon request only).

Each distributur must report statistical information electronicaly via CIFRADOC to the CNMV on a quaterly basis.

Spain

• NAV: Has to be published in UK in a manner which is disclosed in the UCITS’s prospectus (e.g. national newspaper, internet, mail to the existing unitholders).

Annual & Semi-annual reports must be submitted by email to the FSA and to be made available to shareholders in English at the UK representative and paying agent.

UK

No statistical reporting required

• Shareholder information: Publications shall be done in accordance with the rules in force in the UCITS’s EU home country.

Information on NAV of the fund at the end of the period, volume of units sold to investors in France and gross subscriptions during the period must be transmitted to the AMF twice a year by the centralising agent.

Annual & Semi-annual reports must be submitted to the AMF twice a year (copy of the originals + reports translated in French) with no additional requirements to those in force in the home country.

• Shareholder information: Foreign UCITS shall comply with the same publication obligations in France, with the same frequency and in the same number of publications as prescribed by the law of the UCITS country of origin.

France

Source: CACEIS, 2011

Cross-border distribution of UCITS | page 45