Commission Regulation (EU) No 583/2010

Regolament tal-Kummissjoni (UE) Nru 583/2010

of 1 July 2010

tal- 1 ta’ Lulju 2010

implementing Directive 2009/65/EC of the European Parliament and of the Council as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website

li jimplimenta d-Direttiva 2009/65/KE tal-Parlament Ewropew u tal-Kunsill dwar it-tagħrif ewlieni għall-investitur u l-kundizzjonijiet li għandhom jiġu ssodisfati meta jingħata tagħrif ewlieni għall-investitur jew il-prospett b’mezz li jibqa’ li mhuwiex stampat jew permezz ta’ sit elettroniku

(Text with EEA relevance)

(Test b’rilevanza għaż-ŻEE)

THE EUROPEAN COMMISSION,

IL-KUMMISSJONI EWROPEA,

Having regard to the Treaty on the Functioning of the European Union,

Wara li kkunsidrat it-Trattat dwar il-Funzjonament tal-Unjoni Ewropea,

Having regard to Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) [1], and in particular Article 75(4), Article 78(7), and Article 81(2) thereof,

Wara li kkunsidrat d-Direttiva 2009/65/KE tal-Parlament Ewropew u tal-Kunsill tat- 13 ta’ Lulju 2009 dwar il-koordinazzjoni ta’ liġijiet, regolamenti u dispożizzjonijiet amministrattivi fir-rigward tal-impriżi ta’ investiment kollettiv f’titoli trasferibbli (UCITS) [1] u b’mod partikolari l-Artikolu 75(4), l-Artikolu 78(7), u l-Artikolu 81(2) tagħha,

Whereas:

Billi:

(1) Directive 2009/65/EC specifies the main principles that should be followed in preparing and providing key investor information, including requirements concerning its format and presentation, its objectives, the main elements of the information that is to be disclosed, who should deliver the information to whom, and the methods that should be used for such delivery. Details on the content and format have been left to be developed further by means of implementing measures, which should be specific enough to ensure that investors receive the information they need in respect to particular fund structures.

(1) Id-Direttiva 2009/65/KE tispeċifika l-prinċipji ewlenin li għandhom jiġu segwiti fit-tħejjija u l-għoti ta’ tagħrif ewlieni għall-investitur, inklużi rekwiżiti li jikkonċernaw il-format u l-preżentazzjoni tiegħu, l-għanijiet tiegħu, l-elementi ewlenin tat-tagħrif li għandu jiġi żvelat, min għandu jwassal t-tagħrif u lil min, u l-metodi li għandhom jintużaw għal din il-komunikazzjoni. Id-dettalji dwar il-kontenut u l-format tħallew biex jiġu żviluppati aktar permezz ta’ miżuri ta’ implimentazzjoni, li għandhom ikunu speċifiċi biżżejjed biex ikun żgurat li l-investituri jirċievu t-tagħrif li jkollhom bżonn b’rabta ma’ strutturi ta’ fondi partikolari.

(2) The form of a Regulation is justified as this form alone can ensure that the exhaustive content of key investor information is harmonised. Furthermore, a key investor information document will be more efficient where requirements applicable to it are identical in all Member States. All stakeholders should benefit from a harmonised regime on the form and content of the disclosure, which will ensure that information about investment opportunities in the UCITS’ market is consistent and comparable.

(2) Il-forma ta’ Regolament hija ġġustifikata għax b’din il-forma biss jista’ jkun żgurat li l-kontenut eżawrjenti tat-tagħrif ewlieni għall-investitur ikun armonizzat. Barra dan, id-dokument tat-tagħrif ewlieni għall-investitur ikun aktar effiċjenti fejn ir-rekwiżiti applikabbli jkunu identiċi fl-Istati Membri kollha. Il-partijiet interessati kollha għandhom jibbenefikaw minn reġim armonizzat dwar il-forma u l-kontenut tal-iżvelar, li se jiżgura li l-informazzjoni dwar l-opportunitajiet ta’ investment fis-suq tal-UCITS tkun konsistenti u paragunabbli.

(3) In some cases, key investor information can be delivered more effectively when the key investor information document is provided to investors through a website, or where the key investor information document is attached to another document when it is given to the potential investor. In these cases, however, the context in which the key investor information document appears should not undermine the key investor information document, or imply that it is an item of promotional literature or that accompanying items of promotional literature are of equal or greater relevance to the retail investor.

(3) F’xi każijiet, it-tagħrif ewlieni għall-investitur jista’ jitwassal b’mod aktar effettiv meta d-dokument tat-tagħrif ewlieni għall-investitur ikun ipprovdut lill-investituri permezz ta’ sit elettroniku, jew fejn id-dokument tat-tagħrif ewlieni għall-investitur jinthemeż ma’ dokument ieħor meta jingħata lill-investitur potenzjali. F’dawn il-każijiet, iżda, il-kuntest li fih jidher id-dokument tat-tagħrif ewlieni għall-investitur m’għandux jhedded id-dokument tat-tagħrif ewlieni għall-investitur, jew jimplika li huwa xi biċċa letteratura promozzjonali jew li l-oġġetti komplementari ta’ letteratura promozzjonali huma ta’ rilevanza ugwali jew akbar għall-investitur fil-livell tal-konsum.

(4) It is necessary to ensure that the content of the information is relevant, the organisation of the information is logical and the language appropriate for retail investors. To address these concerns, this Regulation should ensure that the key investor information document is able to engage investors and aid comparisons through its format, presentation and the quality and nature of the language used. This Regulation aims to ensure consistency in the format of the document, including a common running order with identical headings.

(4) Jinħtieġ li jkun żgurat li l-kontenut tal-informazzjoni jkun rilevanti, it-tqassim tal-informazzjoni jkun loġiku u l-lingwaġġ adattat għall-investituri fil-livell tal-konsum. Biex ikunu indirizzati dawn il-preokkupazzjonijiet, dan ir-Regolament għandu jiżgura li d-dokument tat-tagħrif ewlieni għall-investitur ikun kapaċi jolqot lill-investituri u jiffaċilita l-paraguni bil-format u l-preżentazzjoni tiegħu, u bil-kwalità u n-natura tal-lingwaġġ użat. Dan ir-Regolament huwa intenzjonat biex tkun żgurata l-konsistenza fil-format tad-dokument, inkluża sekwenza komuni b’intestaturi identiċi.

(5) This Regulation specifies the content of the information on investment objectives and the investment policy of UCITS so that investors can easily see whether or not a fund is likely to be suitable for their needs. For this reason, the information should indicate whether returns can be expected in the form of capital growth, payment of income, or a combination of both. The description of the investment policy should indicate to the investor what the overall aims of the UCITS are and how these objectives are to be achieved. With regard to the financial instruments in which investments are to be made, only those which may have a material impact on UCITS’ performance need to be mentioned, rather than all possible eligible instruments.

(5) Dan ir-Regolament jispeċifika l-kontenut tal-informazzjoni dwar tal-għanijiet tal-investiment u l-politika tal-investiment tal-UCITS sabiex l-investituri jkunu jistgħu jaraw faċilment jekk fond ikunx x’aktarx jgħodd għall-ħtiġijiet tagħhom jew le. Għal din ir-raġuni, l-informazzjoni għandha tindika jekk għandux ikun mistenni redittu fl-għamla ta’ tkabbir kapitali, ħlas ta’ introjtu, jew kumbinazzjoni tat-tnejn. Id-deskrizzjoni tal-politika ta’ investiment għandha tindika lill-investitur xi huma l-miri ġenerali tal-UCITS u kif dawn l-għanijiet ikunu jridu jintlaħqu. Rigward l-istrumenti finanzjarji li fihom ikunu jridu jsiru l-investimenti, dawk biss li jista’ jkollhom impatt materjali fuq il-prestazzjoni tal-UCITS ikunu jinħtieġu li jissemmew, pjuttost milli l-istrumenti eliġibbli possibbli kollha.

(6) This Regulation lays down detailed rules on the presentation of the risk and reward profile of the investment, by requiring use of a synthetic indicator and specifying the content of narrative explanations of the indicator itself and risks which are not captured by the indicator, but which may have a material impact on the risk and reward profile of the UCITS. In applying the rules on the synthetic indicator account should be taken of the methodology for the calculation of the synthetic indicator as developed by competent authorities working within the Committee of European Securities Regulators. The management company should decide on a case-by-case basis which specific risks should be disclosed by analysing the particular characteristics of each fund, bearing in mind the need to avoid over-burdening the document with information that retail investors will find difficult to understand. In addition the narrative explanation of the risk and reward profile should be limited in size in terms of the amount of space it occupies within the key investor information document. It should be possible to have cross-references to the prospectus of the UCITS where full details of its risks are disclosed.

(6) Dan ir-Regolament jistabbilixxi regoli ddettaljati dwar il-preżentazzjoni tal-profil tar-riskji u l-gwadanji tal-investiment, billi jeżiġi l-użu ta’ indikatur sintetiku u li jispeċifika l-kontenut tal-ispjegazzjonijiet narrattivi tal-indikatur innifsu u r-riskji li ma jinqabdux mill-indikatur, imma li jista’ jkollhom impatt materjali fuq il-profil tar-riskji u l-gwadanji tal-UCITS. Fl-applikazzjoni tar-regoli dwar l-indikatur sintetiku wieħed għandu jqis il-metodoloġija tal-kalkolu tal-indikatur sintetiku kif żviluppata mill-awtoritajiet kompetenti li jkunu qegħdin jaħdmu fi ħdan il-Kumitat tar-Regolaturi Ewropej tat-Titoli. Il-kumpanija maniġerjali għandha tiddeċiedi każ b’każ liema riskji speċifiċi għandhom jiġu żvelati billi tanalizza l-karatteristiċi partikolari ta’ kull fond, filwaqt li żżomm quddiem għajnejha l-ħtieġa li tevita li d-dokument jitgħabba żżejjed b’informazzjoni li l-investituri fil-livell tal-konsum isib diffiċli li jifhem. Barra minn hekk l-ispjegazzjoni narrattiva tal-profil tar-riskji u l-gwadanji għandha tkun limitata fid-daqs f’termini tal-ammont ta’ spazju li tokkupa fid-dokument tat-tagħrif ewlieni għall-investitur. Għandu jkun possibbli li jkun hemm kontroreferenzi għall-prospett tal-UCITS fejn jiġu żvelati d-dettalji kollha tar-riskji tagħha.

(7) Consistency should be ensured between the explanation of risks in the key investor information document and the management company’s internal processes related to risk management, established in accordance with Commission Directive 2010/43/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and the Council as regards organisational requirements, conflicts of interests, conduct of business, risk management and content of the agreement between a depositary and a management company [2]. For instance, so as to ensure consistency, the permanent risk management function should where appropriate be given the opportunity to review and comment on the risk and reward profile section of the key investor information document.

(7) Għandha tkun żgurata l-konsistenza bejn l-ispjegazzjoni tar-riskji fid-dokument tat-tagħrif ewlieni għall-investitur] u l-proċessi interni tal-kumpanija maniġerjali relatati mal-immaniġġjar tar-riskji, stabbiliti skont id-Direttiva tal-Kummissjoni 2010/43/UE tal- 1 ta’ Lulju 2010 li timplimenta d-Direttiva 2009/65/KE tal-Parlament Ewropew u tal-Kunsill fir-rigward tar-rekwiżiti organizzazzjonali, il-konflitti ta’ interess, il-kondotta fin-negozju, l-immaniġġjar tar-riskji u l-kontenut tal-ftehim ta’ bejn id-depożitarju u l-kumpanija maniġerjali [2]. Pereżempju, biex tkun żgurata l-konsistenza, il-funzjoni permanenti tal-immaniġġjar tar-riskji għandha fejn ikun xieraq tingħata l-opportunità teżamina u jikkummenta dwar it-Taqsima tal-profil tar-riskji u l-gwadanji tad-dokument tat-tagħrif ewlieni għall-investitur.

(8) This Regulation specifies the common format for the presentation and explanation of charges, including relevant warnings, so that investors are appropriately informed about the charges they will have to incur and their proportion to the amount of capital actually invested into the fund. In applying these rules, account should be taken of the work on the methodology for the calculation of charges figures as developed by competent authorities working within the Committee of European Securities Regulators.

(8) Dan ir-Regolament jispeċifika l-format komuni għall-preżentazzjoni u l-ispjegazzjoni tal-imposti, inklużi twissijiet rilevanti, sabiex l-investituri jkunu infurmati sew dwar l-imposti li ser jeħlu u l-proporzjon tagħhom mill-ammont ta’ kapital fil-fatt investit fil-fond. Fl-applikazzjoni ta’ dawn ir-regoli, għandu jitqies ix-xogħol fuq il-metodoloġija għall-kalkolu taċ-ċifri tal-imposti li jkun sar mill-awtoritajiet kompetenti li jkunu qegħdin jaħdmu fi ħdan il-Kumitat tar-Regolaturi Ewropej tat-Titoli.

(9) The detailed rules on the presentation of information about past performance are based on the requirements for such information in the Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC [3]. This Regulation supplements the rules of Directive 2004/39/EC by including specific requirements necessary for harmonising the information for the purpose of facilitating comparisons between different key investor information documents. In particular, this Regulation prescribes that only net annual returns shall be shown, through a bar chart format. Certain aspects of the presentation of the bar chart should be regulated, including the limited circumstances in which simulated data might be used.

(9) Ir-regoli ddettaljati dwar il-preżentazzjoni tal-informazzjoni dwar il-prestazzjoni fl-imgħoddi huma msejsa fuq ir-rekwiżiti għal din l-informazzjoni fid-Direttiva 2004/39/KE tal-Parlament Ewropew u tal-Kunsill tal- 21 ta’ April 2004 dwar is-swieq fl-istrumenti finanzjarji li temenda d-Direttivi tal-Kunsill 85/611/KEE u 93/6/KEE u d-Direttiva 2000/12/KE tal-Parlament Ewropew u tal-Kunsill u li tħassar id-Direttiva tal-Kunsill 93/22/KEE [3]. Dan ir-Regolament jissupplimenta r-regoli tad-Direttiva 2004/39/KE billi jinkludi r-rekwiżiti speċifiċi meħtieġa għall-armonizzazzjoni tal-informazzjoni bl-iskop li jkunu ffaċilitati l-paraguni bejn dokumenti differenti ta’ tagħrif ewlieni għall-investitur. B’mod partikolari, dan ir-Regolament jippreskrivi li għandhom jintwerew biss ir-reditti annwali netti, f’forma ta’ bar chart. Ċerti aspetti tal-preżentazzjoni tal-bar chart għandhom ikunu rregolati, inklużi ċ-ċirkostanzi limitati fejn tista’ tintuża dejta simulata.

(10) It should be recognised that cross-referring to information might be useful to the investor but it is essential that the key investor information document should contain all information necessary for the investor to understand the essential elements of the UCITS. If cross-references to sources of information other than the prospectus and periodic reports are used, it should be made clear that the prospectus and periodic reports are the primary sources of additional information for investors, and the cross-references should not downplay their significance.

(10) Wieħed għandu jagħraf li l-kontroreferenzi għal informazzjoni jistgħu jkunu utli għall-investitur imma huwa essenzjali li d-dokument tat-tagħrif ewlieni għall-investitur għandu jkun fih l-informazzjoni kollha meħtieġa biex l-investitur jifhem l-elementi essenzjali tal-UCITS. Jekk jintużaw kontroreferenzi għal sorsi ta’ informazzjoni apparti l-prospett u r-rapporti perjodiċi, wieħed għandu jagħmilha ċara li l-prospett u r-rapporti perjodiċi huma s-sorsi primarji tal-informazzjoni addizzjonali lill-investituri, u li l-kontroreferenzi m’għandhomx iċekknu l-importanza tagħhom.

(11) The key investor information document should be reviewed and revised as appropriate and as frequently as is necessary to ensure that it continues to meet the requirements for key investor information specified in Articles 78(2) and 79(1) of Directive 2009/65/EC. As a matter of good practice, management companies should review the key investor information document before entering into any initiative that is likely to result in a significant number of new investors acquiring units in the fund.

(11) Id-dokument tat-tagħrif ewlieni għall-investitur għandu jiġi eżaminat u rivedut kif jixraq u ta’ sikwit kemm ikun meħtieġ biex ikun żgurat li dan ikompli jissodisfa r-rekwiżiti tat-tagħrif ewlieni għall-investitur speċifikati fl-Artikoli 78(2) u 79(1) tad-Direttiva 2009/65/KE. Bħala kwistjoni ta’ prassi tajba, il-kumpaniji maniġerjali għandhom jeżaminaw id-dokument tat-tagħrif ewlieni għall-investitur qabel ma jidħlu f’xi inizjattiva li x’aktarx li tirriżulta f’għadd sinifikanti ta’ investituri ġodda li jakkwistaw unitajiet fil-fond.

(12) The form or content of key investor information may need to be adjusted to specific cases. Consequently, this Regulation tailors the general rules applicable to all UCITS so as to take into account the specific situation of certain types of UCITS, namely those having different investment compartments or share classes, those with fund of funds structures, those with master-feeder structures, and those that are structured, such as capital protected or comparable UCITS.

(12) Il-forma jew kontenut tat-tagħrif ewlieni għall-investitur għandha mnejn ikollha bżonn tiġi aġġustata skont il-każijiet speċifiċi. Konsegwentement, f’dan ir-Regolament tfasslu r-regoli ġenerali applikabbli għall-UCITS kollha biex tittieħed inkunsiderazzjoni s-sitwazzjoni speċifika ta’ ċerti tipi ta’ UCITS, jiġifieri dawk li jkollhom kumpartimenti ta’ investiment jew klassijiet ta’ ishma differenti, dawk b’fond ta’ strutturi ta’ fondi, dawk bi strutturi prinċipali-alimentatriċi, u dawk li huma strutturati, bħalma huma UCITS ta’ kapital protett jew paragunabbli.

(13) With regard to UCITS having different share classes, there should be no obligation to produce a separate key investor information document for every such share class, so long as investors’ interests are not compromised. The details of two or more classes may be combined into a single key investor information document only where this can be done without making the document too complicated or crowded. Alternatively, a representative class may be selected, but only in cases where there is sufficient similarity between the classes such that information about the representative class is fair, clear and not misleading as regards the represented class. In determining whether the use of a representative class is fair, clear and not misleading, regard should be had to the characteristics of the UCITS, the nature of the differences represented by each class, and the range of choices on offer to each investor or group of investors.

(13) Rigward UCITS bi klassijiet ta’ ishma differenti, m’għandux ikun hemm l-obbligu li jinħoloq dokument separat ta’ tagħrif ewlieni għall-investitur għal kull waħda minn dawn il-klassijiet ta’ ishma, dment li ma jkunx kompromess l-interess tal-investituri. Id-dettalji ta’ żewġ klassijiet jew aktar jistgħu jiġu kkumbinati biss f’dokument wieħed ta’ tagħrif ewlieni għall-investitur fejn dan jista’ jsir mingħajr ma jagħmel id-dokument ikkumplikat jew iffullat wisq. Alternattivament, tista’ tintgħażel klassi rappreżentattiva, imma biss f’każijiet fejn tkun teżisti similarità suffiċjenti bejn il-klassijiet biex l-informazzjoni dwar il-klassi rappreżentattiva tkun ġusta, ċara u li ma tiżvijax dwar dik li hija l-klassi rappreżentata. Biex jiġi ddeterminat jekk l-użu ta’ klassi rappreżentattiva jkunx ġust, ċar u ma jiżvijax, għandu jingħata kas tal-karatteristiċi tal-UCITS, in-natura tad-differenzi rappreżentati minn kull waħda mill-klassijiet, u l-firxa tal-għażliet offruta lil kull wieħed mill-investituri jew gruppi ta’ investituri.

(14) In the case of a fund of funds, the right balance is kept between the information on the UCITS that the investor invests in and its underlying collectives. The key investor information document of a fund of funds should therefore be prepared on the basis that the investor does not wish or need to be informed in detail about the individual features of each of the underlying collectives, which in any case are likely to vary from time to time if the UCITS is being actively managed. However, in order for the key investor information document to deliver effective disclosure of the fund of funds’ objective and investment policy, risk factors, and charging structure, the characteristics of its underlying funds should be transparent.

(14) Fil-każ ta’ fond ta’ fondi, jinżamm bilanċ xieraq bejn l-informazzjoni dwar il-UCITS li fiha jinvesti l-investitur u l-iskemi kollettivi sottostanti tagħha. Id-dokument tat-tagħrif ewlieni għall-investitur f’fond ta’ fondi għandu għalhekk jiġi ppreparat abbażi li l-investitur ma jixtieqx jew ma jeħtiġlux ikun infurmat fid-dettall dwar il-karatteristiċi individwali ta’ kull waħda mill-iskemi kollettivi sottostanti, li x’aktarx li jvarjaw xorta waħda minn żmien għal żmien jekk il-UCITS tkun immaniġġjata b’mod attiv. Madanakollu, biex id-dokument tat-tagħrif ewlieni għall-investitur iwassal żvelar effettiv tal-għan tal-politika ta’ investiment, tal-fatturi tar-riskji u tal-istruttura tal-imposti, tal-fondi, il-karatteristiċi tal-fondi sottostanti tiegħu għandhom ikunu trasparenti.

(15) In the case of master-feeder structures, the description of the feeder UCITS’ risk and reward profile should not be materially different to that of the corresponding section in the master UCITS’ key investor information document so that the feeder can copy information from the key investor information document of the master wherever it is relevant. However, this information should be supplemented by relevant statements or duly adjusted in those cases where ancillary assets held by the feeder might modify the risk profile compared to the master, addressing the risks inherent in these ancillary assets, for instance where derivatives are used. The combined costs of investing in the feeder and the master should be disclosed to investors in the feeder.

(15) Fil-każ ta’ strutturi prinċipali-alimentatriċi, id-deskrizzjoni tal-profil tar-riskji u l-gwadanji tal-UCITS alimentatriċi m’għandhiex tkun materjalment differenti minn dik tat-Taqsima korrispondenti tad-dokument ta’ tagħrif ewlieni għall-investitur tal-UCITS prinċipali sabiex l-alimentatur ikun jista’ jikkopja l-informazzjoni mid-dokument tat-tagħrif ewlieni għall-investitur tal-fond prinċipali kull fejn dan ikun rilevanti. Madanakollu, din l-informazzjoni għandha tkun issupplimentata bid-dikjarazzjonijiet rilevanti jew aġġustata kif suppost f’dawk il-każijiet fejn l-assi anċillari li jkollu l-alimentatur jistgħu jimmodifikaw il-profil tar-riskji apparagun tal-fond principali, filwaqt li jiġu indirizzati r-riskji inerenti f’dawn l-assi anċillari, pereżempju fejn jintużaw derivati. Il-kostijiet ikkumbinati tal-investiment fil-fond alimentatur u l-fond prinċipali għandhom jiġu żvelati lill-investituri fl-alimentatur.

(16) With regard to structured UCITS, such as capital protected and other comparable UCITS, the provision of prospective performance scenarios in place of past performance information is required. Prospective performance scenarios involve calculating the expected return of the fund under favourable, adverse, or neutral hypotheses regarding market conditions. These scenarios should be chosen so as to effectively illustrate the full range of possible outcomes according to the formula.

(16) Rigward UCITS strutturati, bħalma huma UCITS bil-kapital protett jew oħrajn paragunabbli, ikun meħtieġ li jingħataw xenarji ta’ prestazzjoni prospettiva minflok informazzjoni dwar il-prestazzjoni fl-imgħoddi. Ix-xenarji ta’ prestazzjoni prospettiva jinvolvu l-ikkalkular tar-redittu mistenni mill-fond skont suppożizzjonijiet ta’ kundizzjonijiet tas-suq tajbin, ħżiena, jew newtrali. Dawn ix-xenarji għandhom jintgħażlu biex tkun iċċarata b’mod effettiv il-firxa sħiħa tal-eżiti possibbli skont il-formula.

(17) Where the key investor information and the prospectus are to be provided in a durable medium other than paper or by means of a website, additional safety measures are necessary for investor protection reasons, so as to ensure that investors receive information in a form relevant to their needs, and so as to maintain the integrity of the information provided, prevent alterations that undermine its comprehensibility and effectiveness, and avoid manipulation or modification by unauthorised persons. This Regulation contains a reference to rules on durable medium laid down in the Commission Directive 2006/73/EC of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive [4] in order to ensure the equal treatment of investors and a level playing field in financial sectors.

(17) Fejn it-tagħrif ewlieni għall-investitur u l-prospett ikunu jridu jiġu pprovduti b’mezz li jibqa’ li huwiex stampat jew permezz ta’ sit elettroniku, huma meħtieġa miżuri ta’ sikurezza addizzjonali għal raġunijiet ta’ protezzjoni tal-investitur, biex ikun żgurat li l-investituri jirċievu l-informazzjoni f’forma rilevanti għall-ħtiġijiethom, u biex titħares l-integrità tal-informazzjoni pprovduta, jiġu pprevenuti alterazzjonijiet li jheddu l-komprensibbiltà u l-effikaċja tagħha, u tiġi evitata l-manipulazzjoni jew modifikazzjoni minn persuni mhux awtorizzati. Dan ir-Regolament fih referenza għar-regoli dwar il-mezzi li jibqgħu stabbiliti fid-Direttiva tal-Kummissjoni 2006/73/KE tal- 10 ta’ Awwissu 2006 li timplimenta d-Direttiva 2004/39/KE tal-Parlament Ewropew u tal-Kunsill rigward ir-rekwiżiti organizzattivi u l-kundizzjonijiet ta’ ħidma tal-kumpaniji tal-investiment u t-termini definiti għall-għanjiet ta’ dik id-Direttiva [4] sabiex ikun żgurat trattament ugwali tal-investituri u l-imparzjalità fis-setturi finanzjarji.

(18) In order to allow management companies and investment companies to adapt to the new requirements contained in this Regulation in an efficient and effective manner, the starting date of application of this Regulation should be aligned with the transposition of Directive 2009/65/EC.

(18) Sabiex il-kumpaniji maniġerjali u l-kumpaniji tal-investiment ikunu jistgħu jadattaw ruħhom għar-rekwiżiti l-ġodda li hawn f’dan ir-Regolament b’mod effiċjenti u effikaċi, id-data tal-bidu tal-applikazzjoni ta’ dan ir-Regolament għandha tkun allinjata mat-traspożizzjoni tad-Direttiva 2009/65/KE.

(19) The Committee of European Securities Regulators, established by Commission Decision 2009/77/EC [5], has been consulted for technical advice.

(19) Il-Kumitat tar-Regolaturi Ewropej tat-Titoli, stabbilit bid-Deċiżjoni tal-Kummissjoni 2009/77/KE, [5] ġie kkonsultat dwar pariri tekniċi.

(20) The measures provided for in this Regulation are in accordance with the opinion of the European Securities Committee,

(20) Il-miżuri previsti f’dan ir-Regolament huma skont l-opinjoni tal-Kumitat Ewropej tat-Titoli.

HAS ADOPTED THIS REGULATION:

ADOTTAT DAN IR-REGOLAMENT:

CHAPTER I

KAPITOLU I

SUBJECT MATTER AND GENERAL PRINCIPLES

SUĠĠETT U PRINĊIPJI ĠENERALI

Article 1

Artikolu 1

Subject matter

Suġġett

This Regulation lays down the detailed rules for the implementation of Articles 75(2), 78(2) to (5) and 81(1) of Directive 2009/65/EC.

Dan ir-Regolament jistabbilixxi regoli ddettaljati għall-implimentazzjoni tal-Artikoli 75(2), 78(2) sa (5) u 81(1) tad-Direttiva 2009/65/KE.

Article 2

Artikolu 2

General principles

Prinċipji Ġenerali

1. Requirements laid down in this Regulation shall apply to any management company with regard to each UCITS it manages.

1. Ir-rekwiżiti stabbiliti f’dan ir-Regolament għandhom japplikaw għal kull kumpanija maniġerjali fir-rigward ta’ kull waħda mill-UCITS li timmaniġġja.

2. This Regulation shall apply to any investment company which has not designated a management company authorised pursuant to Directive 2009/65/EC.

2. Dan ir-Regolament għandu japplika għal kull kumpanija tal-investiment li ma tkunx ħatret kumpanija maniġerjali awtorizzata skont id-Direttiva 2009/65/KE.

Article 3

Artikolu 3

Principles regarding the key investor information document

Prinċipji li jirrigwardaw id-dokument tat-tagħrif ewlieni għall-investitur

1. This Regulation specifies in an exhaustive manner the form and content of the document containing key investor information (hereinafter referred to as key investor information document). No other information or statements shall be included except where this Regulation states otherwise.

1. Dan ir-Regolament jispeċifika b’mod eżawrjenti l-forma u l-kontenut tad-dokument li jkun fih it-tagħrif ewlieni għall-investitur (minn hawn ‘il quddiem imsejjaħ id-"dokument ta’ tagħrif ewlieni għall-investitur"). Ebda informazzjoni jew dikjarazzjonijiet oħra m’għandhom jiġu inklużi b’eċċezzjoni fejn dan ir-Regolament jistipula mod ieħor.

2. The key investor information shall be fair, clear and not misleading.

2. It-tagħrif ewlieni għall-investitur għandu jkun ġust, ċar u li ma jiżvijax.

3. The key investor information document shall be provided in such a way as to ensure that investors are able to distinguish it from other material. In particular, it shall not be presented or delivered in a way that is likely to lead investors to consider it less important than other information about the UCITS and its risks and benefits.

3. Id-dokument tat-tagħrif ewlieni għall-investitur għandu jiġi pprovdut b’tali mod li jkun żgurat li l-investituri jkunu kapaċi jagħrfuh minn materjal ieħor. B’mod partikolari, m’għandux jiġi ppreżentat jew imwassal b’mod li x’aktarx iwassal biex l-investituri jaħsbuh li huwa anqas importanti minn x’informazzjoni oħra dwar il-UCITS u r-riskji u l-benefiċċji tagħha.

CHAPTER II

KAPITOLU II

FORM AND PRESENTATION OF KEY INVESTOR INFORMATION

IL-FORMA U L-PREŻENTAZZJONI TAT-TAGĦRIF EWLIENI GĦALL-INVESTITUR

SECTION 1

TAQSIMA 1

Title of document, order of contents and headings of sections

It-titlu tad-Dokument, Ordni tal-Kontenut u l-Intestaturi tat-Taqsimiet

Article 4

Artikolu 4

Title and content of document

It-titlu u l-kontenut tad-dokument

1. The content of the key investor information document shall be presented in the order as set out in paragraphs 2 to 13.

1. Il-kontenut tad-dokument tat-tagħrif ewlieni għall-investitur għandu jkun ippreżentat fl-ordni kif stipulat fil-paragrafi 2 sa 13.

2. The title "Key investor information" shall appear prominently at the top of the first page of the key investor information document.

2. It-titlu "Tagħrif Ewlieni għall-Investitur" għandu jidher b’mod prominenti fir-ras tal-ewwel paġna tad-dokument tat-tagħrif ewlieni għall-investitur.

3. An explanatory statement shall appear directly underneath the title. It shall read:

3. Direttament taħt it-titlu għandha tidher dikjarazzjoni ta’ spjegazzjoni. Din għandha tgħid hekk:

"This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest".

"Dan id-dokument jipprovdilek tagħrif ewlieni għall-investitur dwar dan il-fond. Dan mhuwiex materjal promozzjonali. L-informazzjoni hija meħtieġa bil-liġi biex tgħinek tifhem in-natura u r-riskji ta’ investiment f’dan il-fond. Inti mitlub taqrah biex tkun tista’ tieħu deċiżjoni infurmata dwar jekk tinvestix".

4. The identification of the UCITS, including the share class or investment compartment thereof, shall be stated prominently. In the case of an investment compartment or share class, the name of the UCITS shall follow the compartment or share class name. Where a code number identifying the UCITS, investment compartment or share class exists, it shall form part of the identification of the UCITS.

4. L-identifikazzjoni tal-UCITS, inkluża l-klassi ta’ ishma jew kumpartiment ta’ investiment tagħha, għandha tkun iddikjarata b’mod prominenti. Fil-każ ta’ kumpartiment ta’ investiment jew klassi ta’ ishma, it-titlu tal-UCITS għandu jiġi wara l-isem tal-kumpartiment jew klassi ta’ ishma. Meta jkun jeżisti numru ta’ kodiċi li jidentifika l-UCITS, kumpartiment ta’ investiment jew klassi ta’ ishma, għandu jagħmel parti mill-identifikazzjoni tal-UCITS.

5. The name of the management company shall be stated.

5. L-isem tal-kumpanija maniġerjali għandu jkun iddikjarat.

6. In addition, in cases where the management company forms part of a group of companies for legal, administrative or marketing purposes, the name of that group may be stated. Corporate branding may be included provided it does not hinder an investor in understanding the key elements of the investment or diminish his ability to compare investment products.

6. Barra minn hekk, f’każijiet fejn il-kumpanija maniġerjali tkun tagħmel parti minn grupp ta’ kumpaniji għal skopijiet legali, amministrattivi jew kummerċjali, l-isem ta’ dak il-grupp jista’ jiġi ddikjarat. Jista’ jiġi inkluż l-immarkar korporattiv sakemm ma ifixkilx lill-investitur biex jifhem l-elementi ewlenin tal-investiment jew ma tnaqqaslux il-kapaċità li jipparaguna l-prodotti tal-investiment.

7. The section of the key investor information document entitled "Objectives and investment policy" shall contain the information set out in Section 1 of Chapter III of this Regulation.

7. It-taqsima tad-dokument ta’ tagħrif ewlieni għall-investitur bl-isem "Għanijiet u politika ta’ investiment" għandha tiġbor fiha l-informazzjoni stipulata fit-Taqsima 1 tal-Kapitolu III ta’ dan ir-Regolament.

8. The section of the key investor information document entitled "Risk and reward profile" shall contain the information set out in Section 2 of Chapter III of this Regulation.

8. It-taqsima tad-dokument tat-tagħrif ewlieni għall-investitur bl-isem "Il-profil tar-riskji u l-gwadanji" għandha tiġbor fiha l-informazzjoni stipulata fit-Taqsima 2 tal-Kapitolu III ta’ dan ir-Regolament.

9. The section of the key investor information document entitled "Charges" shall contain the information set out in Section 3 of Chapter III of this Regulation.

9. It-Taqsima tad-dokument tat-tagħrif ewlieni għall-investitur bl-isem "Imposti" għandha tiġbor fiha l-informazzjoni stipulata fit-Taqsima 3 tal-Kapitolu III ta’ dan ir-Regolament.

10. The section of the key investor information document entitled "Past performance" shall contain the information set out in Section 4 of Chapter III of this Regulation.

10. It-Taqsima tad-dokument tat-tagħrif ewlieni għall-investitur bl-isem "Prestazzjoni fl-imgħoddi" għandha tiġbor fiha l-informazzjoni stipulata fit-Taqsima 4 tal-Kapitolu III ta’ dan ir-Regolament.

11. The section of the key investor information document entitled "Practical information" shall contain the information set out in Section 5 of Chapter III of this Regulation.

11. It-Taqsima tad-dokument tat-tagħrif ewlieni għall-investitur bl-isem "Informazzjoni prattika" għandha tiġbor fiha l-informazzjoni stipulata fit-Taqsima 5 tal-Kapitolu III ta’ dan ir-Regolament.

12. Authorisation details shall consist of the following statement:

12. Id-dettalji dwar l-awtorizzazzjoni għandhom jikkonsistu fid-dikjarazzjoni li ġejja:

"This fund is authorised in [name of Member State] and regulated by [identity of competent authority]".

"Dan il-fond huwa awtorizzat fi [isem l-Istat Membru] u rregolat minn [l-identità tal-awtorità kompetenti]".

In cases where the UCITS is managed by a management company exercising rights under Article 16 of Directive 2009/65/EC, an additional statement shall be included:

F’każijiet fejn il-UCITS tkun immaniġġjata minn kumpanija maniġerjali li tkun qiegħda teżerċita d-drittijiet skont l-Artikolu 16 tad-Direttiva 2009/65/KE, għandha tiġi inkluża dikjarazzjoni addizzjonali:

"[Name of management company] is authorised in [name of Member State] and regulated by [identity of competent authority]".

[Isem il-kumpanija maniġerjali] hija awtorizzata fi [isem l-Istat Membru] u rregolata minn [l-identità tal-awtorità kompetenti].

13. Information on publication shall consist of the following statement:

13. L-informazzjoni dwar il-pubblikazzjoni għandha tikkonsisti fid-dikjarazzjoni li ġejja:

"This key investor information is accurate as at [the date of publication]".

"Dan it-tagħrif ewlieni għall-investitur huwa preċiż sa [id-data tal-pubblikazzjoni]".

SECTION 2

TAQSIMA 2

Language, length and presentation

lingwaġġ, tul u preżentazzjoni

Article 5

Artikolu 5

Presentation and language

Preżentazzjoni u lingwaġġ

1. A key investor information document shall be:

1. Id-dokument tat-tagħrif ewlieni għall-investitur għandu jkun:

(a) presented and laid out in a way that is easy to read, using characters of readable size;

(a) ippreżentat u mqassam b’mod faċli li jinqara, bl-użu ta’ tipa ta’ daqs leġibbli;

(b) clearly expressed and written in language that communicates in a way that facilitates the investor's understanding of the information being communicated, in particular where:

(b) espress b’mod ċar u miktub b’lingwaġġ li jikkomunika b’mod u li jiffaċilita l-investitur jifhem l-informazzjoni li tkun qiegħda tiġi kkomunikata, partikolarment fejn:

(i) the language used is clear, succinct and comprehensible;

(i) il-lingwaġġ użat għandu jkun ċar, konċiz u komprensibbli;

(ii) the use of jargon is avoided;

(ii) lingwaġġ speċjalizzat għandu jiġi evitat;

(iii) technical terms are avoided when everyday words can be used instead;

(iii) għandhom jiġu evitati termini tekniċi fejn minflokhom jista’ jintuża kliem ordinarju;

2. Where colours are used, they shall not diminish the comprehensibility of the information in the event that the key investor information document is printed or photocopied in black and white.

2. Fejn jintuża l-kulur, dan m’għandux inaqqas mill-komprensibbiltà tal-informazzjoni meta d-dokument tat-tagħrif ewlieni għall-investitur ikun stampat jew iffotokopjat mingħajr kulur.

3. Where the design of the corporate branding of the management company or the group to which it belongs is used, it shall not distract the investor or obscure the text.

3. Fejn jintuża l-logotip tal-immarkar korporattiv tal-kumpanija maniġerjali jew tal-grupp li tkun tagħmel parti minnu, dan m’għandux itellef lill-investitur jew joskura t-test.

Article 6

Artikolu 6

Length

Tul

The key investor information document shall not exceed two pages of A4-sized paper when printed.

Id-dokument tat-tagħrif ewlieni għall-investitur m’għandux jaqbeż iż-żewġ paġni fuq karta ta’ daqs A-4 meta jiġi stampat.

CHAPTER III

KAPITOLU III

CONTENT OF SECTIONS OF THE KEY INVESTOR INFORMATION DOCUMENT

IL-KONTENUT TAT-TAQSIMIET TAD-DOKUMENT TAT-TAGĦRIF EWLIENI GĦALL-INVESTITUR

SECTION 1

TAQSIMA 1

Objectives and investment policy

għanijiet u politika ta’ investiment

Article 7

Artikolu 7

Specific contents of the description

Il-kontenut speċifiku tad-deskrizzjoni

1. The description contained in the "Objectives and investment policy" section of the key investor information document shall cover those essential features of the UCITS about which an investor should be informed, even if these features do not form part of the description of objectives and investment policy in the prospectus, including:

1. Id-deskrizzjoni fit-taqsima "Għanijiet u politika ta’ investiment" tad-dokument tat-tagħrif ewlieni għall-investitur għandha tkopri dawk il-karatteristiċi essenzjali tal-UCITS li dwarhom investitur għandu jiġi infurmat, anki jekk dawn il-karatteristiċi ma jkunux jagħmlu parti mid-deskrizzjoni tal-għanijiet u l-politika ta’ investiment fil-prospett, inklużi:

(a) the main categories of eligible financial instruments that are the object of investment;

(a) il-kategoriji ewlenin tal-istrumenti finanzjarji eliġibbli li huma l-oġġett tal-investiment;

(b) the possibility that the investor may redeem units of UCITS on demand, qualifying that statement with an indication as to the frequency of dealing in units;

(b) il-possibbiltà li investitur jifdi unitajiet minn UCITS meta jrid, filwaqt li din id-dikjarazzjoni tiġi kkwalifikata b’indikazzjoni dwar il-frekwenza tan-negozju fl-unitajiet;

(c) whether the UCITS has a particular target in relation to any industrial, geographic or other market sectors or specific classes of assets;

(c) jekk il-UCITS għandhiex xi mira partikolari relatata ma’ kwalunkwe setturi industrijali, ġeografiċi, jew oħrajn tas-suq jew ma’ klassijiet speċifiċi ta’ assi;

(d) whether the UCITS allows for discretionary choices in regards to the particular investments that are to be made, and whether this approach includes or implies a reference to a benchmark and if so, which one;

(d) jekk il-UCITS tkunx tippermetti għażliet diskrezzjonali inkwantu l-investimenti partikolari li jkunu jridu jsiru, u jekk din is-sistema tkunx tinkludi jew timplikax referenza għal xi punt ta’ riferiment u jekk hu hekk, liema waħda;

(e) whether dividend income is distributed or reinvested.

(e) jekk l-introjtu minn dividendi jitqassamx jew jerġax jiġi investit.

For the purposes of point (d), where a reference to a benchmark is implied, the degree of freedom available in relation to this benchmark shall be indicated, and where the UCITS has an index-tracking objective, this shall be stated.

Għall-iskopijiet tal-punt (d), fejn tkun implikata referenza għal xi punt ta’ riferiment, il-livell tal-libertà disponibbli relatata ma’ dan il-punt ta’ riferiment għandu jkun indikat, u fejn il-UCITS ikollha l-għan ta’ segwiment tal-indiċi, dan għandu jiġi ddikjarat.

2. The description referred to in paragraph 1 shall include the following information, so long as it is relevant:

2. Id-deskrizzjoni msemmija fil-paragrafu 1 għandha tinkludi l-informazzjoni li ġejja, dment li tkun rilevanti:

(a) where the UCITS invests in debt securities, an indication of whether they are issued by corporate bodies, governments or other entities, and, if applicable, any minimum rating requirements;

(a) fejn il-UCITS tinvesti f’titoli ta’ obbligi, indikazzjoni dwar jekk dawn ikunux inħarġu minn korpi korporattivi, gvernijiet jew entitajiet oħrajn, u jekk ikun applikabbli, kwalunkwe rekwiżiti ta’ klassifikazzjoni minima;

(b) where the UCITS is a structured fund, an explanation in simple terms of all elements necessary for a correct understanding of the pay-off and the factors that are expected to determine performance, including references, if necessary, to the details on the algorithm and its workings which appear in the prospectus;

(b) fejn il-UCITS tkun fond strutturat, spjegazzjoni f’termini sempliċi tal-elementi kollha neċessarji għal fehim korrett tal-gwadan u l-fatturi li huma mistennija jiddeterminaw il-prestazzjoni, inklużi referenzi, jekk ikun meħtieġ, għad-dettalji dwar l-algoriżmu u l-mod kif jaħdem li jidhru fil-prospett;

(c) where the choice of assets is guided by specific criteria, an explanation of those criteria, such as "growth", "value" or "high dividends";

(c) fejn l-għażla tal-assi tkun iggwidata minn kriterji speċifiċi, spjegazzjoni ta’ dawk il-kriterji, bħalma huwa t-"tkabbir", il-"valur" jew id-"dividendi għoljin";

(d) where specific asset management techniques are used, which may include hedging, arbitrage or leverage, an explanation in simple terms of the factors that are expected to determine the performance of the UCITS;

(d) fejn jiġu applikati tekniki speċifiċi tal-immaniġġjar tal-assi, li tista’ tinkludi l-iħħeġġjar, arbitraġġ jew ingranaġġ, spjegazzjoni f’termini sempliċi tal-fatturi mistennija li jiddeterminaw il-prestazzjoni tal-UCITS;

(e) where the impact of portfolio transaction costs on returns is likely to be material due to the strategy adopted by the UCITS, a statement that this is the case, making it also clear that portfolio transaction costs are paid from the assets of the fund in addition to the charges set out in Section 3 of this Chapter;

(e) fejn l-impatt fuq l-ispejjeż tat-tranżazzjonijiet tal-portafoll fuq ir-redittu x’aktarx li jkun materjali minħabba l-istrateġija adottata mill-UCITS, dikjarazzjoni li dan huwa l-każ, filwaqt li wieħed għandu jagħmilha ċara wkoll li l-ispejjeż tat-tranżazzjonijiet tal-portafoll ikunu qegħdin jitħallsu mill-assi tal-fond flimkien mal-imposti stipulati fit-Taqsima 3 ta’ dan il-Kapitolu;

(f) where a minimum recommended term for holding units in the UCITS is stated either in the prospectus or in any marketing documents, or where it is stated that a minimum holding period is an essential element of the investment strategy, a statement with the following wording:

(f) meta jkun ddikjarat it-terminu minimu rakkomandat ta’ kemm għandhom jinżammu l-unitajiet fil-UCITS, jew fil-prospett inkella f’xi dokumenti promozzjonali, jew fejn ikun iddikjarat li l-perjodu minimu taż-żamma huwa element essenzjali tal-istrateġija tal-investiment, dikjarazzjoni bil-kliem li ġej:

"Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within [period of time]".

"Rakkomandazzjoni: dan il-fond jista’ ma jkunx adattat għal investituri bl-intenzjoni li jiġbdu flushom lura fi [perjodu ta’ żmien]".

3. Information included under paragraphs 1 and 2 shall distinguish between the broad categories of investments as specified under paragraphs 1(a), (c) and 2(a) and the approach to these investments to be adopted by a management company as specified under paragraphs 1(d) and 2 (b), (c) and (d).

3. L-informazzjoni inkluża fil-paragrafi 1 u 2 għandha tiddistingwi bejn il-kategoriji wesgħin tal-investiment kif speċifikat fil-paragrafi 1(a), (c) u 2(a) u l-approċċ għal dawn l-investimenti adottat mill-kumpanija maniġerjali kif speċifikat fil-paragrafi 1(d) u 2 (b), (c) u (d).

4. The "Objectives and investment policy" section of the key investor information document may contain elements other than those listed in paragraph 2, including the description of the UCITS’ investment strategy, where these elements are necessary to adequately describe the objectives and investment policy of the UCITS.

4. It-taqsima "Għanijiet u politika ta’ investiment" tad-dokument tat-tagħrif ewlieni għall-investitur tista’ tiġbor fiha elementi oħrajn barra dawk elenkati fil-paragrafu 2, inkluża d-deskrizzjoni tal-istrateġija tal-investiment tal-UCITS, fejn dawn l-elementi jkunu meħtieġa biex l-għanijiet u l-politika tal-investiment tal-UCITS jiġu deskritti adegwatement.

SECTION 2

TAQSIMA 2

Risk and reward profile

il-profil tar-riskji u l-gwadanji

Article 8

Artikolu 8

Explanation of potential risks and rewards, including the use of an indicator

Spjegazzjoni tar-riskji u gwadanji potenzjali, inkluż l-użu ta’ indikatur

1. The "Risk and reward profile" section of the key investor information document shall contain a synthetic indicator, supplemented by:

1. It-Taqsima "Il-profil tar-riskji u l-gwadanji" tad-dokument tat-tagħrif ewlieni għall-investitur għandu jkun fiha indikatur sintetiku, issupplimentat bi:

(a) a narrative explanation of the indicator and its main limitations;

(a) spjegazzjoni narrattiva tal-indikatur u l-limitazzjonijiet ewlenin tiegħu;

(b) a narrative explanation of risks which are materially relevant to the UCITS and which are not adequately captured by the synthetic indicator.

(b) spjegazzjoni narrattiva tar-riskji li jkunu materjalment rilevanti għall-UCITS u li ma jinqabdux b’mod adegwat mill-indikatur sintetiku.

2. The synthetic indicator referred to in paragraph 1 shall take the form of a series of categories on a numerical scale with the UCITS assigned to one of the categories. The presentation of the synthetic indicator shall comply with the requirements laid down in Annex I.

2. L-indikatur sintetiku msemmi fil-paragrafu 1 għandu jieħu l-forma ta’ serje ta’ kategoriji fuq skala numerika bil-UCITS assenjat lil waħda mill-kategoriji. Il-preżentazzjoni tal-indikatur sintetiku għandha tkun konformi mar-rekwiżiti stabbiliti fl-Anness I.

3. The computation of the synthetic indicator referred to in paragraph 1, as well as any of its subsequent revisions, shall be adequately documented.

3. Il-komputazzjoni tal-indikatur sintetiku msemmi fil-paragrafu 1, u wkoll kull reviżjoni sussegwenti tiegħu, għandhom ikunu ddokumentata b’mod adegwat.

Management companies shall keep records of these computations for a period of not less than five years. This period shall be extended to five years after maturity for the case of structured funds.

Il-kumpaniji maniġerjali għandhom iżommu reġistru ta’ dawn il-komputazzjonijiet għal perjodu ta’ mhux anqas minn ħames snin. Dan il-perjodu għandu jiġi estiż għal ħames snin wara l-iskadenza fil-każ ta’ fondi strutturati.

4. The narrative explanation referred to in paragraph 1(a) shall include the following information:

4. L-ispjegazzjoni narrattiva msemmija fil-paragrafu 1(a) għandha tinkludi l-informazzjoni li ġejja:

(a) a statement that historical data, such as is used in calculating the synthetic indicator, may not be a reliable indication of the future risk profile of the UCITS;

(a) dikjarazzjoni li d-dejta storika, bħal dik li tintuża fil-kalkolu tal-indikatur sintetiku, tista’ ma tkunx indikazzjoni ta’ min jorbot fuqha tal-profil tar-riskji futuri tal-UCITS;

(b) a statement that the risk and reward category shown is not guaranteed to remain unchanged and that the categorisation of the UCITS may shift over time;

(b) dikjarazzjoni li l-kategorija tar-riskji u l-gwadanji murija mhijiex iggarantita li tibqa’ dejjem l-istess u li l-kategorizzazzjoni tal-UCITS tista’ tinbidel maż-żmien;

(d) a brief explanation as to why the UCITS is in a specific category;

(d) spjegazzjoni qasira għaliex il-UCITS tkun qiegħda f’kategorija speċifika;

(e) details of the nature, timing and extent of any capital guarantee or protection offered by the UCITS, including the potential effects of redeeming units outside of the guaranteed or protected period.

(e) id-dettalji tan-natura, iż-żmien u l-entità ta’ kwalunkwe garanzija fuq il-kapital jew il-protezzjoni tiegħu mogħtija mill-UCITS, inklużi l-effetti potenzjali tat-tifdija ta’ unitajiet barra l-perjodu ggarantit jew protett.

5. The narrative explanation referred to in paragraph 1(b) shall include the following categories of risks, where these are material:

5. L-ispjegazzjoni narrattiva msemmija fil-paragrafu 1(b) għandha tinkludi l-kategoriji tar-riskji li ġejjin, fejn dawn ikunu materjali:

(a) credit risk, where a significant level of investment is made in debt securities;

(a) ir-riskju ta’ kreditu, fejn isir investiment ta’ livell sinifikanti f’titoli ta’ obbligi;

(b) liquidity risk, where a significant level of investment is made in financial instruments, which are by their nature sufficiently liquid, yet which may under certain circumstances have a relatively low level of liquidity, so as to have an impact on the level of liquidity risk of the UCITS as a whole;

(b) ir-riskju ta’ likwidità, fejn isir investiment ta’ livell sinifikanti fi strumenti finanzjarji, li fin-natura tagħhom ikunu likwidi biżżejjed, iżda li taħt ċerti ċirkostanzi jista’ ikollhom livell relattivament baxx ta’ likwidità, tant li jkollhom impatt fuq il-livell tar-riskju tal-likwidità tal-UCITS inġenerali;

(c) counterparty risk, where a fund is backed by a guarantee from a third party, or where its investment exposure is obtained to a material degree through one or more contracts with a counterparty;

(c) ir-riskju tal-kontraparti, fejn fond ikun appoġġjat b’garanzija minn parti terza, jew fejn l-iskopertura tal-investiment tiegħu tittieħed f’livell materjali b’kuntratt jew kuntratti ma’ kontraparti;

(d) operational risks and risks related to safekeeping of assets;

(d) ir-riskji operazzjonali u r-riskji relatati mal-kustodja tal-assi;

(e) impact of financial techniques as referred to in Article 50(1)(g) of Directive 2009/65/EC such as derivative contracts on the UCITS’ risk profile where such techniques are used to obtain, increase or reduce exposure to underlying assets.

(e) l-impatt ta’ tekniki finanzjarji kif imsemmi fl-Artikolu 50(1)(g) tad-Direttiva 2009/65/KE bħalma huma l-kuntratti ta’ derivati fuq il-profil tar-riskji tal-UCITS fejn dawn it-tekniki jiġu applikati biex tinkiseb, tiżdied jew titnaqqas l-iskopertua tal-assi sottostanti.

Article 9

Artikolu 9

Principles governing the identification, explanation and presentation of risks

Il-prinċipji li jirregolaw l-identifikazzjoni, l-ispjegazzjoni u l-preżentazzjoni tar-riskji

The identification and explanation of risks referred to in Article 8(1)(b) shall be consistent with the internal process for identifying, measuring and monitoring risk adopted by the UCITS’ management company as laid down in Directive 2010/43/EU. Where a management company manages more than one UCITS, the risks shall be identified and explained in a consistent fashion.

L-identifikazzjoni u l-ispjegazzjoni tar-riskji msemmija fl-Artikolu 8(1)(b) għandhom ikunu konsistenti mal-proċess intern ta’ identifikazzjoni, kejl u monitoraġġ tar-riskju adottat mill-kumpanija maniġerjali tal-UCITS kif stabbilit fid-Direttiva 2010/43/UE. Fejn il-kumpanija maniġerjali timmaniġġja aktar minn UCITS waħda, ir-riskji għandhom jiġu identifikati u spjegati b’mod konsistenti.

SECTION 3

TAQSIMA 3

Charges

imposti

Article 10

Artikolu 10

Presentation of charges

Preżentazzjoni tal-imposti

1. The "Charges" section of the key investor information document shall contain a presentation of charges in the form of a table as laid down in Annex II.

1. It-Taqsima "Imposti" tad-dokument tat-tagħrif ewlieni għall-investitur għandu jkollha preżentazzjoni tal-Imposti f’forma ta’ tabella kif stabbilit fl-Anness II.

2. The table referred to in paragraph 1 shall be completed in accordance with the following requirements:

2. It-tabella msemmija fil-paragrafu 1 għandha titħejja skont ir-rekwiżiti li ġejjin:

(a) entry and exit charges shall each be the maximum percentage which might be deducted from the investor’s capital commitment to the UCITS;

(a) l-imposti fuq l-investiment inizjali u l-imposti fuq iċ-ċessjoni t-tnejn għandhom ikunu l-perċentwal massimu li jista’ jitnaqqas mill-impenn kapitali tal-investitur fil-UCITS;

(b) a single figure shall be shown for charges taken from the UCITS over a year, to be known as the "ongoing charges," representing all annual charges and other payments taken from the assets of the UCITS over the defined period, and based on the figures for the preceding year;

(b) għandha tintwera ċifra waħda għall-imposti meħuda mill-UCITS tul perjodu ta’ sena, li għandha tkun magħrufa bħala l-‘imposta tal-prosegwiment, 'li jirrappreżentaw l-imposti annwali kollha u pagamenti oħrajn meħuda mill-assi tal-UCITS tul il-perjodu ddefinit, u abbażi taċ-ċifri tas-sena preċedenti;

(c) the table shall list and explain any charges taken from the UCITS under certain specific conditions, the basis on which the charge is calculated, and when the charge applies.

(c) fit-tabella għandu jkun hemm lista u spjegazzjoni ta’ kull imposta meħuda mill-UCITS taħt ċerti kundizzjonijiet speċifiċi, li abbażi tagħha tiġi kkalkulata l-imposta, u meta għandha tiġi applikata.

Article 11

Artikolu 11

Explanation of charges and a statement about the importance of charges

Spjegazzjoni tal-imposti u dikjarazzjoni dwar l-importanza tal-imposti

1. The "Charges" section shall contain a narrative explanation of each of the charges specified in the table including the following information:

1. It-taqsima "Imposti" għandu jkollha spjegazzjoni narrattiva ta’ kull waħda mill-imposti speċifikati fit-tabella inkluża l-informazzjoni li ġejja:

(a) with regard to entry and exit charges:

(a) rigward l-imposta fuq l-investiment inizjali u l-imposta fuq iċ-ċessjoni:

(i) it shall be made clear that the charges are always maximum figures, as in some cases the investor might pay less;

(i) wieħed għandu jagħmilha ċara li l-imposti huma dejjem iċ-ċifri massimi, peress li f’xi każijiet l-investitur jista’ jħallas anqas;

(ii) a statement shall be included stating that the investor can find out the actual entry and exit charges from their financial adviser or distributor;

(ii) għandha tiġi inkluża dikjarazzjoni fejn jingħad li l-investituri jistgħu jsiru jafu x’inhuma l-imposta fuq l-investiment inizjali u l-imposta fuq iċ-ċessjoni mingħand il-konsulent jew distributur finanzjarju tagħhom;

(b) with regard to "ongoing charges", there shall be a statement that the ongoing charges figure is based on the last year’s expenses, for the year ending [month/year], and that this figure may vary from year to year where this is the case.

(b) rigward l-"imposti kurrenti", għandha ssir dikjarazzjoni li ċ-ċifra tal-imposta tal-prosegwiment hija bbażata fuq in-nefqa tas-sena preċedenti, għas-sena li tintemm [xahar/sena], u li din iċ-ċifra tista’ tvarja minn sena għal sena fejn dan ikun il-każ.

2. The "Charges" section shall contain a statement about the importance of charges which shall make clear that the charges an investor pays are used to pay the costs of running the UCITS, including the costs of marketing and distributing the UCITS, and that these charges reduce the potential growth of the investment.

2. It-taqsima "Imposti" għandu jkollha dikjarazzjoni dwar l-importanza tal-imposti fejn għandu jingħad biċ-ċar li l-Imposti li l-investitur iħallas jintużaw biex jitħallsu l-ispejjeż tal-operat tal-UCITS, inklużi l-ispejjeż ta’ reklamar u distribuzzjoni tal-UCITS, u li dawn l-imposti jnaqqsu t-tkabbir potenzjali tal-investiment.

Article 12

Artikolu 12

Additional requirements

Rekwiżiti addizzjonali

1. All of the elements of the charging structure shall be presented as clearly as possible to allow investors to consider the combined impact of the charges.

1. L-elementi kollha tal-istruttura tal-imposti għandhom jiġu ppreżentati b’mod ċar kemm jista’ jkun biex l-investituri jkunu jistgħu jikkunsidraw l-impatt ikkumbinat tal-imposti.

2. Where the impact of portfolio transaction costs on returns is likely to be material due to the strategy adopted by the UCITS, this shall be stated within the "Objectives and investment policy" section, as indicated in Article 7(2)(e).

2. Fejn l-impatt tal-ispejjeż tat-tranżazzjonijiet tal-portafoll fuq ir-redittu x’aktarx li jkun wieħed materjali minħabba l-istrateġija adottata mill-UCITS, dan għandu jkun iddikjarat fit-taqsima "Għanijiet u politika ta’ investiment", kif indikat fl-Artikolu 7(2)(e).

3. Performance fees shall be disclosed in accordance with Article 10(2)(c). The amount of the performance fee charged during the UCITS’ last financial year shall be included as a percentage figure.

3. It-tariffi fuq il-prestazzjoni għandhom jiġu żvelati skont l-Artikolu 10(2)(c). L-ammont tat-tariffa fuq il-prestazzjoni impost matul is-sena finanzjarja preċedenti tal-UCITS għandu jkun inkluż bħala ċifra perċentwali.

Article 13

Artikolu 13

Specific cases

Każijiet speċifiċi

1. Where a new UCITS cannot comply with the requirements contained in Article 10(2)(b) and Article 11(1)(b), the ongoing charges shall be estimated, based on the expected total of charges.

1. Fejn UCITS ġdida ma tkunx tista’ tikkonforma mar-rekwiżiti li hemm fl-Artikolu 10(2)(b) u l-Artikolu 11(1)(b), għandha ssir stima tal-imposta tal-prosegwiment, abbażi tat-total tal-imposti mistenni.

2. Paragraph 1 shall not apply in the following cases:

2. Il-paragrafu 1 m’għandux japplika fil-każijiet li ġejjin:

(a) for funds which charge a fixed all-inclusive fee, where instead that figure shall be displayed;

(a) għal fondi li jimponu tariffa fiss li tinkludi kollox, fejn għandha tintwera dik iċ-ċifra minflok;

(b) for funds which set a cap or maximum on the amount that can be charged, where instead that figure shall be disclosed so long as the management company gives a commitment to respect the published figure and to absorb any costs that would otherwise cause it to be exceeded.

(b) għal fondi b’limitu jew massimu ffissat fuq l-ammont li jista’ jiġi impost, fejn minflok għandha tiġi żvelata dik iċ-ċifra dment li l-kumpanija maniġerjali tikkommetti ruħha li tirrispetta ċ-ċifra ppubblikata u li tassorbi kwalunkwe spiża li li kieku tikkawża li dik iċ-ċifra tinqabeż.

Article 14

Artikolu 14

Cross-referencing

Kontroreferenzi

The "Charges" section shall include, where relevant, a cross-reference to those parts of the UCITS prospectus where more detailed information on charges can be found, including information on performance fees and how they are calculated.

It-taqsima "Imposti" għandha tinkludi, fejn ikun rilevanti, kontroreferenza għal dawk il-partijiet tal-prospett tal-UCITS fejn wieħed jista’ jsib aktar informazzjoni ddettaljata dwar l-imposti, inkluża informazzjoni dwar tariffi fuq il-prestazzjoni u kif dawn jiġu kkalkulati.

SECTION 4

TAQSIMA 4

Past performance

prestazzjoni fl-imgħoddi

Article 15

Artikolu 15

Presentation of past performance

Preżentazzjoni tar-prestazzjoni fl-imgħoddi

1. The information about the past performance of the UCITS shall be presented in a bar chart covering the performance of the UCITS for the last 10 years.

1. L-informazzjoni dwar il-prestazzjoni fl-imgħoddi tal-UCITS għandha tiġi ppreżentata f’bar chart li tkun tkopri l-prestazzjoni tal-UCITS għall-aħħar 10 snin.

The size of the bar chart referred to in the first subparagraph shall allow for legibility, but shall under no circumstances exceed half a page in the key investor information document.

Id-daqs tal-bar chart imsemmija fl-ewwel subparagrafu għandu jippermetti l-leġġibbiltà, imma taħt ebda ċirkostanza m’għandu jeċċedi n-nofs paġna fid-dokument tat-tagħrif ewlieni għall-investitur.

2. UCITS with performance of less than 5 complete calendar years shall use a presentation covering the last 5 years only.

2. Il-preżentazzjoni ta’ UCITS bi prestazzjoni ta’ anqas minn 5 snin kalendarji sħaħ għandha tkun tkopri biss l-aħħar 5 snin.

3. For any years for which data is not available, the year shall be shown as blank with no annotation other than the date.

3. Għal kwalunkwe sena li ma tkunx disponibbli dejta dwarhom, is-sena għandha tintwera bħala spazju vojt b’ebda annotazzjoni għajr id-data.

4. For a UCITS which does not yet have performance data for one complete calendar year, a statement shall be included explaining that there is insufficient data to provide a useful indication of past performance to investors.

4. Għal UCITS li jkun għad m’għandhiex dejta tal-prestazzjoni ta’ sena kalendarja sħiħa, għandha tiġi inkluża dikjarazzjoni fejn jiġi spjegat li d-dejta li teżisti hija insuffiċjenti biex tingħata indikazzjoni utli tal-prestazzjoni fl-imgħoddi lill-investituri.

5. The bar chart layout shall be supplemented by statements which appear prominently and which:

5. It-tqassim tal-bar chart għandu jkun issupplimentat b’dikjarazzjonijiet li jkunu jidhru b’mod prominenti u li:

(a) warn about its limited value as a guide to future performance;

(a) iwissu dwar il-valur limitat tagħha bħala gwida tal-prestazzjoni fil-ġejjieni;

(b) indicate briefly which charges and fees have been included or excluded from the calculation of past performance;

(b) jindikaw fil-qosor liema imposti u tariffi jkunu ġew inklużi jew esklużi mill-kalkolu tal-prestazzjoni fl-imgħoddi;

(d) indicate the currency in which past performance has been calculated.

(d) jindikaw il-munita li fiha tkun ġiet ikkalkulata l-prestazzjoni fl-imgħoddi.

The requirement laid down in point (b) shall not apply to UCITS which do not have entry or exit charges.

Ir-rekwiżit stabbilit fil-punt (b) m’għandux jiġi applikat għal UCITS li ma jkollhomx imposta fuq l-investiment inizjali u imposta fuq iċ-ċessjoni.

6. A key investor information document shall not contain any record of past performance for any part of the current calendar year.

6. Id-dokument tat-tagħrif ewlieni għall-investitur m’għandu jkun fih ebda reġistrazzjoni tal-prestazzjoni fl-imgħoddi għal xi parti mis-sena kalendarja attwali.

Article 16

Artikolu 16

Past performance calculation methodology

Metodoloġija tal-kalkolu tal-prestazzjoni fl-imgħoddi

The calculation of past performance figures shall be based on the net asset value of the UCITS, and they shall be calculated on the basis that any distributable income of the fund has been reinvested.

Il-kalkolu taċ-ċifri tal-prestazzjoni fl-imgħoddi għandu jkun ibbażat fuq il-valur tal-assi netti tal-UCITS, u dawn għandhom jiġu kkalkulati fuq il-premessa li kull introjtu distribwibbli mill-fond reġa’ ġie investit mill-ġdid.

Article 17

Artikolu 17

Impact and treatment of material changes

L-impatt u t-trattament ta’ tibdil materjali

1. Where a material change occurs to a UCITS’ objectives and investment policy during the period displayed in the bar chart referred to in Article 15, the UCITS’ past performance prior to that material change shall continue to be shown.

1. Meta ssir bidla materjali fl-għanijiet u l-politika ta’ investiment tal-UCITS matul il-perjodu muri fil-bar chart msemmija fl-Artikolu 15, il-prestazzjoni fl-imgħoddi tal-UCITS qabel dik il-bidla materjali għandhom ikomplu jintwerew.

2. The period prior to the material change referred to in paragraph 1 shall be indicated on the bar chart and labelled with a clear warning that the performance was achieved under circumstances that no longer apply.

2. Il-perjodu ta’ qabel il-bidla materjali msemmija fil-paragrafu 1 għandu jkun indikat fil-bar chart u mmarkat bi twissija ċara li l-prestazzjoni kienet nkisbet taħt ċirkostanzi li m’għadhomx japplikaw.

Article 18

Artikolu 18

Use of a benchmark alongside the past performance

Użu minn punt ta’ riferiment maġenb il-prestazzjoni fl-imgħoddi

1. Where the "Objectives and investment policy" section of the key investor information document makes reference to a benchmark, a bar showing the performance of that benchmark shall be included in the chart alongside each bar showing the UCITS’ past performance.

1. Fejn fit-taqsima "Għanijiet u politika ta’ investiment" tad-dokument tat-tagħrif ewlieni għall-investitur issir referenza għal xi punt ta’ riferiment, bar li turi l-prestazzjoni ta’ dak il-punt ta’ riferiment għandha tiġi inkluża fil-bar chart maġenb kull waħda mill-bars li tkun qiegħda turi l-prestazzjoni fl-imgħoddi tal-UCITS.

2. For UCITS which do not have past performance data over the required five or 10 years, the benchmark shall not be shown for years in which the UCITS did not exist.

2. Għal UCITS li ma jkollhomx dejta dwar il-prestazzjoni fl-imgħoddi tul il-ħames jew l-għaxar snin meħtieġa, il-punt ta’ riferiment m’għandux jintwera għas-snin li fihom il-UCITS ma kinux jeżistu.

Article 19

Artikolu 19

Use of "simulated" data for past performance

Użu ta’ dejta "simulata" għall-prestazzjoni fl-imgħoddi

1. A simulated performance record for the period before data was available shall only be permitted in the following cases, provided that its use is fair, clear and not misleading:

1. Reġistru simulat ta’ prestazzjoni għall-perjodu qabel ma d-dejta kienet disponibbli għandu jkun permess biss fil-każijiet li ġejjin, sakemm l-użu tiegħu jkun ġust, ċar u li ma jiżvijax:

(a) a new share class of an existing UCITS or investment compartment may simulate its performance by taking the performance of another class, provided the two classes do not differ materially in the extent of their participation in the assets of the UCITS;

(a) klassi tal-ishma ġdida ta’ UCITS eżistenti jew kumpartiment ta’ investiment jista’ jissimula l-prestazzjoni tiegħu billi tittieħed il-prestazzjoni ta’ klassi oħra, basta ż-żewġ klassijiet ma jkunux materjalment differenti fil-kwantità tal-parteċipazzjoni tagħhom fl-assi tal-UCITS;

(b) a feeder UCITS may simulate its performance by taking the performance of its master UCITS, provided that one of the following conditions are met:

(b) UCITS alimentatriċi tista’ tissimula l-prestazzjoni tagħha billi jittieħdu l-prestazzjoni tal-UCITS prinċipali, sakemm tkun qiegħda tiġi ssodisfata xi waħda mill-kundizzjonijiet li ġejjin:

(i) the feeder’s strategy and objectives do not allow it to hold assets other than units of the master and ancillary liquid assets;

(i) l-istrateġija u l-għanijiet tal-fond alimentatur ma jkunux jippermettulha li żżomm assi għajr unitajiet tal-fond prinċipali u assi likwidi anċillari;

(ii) the feeder’s characteristics do not differ materially from those of the master.

(ii) il-karatteristiċi tal-fond alimentatur ma jkunux materjalment differenti minn dawk tal-fond principali.

2. In all cases where performance has been simulated in accordance with paragraph 1, there shall be prominent disclosure on the bar chart that the performance has been simulated.

2. Fil-każijiet kollha fejn il-prestazzjoni tkun ġiet simulata skont il-paragrafu 1, fil-bar chart għandu jiġi żvelat b’mod prominenti li l-prestazzjoni ġiet simulata.

3. A UCITS changing its legal status but remaining established in the same Member State shall retain its performance record only where the competent authority of the Member State reasonably assesses that the change of status would not impact the UCITS’ performance.

3. UCITS li tibdel l-istatus legali tagħha imma li tibqa’ stabbilita fl-istess Stat Membru għandha tibqa’ żżomm ir-reġistru tal-prestazzjoni tagħha biss fejn l-awtorità kompetenti tal-Istat Membru tivvaluta b’mod raġonevoli li l-bidla fl-istatus mhijiex sa taffettwa l-prestazzjoni tal-UCITS.

4. In the case of mergers referred to in Article 2(1)(p)(i) and (iii) of Directive 2009/65/EC, only the past performance of the receiving UCITS shall be maintained in the key investor information document.

4. Fil-każ ta’ fużjonijiet imsemmija fl-Artikolu 2(1)(p)(i) u (iii) tad-Direttiva 2009/65/KE, il-prestazzjoni fl-imgħoddi tal-UCITS li tirċievi biss għandha tinżamm fid-dokument tat-tagħrif ewlieni għall-investitur.

SECTION 5

TAQSIMA 5

Practical information and cross-references

informazzjoni prattika u kontroreferenzi

Article 20

Artikolu 20

Content of "practical information" section

Il-kontenut tat-taqsima "Informazzjoni prattika"

1. The "Practical information" section of the key investor information document shall contain the following information relevant to investors in every Member State in which the UCITS is marketed:

1. It-taqsima "Informazzjoni prattika" tad-dokument tat-tagħrif ewlieni għall-investitur għandu jkun fiha l-informazzjoni li ġejja, rilevanti għal investituri f’kull Stat Membru fejn il-UCITS tkun qiegħda tiġi kkummerċjalizzata:

(a) the name of the depositary;

(a) l-isem tad-depożitarju;

(b) where and how to obtain further information about the UCITS, copies of its prospectus and its latest annual report and any subsequent half-yearly report, stating in which language(s) those documents are available, and that they may be obtained free of charge;

(b) fejn u kif tista’ tinkiseb aktar informazzjoni dwar il-UCITS, kopji tal-prospett tagħha u r-rapport annwali l-aktar reċenti tagħha u kwalunkwe rapport sussegwenti ta’ kull sitt xhur, li jistipula b’liema lingwa/i jkunu disponibbli dawk id-dokumenti, u li jistgħu jinkisbu bla ħlas;

(c) fejn u kif tista’ tinkiseb informazzjoni prattika oħra, inkluż minn fejn ikunu jistgħu jinstabu l-aħħar prezzijiet tal-unitajiet;

(d) a statement that the tax legislation of the UCITS’ home Member State may have an impact on the personal tax position of the investor;

(d) dikjarazzjoni li l-leġiżlazzjoni tat-taxxa tal-Istat Membru tad-domiċilju tal-UCITS jista’ jkollha impatt fuq il-pożizzjoni tat-taxxa personali tal-investitur;

(e) the following statement:

(e) id-dikjarazzjoni li ġejja:

"[Insert name of investment company or management company] may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the UCITS."

"[Daħħal l-isem tal-kumpanija tal-investiment jew tal-kumpanija maniġerjali] tista’ tinżamm responsabbli biss abbażi ta’ kwalunkwe dikjarazzjoni f’dan id-dokument li tkun ta’ diżgwid, impreċiża jew inkonsistenti mal-partijiet rilevanti tal-prospett tal-UCITS."

2. Where the key investor information document is prepared for a UCITS investment compartment, the "Practical information" section shall include the information specified in Article 25(2) including on investors’ rights to switch between compartments.

2. Fejn id-dokument tat-tagħrif ewlieni għall-investitur jitħejja għal kumpartiment ta’ investiment ta’ UCITS, it-taqsima "Informazzjoni prattika" għandha tinkludi l-informazzjoni speċifikata fl-Artikolu 25(2) inkluża dik dwar il-jedd tal-investituri li jaqilbu minn kumpartiment għal ieħor.

3. Where applicable, the "Practical information" section of the key investor information document shall state the information required about available share classes in accordance with Article 26.

3. Fejn ikun applikabbli, fit-taqsima "Informazzjoni prattika" tad-dokument tat-tagħrif ewlieni għall-investitur għandha tissemma l-informazzjoni li hija meħtieġa dwar il-klassijiet ta’ ishma disponibbli skont l-Artikolu 26.

Article 21

Artikolu 21

Use of cross-references to other sources of information

Użu ta’ kontroreferenzi għal sorsi ta’ informazzjoni oħrajn

1. Cross-references to other sources of information, including the prospectus and annual or half-yearly reports, may be included in the key investor information document, provided that all information fundamental to the investors’ understanding of the essential elements of the investment is included in the key investor information document itself.

1. Kontroreferenzi għal sorsi oħra ta’ informazzjoni, inklużi l-prospett u r-rapporti annwali jew ta’ kull sitt xhur, jistgħu jiġu inklużi fid-dokument tat-tagħrif ewlieni għall-investitur, sakemm l-informazzjoni kollha li hija fundamentali biex l-investituri jifhmu l-elementi essenzjali tal-investiment tkun inkluża fid-dokument tat-tagħrif ewlieni għall-investitur innifsu.

Cross-references shall be permitted to the website of the UCITS or the management company, including a part of any such website containing the prospectus and the periodic reports.

Jistgħu jsiru kontroreferenzi għas-sit elettroniku tal-UCITS jew tal-kumpanija maniġerjali, inkluża kwalunkwe parti minn xi waħda minn dawn is-siti elettroniċi li jkun fiha l-prospett u r-rapporti perjodiċi.

2. Cross-references referred to in paragraph 1 shall direct the investor to the specific section of the relevant source of information. Several different cross-references may be used within the key investor information document but they shall be kept to a minimum.

2. Il-kontroreferenzi msemmija fil-paragrafu 1 għandhom jidderieġu lill-investitur għat-taqsima speċifika tas-sors ta’ informazzjoni rilevanti. Jistgħu jintużaw diversi kontroreferenzi differenti fid-dokument tat-tagħrif ewlieni għall-investitur imma dawn għandhom ikunu mill-anqas.

SECTION 6

TAQSIMA 6

Review and revision of the key investor information document

eżaminar u reviżjoni tad-dokument tat-tagħrif ewlieni għall-investitur

Article 22

Artikolu 22

Review of key investor information

Eżaminar tat-tagħrif ewlieni għall-investitur

1. A management company or investment company shall ensure that a review of key investor information is carried out at least every twelve months.

1. Il-kumpanija maniġerjali jew il-kumpanija tal-investiment għandha tiżgura li t-tagħrif ewlieni għall-investitur jiġi eżaminat tal-anqas kull tnax-il xahar.

2. A review shall be carried out prior to any proposed change to the prospectus, the fund rules or the instrument of incorporation of the investment company where these changes were not subject to review as referred to in paragraph 1.

2. L-eżami għandu jsir qabel kwalunkwe bidla proposta fil-prospett, fir-regoli ta’ fond jew fl-istrument tal-inkorporazzjoni tal-kumpanija tal-investiment fejn dan it-tibdil ma jkunx ġie soġġett għall-eżami kif imsemmi fil-paragrafu 1.

3. A review shall be carried out prior to or following any changes regarded as material to the information contained in the key investor information document.

3. L-eżami għandu jsir qabel jew wara kull tibdil ikkunsidrat bħala materjali għall-informazzjoni fid-dokument tat-tagħrif ewlieni għall-investitur.

Article 23

Artikolu 23

Publication of the revised version

Pubblikazzjoni tal-verżjoni riveduta

1. Where a review referred to in Article 22 indicates that changes need to be made to the key investor information document, its revised version shall be made available promptly.

1. Meta l-eżami msemmi fl-Artikolu 22 jindika li jkun jeħtieġ isir xi tibdil fid-dokument tat-tagħrif ewlieni għall-investitur, il-verżjoni riveduta tiegħu għandha titqiegħed għad-dispożizzjoni fil-pront.

2. Where a change to the key investor information document was the expected result of a decision by the management company, including changes to the prospectus, fund rules or the instrument of incorporation of the investment company, the revised version of the key investor information document shall be made available before the change comes into effect.

2. Fejn bidla fid-dokument tat-tagħrif ewlieni għall-investitur tkun ir-riżultat mistenni ta’ deċiżjoni mill-kumpanija maniġerjali, inkluż tibdil fil-prospett, fir-regoli tal-fond jew fl-istrument tal-inkorporazzjoni tal-kumpanija tal-investiment, il-verżjoni riveduta tad-dokument tat-tagħrif ewlieni għall-investitur għandha tkun disponibbli qabel mal-bidla tidħol fis-seħħ.

3. A key investor information document with duly revised presentation of past performance of the UCITS shall be made available no later than 35 business days after 31 December each year.

3. Id-dokument tat-tagħrif ewlieni għall-investitur, bi preżentazzjoni tal-prestazzjoni fl-imgħoddi riveduta kif xieraq, tal-UCITS għandu jkun disponibbli mhux aktar tard minn 35 jum tan-negozju wara l-31 ta’ Diċembru ta’ kull sena.

Article 24

Artikolu 24

Material changes to the charging structure

Tibdil materjali fl-istruttura tal-imposti

1. The information on charges shall properly reflect any change to the charging structure that results in an increase in the maximum permitted amount of any one-off charge payable directly by the investor.

1. L-informazzjoni dwar l-imposti għandha tirrifletti tajjeb kull bidla fl-istruttura tal-imposti li tirriżulta f’żieda fl-ammont massimu permess ta’ kwalunkwe imposta ta’ darba pagabbli direttament mill-investitur.

2. Where the "ongoing charges" calculated in accordance with Article 10(2)(b) are no longer reliable, the management company shall instead estimate a figure for "ongoing charges" that it believes on reasonable grounds to be indicative of the amount likely to be charged to the UCITS in future.

2. Fejn l-‘imposta tal-prosegwiment "kkalkulata skont l-Artikolu 10(2)(b) ma jibqgħux kredibbli, il-kumpanija maniġerjali għandha minflok tagħmel stima taċ-ċifra tal-‘imposta tal-prosegwiment" li raġonevolment tkun temmen li hija indikattiva tal-ammont li x’aktarx jiġu imposti fuq il-UCITS fil-ġejjieni.

This change of basis shall be disclosed through the following statement:

Din il-bidla fil-bażi għandha tiġi żvelata bid-dikjarazzjoni li ġejja:

"The ongoing charges figure shown here is an estimate of the charges. [Insert short description of why an estimate is being used rather than an ex-post figure.] The UCITS' annual report for each financial year will include detail on the exact charges made."

"Iċ-ċifra tal-imposta tal-prosegwiment murija hawnhekk hija estimu tal-imposti. [Daħħal deskrizzjoni qasira tar-raġuni għala jkun qiegħed jintuża estimu milli ċifra ex-post.] Ir-rapport annwali tal-UCITS għal kull sena finanzjarja għandu jinkludi dettall preċiż dwar l-imposti li saru."

CHAPTER IV

KAPITOLU IV

PARTICULAR UCITS STRUCTURES

STRUTTURI PARTIKOLARI TA’ UCITS

SECTION 1

TAQSIMA 1

Investment compartments

Kumpartimenti ta’ investiment

Article 25

Artikolu 25

Investment compartments

Kumpartimenti ta’ investiment

1. Where a UCITS consists of two or more investment compartments a separate key investor information document shall be produced for each individual compartment.

1. Fejn UCITS tkun tikkonsisti f’żewġ kumpartimenti ta’ investiment jew aktar għandu jkun hemm dokument separat ta’ tagħrif ewlieni għall-investitur għal kull wieħed mill-kumpartimenti individwali.

2. Each key investor information document referred to in paragraph 1 shall indicate within the "practical information" section the following information:

2. Kull wieħed mid-dokumenti ta’ tagħrif ewlieni għall-investitur imsemmija fil-paragrafu 1 għandu jindika fit-taqsima "informazzjoni prattika" l-informazzjoni li ġejja:

(a) that the key investor information document describes a compartment of a UCITS, and, if it is the case, that the prospectus and periodic reports are prepared for the entire UCITS named at the beginning of the key investor information document;

(a) li d-dokument ta’ tagħrif ewlieni għall-investitur jiddeskrivi kumpartiment ta’ UCITS, u, jekk ikun il-każ, li l-prospett u r-rapporti perjodiċi jitħejjew għall-UCITS sħiħa li isimha jkun jidher fil-bidu tad-dokument tat-tagħrif ewlieni għall-investitur;

(b) whether or not the assets and liabilities of each compartment are segregated by law and how this might affect the investor;

(b) jekk l-assi u l-obbligi ta’ kull wieħed mill-kumpartimenti jkunux mifruda bil-liġi jew le, u kif dan jista’ jaffettwa lill-investitur;

(c) whether or not the investor has the right to exchange his investment in units in one compartment for units in another compartment, and if so, where to obtain information about how to exercise that right.

(c) jekk l-investitur ikollux jew le l-jedd li jiskambja l-investiment tiegħu f’unitajiet f’kumpartiment minnhom ma’ unitajiet f’kumpartiment ieħor, u jekk iva, minn fejn tista’ tinkiseb l-informazzjoni dwar il-mod kif dak il-jedd jiġi eżerċitat.

3. Where the management company sets a charge for the investor to exchange his investment in accordance with paragraph 2(c), and that charge differs from the standard charge for buying or selling units, that charge shall be stated separately in the "Charges" section of the key investor information document.

3. Fejn il-kumpanija maniġerjali tiffissa imposta biex l-investitur jiskambja l-investment tiegħu skont il-paragrafu 2(c), u dik l-imposta tkun differenti mill-imposta standard għax-xiri jew il-bejgħ ta’ unitajiet, dik l-imposta għandha tissemma separatament fit-taqsima "Imposti" tad-dokument tat-tagħrif ewlieni għall-investitur.

SECTION 2

TAQSIMA 2

Share classes

Klassijiet ta’ ishma

Article 26

Artikolu 26

Key investor information document for share classes

Dokument ta’ tagħrif ewlieni għall-investitur għall-klassijiet tal-ishma

1. Where a UCITS consists of more than one class of units or shares, the key investor information document shall be prepared for each class of units or shares.

1. Fejn UCITS tkun tikkonsisti f’aktar minn klassi waħda ta’ unitajiet jew ishma, id-dokument tat-tagħrif ewlieni għall-investitur għandu jitħejja għal kull waħda mill-klassijiet ta’ unitajiet jew ishma.

2. The key investor information pertinent to two or more classes of the same UCITS may be combined into a single key investor information document, provided that the resulting document fully complies with all requirements as laid down in Section 2 of Chapter II, including as to length.

2. It-tagħrif ewlieni għall-investitur pertinenti għal żewġ klassijiet jew aktar tal-istess UCITS, jista’ jiġi kkumbinata f’dokument wieħed ta’ tagħrif ewlieni għall-investitur, sakemm id-dokument aħħari jkun konformi kompletament mar-rekwiżiti kollha kif stabbilit fit-Taqsima 2 tal-Kapitolu II, inkluż dak tat-tul.

3. The management company may select a class to represent one or more other classes of the UCITS, provided the choice is fair, clear and not misleading to potential investors in those other classes. In such cases the "Risk and reward profile" section of the key investor information document shall contain the explanation of material risk applicable to any of the other classes being represented. A key investor information document based on the representative class may be provided to investors in the other classes.

3. Il-kumpanija maniġerjali tista’ tagħżel klassi biex tirrappreżenta klassi jew klassijiet oħrajn tal-UCITS, basta l-għażla tkun ġusta, ċara u ma tiżvijax lill-investituri potenzjali f’dawk il-klassijiet oħrajn. F’dawn il-każijiet it-Taqsima "Il-profil tar-riskji u l-gwadanji" tad-dokument tat-tagħrif ewlieni għall-investitur għandu jkun fiha spjegazzjoni tar-riskju materjali applikabbli għal kwalunkwe waħda mill-klassijiet l-oħrajn li jkunu rappreżentati. L-investituri jistgħu jiġu pprovduti b’dokument tat-tagħrif ewlieni għall-investitur għall-klassijiet l-oħrajn ibbażat fuq il-klassi rappreżentattiva.

4. Different classes shall not be combined into a composite representative class as referred to in paragraph 3.

4. Klassijiet differenti m’għandhomx jiġu kkumbinati fi klassi rappreżentattiva komposta kif imsemmi fil-paragrafu 3.

5. The management company shall keep a record of which other classes are represented by the representative class referred to in paragraph 3 and the grounds justifying that choice.

5. Il-kumpanija maniġerjali għandha żżomm reġistru ta’ liema klassijiet oħra huma rrappreżentati mill-klassi rappreżentattiva msemmija fil-paragrafu 3 u r-raġunijiet li jiġġustifikaw dik l-għażla.

Article 27

Artikolu 27

Practical information section

It-taqsima tal-informazzjoni prattika

If applicable, the "Practical information" section of the key investor information document shall be supplemented by an indication of which class has been selected as representative, using the term by which it is designated in the UCITS’ prospectus.

Jekk ikun applikabbli, it-taqsima "Informazzjoni prattika" tad-dokument tat-tagħrif ewlieni għall-investitur għandha tkun issupplimentata b’indikazzjoni ta’ liema klassi tkun intgħażlet bħala rappreżentattiva, bl-użu tat-terminu li bih tissemma fil-prospett tal-UCITS.

That section shall also indicate where investors can obtain information about the other classes of the UCITS that are marketed in their own Member State.

Dik it-taqsima għandha tindika wkoll minn fejn l-investituri jistgħu jiksbu l-informazzjoni dwar il-klassijiet l-oħrajn tal-UCITS li jkunu kkummerċjalizzati fl-Istat Membru tagħhom.

SECTION 3

TAQSIMA 3

Fund of funds

Fond ta’ fondi

Article 28

Artikolu 28

Objectives and investment policy section

It-taqsima tal-għanijiet u l-politika tal-investiment

Where the UCITS invests a substantial proportion of its assets in other UCITS or other collective investment undertakings as referred to in Article 50(1)(e) of Directive 2009/65/EC, the description of the objectives and investment policy of that UCITS in the key investor information document shall include a brief explanation of how the other collective undertakings are to be selected on an ongoing basis.

Fejn il-UCITS tinvesti proporzjon sostanzjali mill-assi tagħha f’UCITS oħra jew f’impriżi għall-investiment kollettiv oħrajn kif imsemmi fl-Artikolu 50(1)(e) tad-Direttiva 2009/65/KE, id-deskrizzjoni tal-għanijiet u l-politika tal-investiment ta’ dik il-UCITS fid-dokument tat-tagħrif ewlieni għall-investitur għandha tinkludi spjegazzjoni qasira tal-mod kif l-impriżi kollettivi l-oħrajn għandhom jintgħażlu fuq bażi kontinwa.

Article 29

Artikolu 29

Risk and reward profile

Il-profil tar-riskji u l-gwadanji

The narrative explanation of risk factors referred to in Article 8(1)(b) shall take account of the risks posed by each underlying collective undertaking, to the extent that these are likely to be material to the UCITS as a whole.

Fl-ispjegazzjoni narrattiva tal-fatturi tar-riskji msemmija fl-Artikolu 8(1)(b) għandu jitqies ir-riskju ppreżentat minn kull impriża kollettiva sottostanti, sakemm dawn jistgħu jkunu rilevanti għall-UCITS inġenerali.

Article 30

Artikolu 30

Charges section

It-Taqsima tat-imposti

The description of the charges shall take account of any charges that that UCITS will itself incur as an investor in the underlying collective undertakings. Specifically, any entry and exit charges and ongoing charges levied by the underlying collective undertakings shall be reflected in the UCITS’ calculation of its own ongoing charges figure.

Fid-deskrizzjoni tal-imposti għandha tqis kwalunkwe imposti li dik il-UCITS stess tkun ser iġġarrab bħala investitur fl-impriżi kollettivi sottostanti. Speċifikament, kwalunkwe imposta fuq l-investiment inizjali u imposta fuq iċ-ċessjoni u imposta tal-prosegwiment li jinġabru mill-impriżi kollettivi sottostanti għandhom ikunu riflessi fil-kalkolu taċ-ċifra tal-imposta tal-prosegwiment tal-UCITS stess.

SECTION 4

TAQSIMA 4

Feeder UCITS

UCITS Alimentatriċi

Article 31

Artikolu 31

Objectives and investment policy section

It-taqsima tal-għanijiet u politika ta’ investiment

1. The key investor information document for a feeder UCITS, as defined in Article 58 of Directive 2009/65/EC, shall contain, in the description of objectives and investment policy, information about the proportion of the feeder UCITS’ assets which is invested in the master UCITS.

1. Id-dokument tat-tagħrif ewlieni għall-investitur ta’ UCITS alimentatriċi, kif iddefinit fl-Artikolu 58 tad-Direttiva 2009/65/KE, għandu jkun fih, fid-deskrizzjoni tal-għanijiet u politika ta’ investiment, informazzjoni dwar il-proporzjon tal-assi tal-UCITS alimentatriċi investit fil-UCITS prinċipali.

2. There shall also be a description of the master UCITS’ objectives and investment policy, supplemented as appropriate by either of the following:

2. Għandu jkun hemm ukoll deskrizzjoni tal-għanijiet u l-politika ta’ investiment tal-UCITS prinċipali, issupplimentata kif jixraq minn xi waħda minn dawn li ġejjin:

(i) an indication that the feeder UCITS’ investment returns will be very similar to those of the master UCITS; or

(i) indikazzjoni li r-redittu mill-investiment tal-UCITS alimentatriċi ser jkun simili ħafna għal dawk tal-UCITS prinċipali, jew

(ii) an explanation of how and why the investment returns of the feeder and master UCITS may differ.

(ii) spjegazzjoni ta’ kif u għala r-redittu mill-investiment tal-UCITS alimentatriċi u dik prinċipali jista’ jkun differenti.

Article 32

Artikolu 32

Risk and reward profile section

It-taqsima tal-profil tar-riskji u l-gwadanji

1. Where the risk and reward profile of the feeder UCITS differs in any material respect from that of the master, this fact and the reason for it shall be explained in the "Risk and reward profile" section of the key investor information document.

1. Fejn il-profil tar-riskji u l-gwadanji tal-UCITS alimentatriċi jkun differenti f’kwalunkwe aspett materjali minn dak tal-fond principali, dan il-fatt u r-raġuni għalih għandu jkun spjegat fit-taqsima "Il-profil tar-riskji u l-gwadanji" tad-dokument tat-tagħrif ewlieni għall-investitur.

2. Any liquidity risk and the relationship between purchase and redemption arrangements for the master and feeder UCITS shall be explained in the "Risk and reward profile" section of the key investor information document.

2. Kwalunkwe riskju ta’ likwidità u r-relazzjoni ta’ bejn l-arranġamenti tal-akkwist u tifdija tal-UCITS prinċipali u dik alimentatriċi għandhom ikunu spjegati fit-taqsima "Il-profil tar-riskji u l-gwadanji" tad-dokument tat-tagħrif ewlieni għall-investitur.

Article 33

Artikolu 33

Charges section

It-taqsima tal-Imposti

The "Charges" section of the key investor information document shall cover both the costs of investing in the feeder UCITS and any costs and expenses that the master UCITS may charge to the feeder UCITS.

It-taqsima "Imposti" tad-dokument tat-tagħrif ewlieni għall-investitur għandha tkopri kemm l-ispejjeż biex wieħed jinvesti fil-UCITS alimentatriċi kif ukoll kwalunkwe spiża u nefqa li l-UCITS prinċipali tista’ timponi fuq il-UCITS alimentatriċi.

In addition, it shall combine the costs of both the feeder and the master UCITS in the ongoing charges figure for the feeder UCITS.

Barra minn hekk, għandha tikkumbina flimkien l-ispejjeż kemm tal-UCITS alimentatriċi u ta’ dik prinċipali fiċ-ċifra tal-Imposta tal-prosegwiment tal-UCITS alimentatriċi.

Article 34

Artikolu 34

Practical information section

It-taqsima tal-informazzjoni prattika

1. The key investor information document for a feeder UCITS shall contain in the "Practical information" section information specific to the feeder UCITS.

1. Id-dokument tat-tagħrif ewlieni għall-investitur tal-UCITS alimentatriċi, fit-Taqsima "Informazzjoni prattika", għandu jkun fih informazzjoni speċifika dwar il-UCITS alimentatriċi.

2. The information referred to in paragraph 1 shall include:

2. L-informazzjoni msemmija fil-paragrafu 1 għandha tinkludi:

(a) a statement that the master UCITS’ prospectus, key investor information document, and periodic reports and accounts are available to investors of the feeder UCITS upon request, how they may be obtained, and in which language(s);

(a) dikjarazzjoni li l-prospett tal-UCITS prinċipali, id-dokument ta’ tagħrif ewlieni għall-investitur, u r-rapporti perjodiċi u l-kontijiet huma disponibbli għall-investituri tal-UCITS alimentatriċi jekk jintalbu, kif dawn jistgħu jinkisbu, u b’liema lingwa/i;

(b) whether the items listed in point (a) are available in paper copies only or in other durable media, and whether any fee is payable for items not subject to free delivery in accordance with Article 63(5) of Directive 2009/65/EC;

(b) jekk l-affarijiet elenkati fil-punt (a) ikunux disponibbli f’kopji stampati biss jew f’xi mezzi li jibqgħu oħrajn, u jekk titħallasx xi tariffa għal dawk l-affarijiet li mhumiex soġġetti għal tqassim b’xejn skont l-Artikolu 63(5) tad-Direttiva 2009/65/KE;

(c) where the master UCITS is established in a different Member State to the feeder UCITS, and this may affect the feeder’s tax treatment, a statement to this effect.

(c) fejn il-UCITS prinċipali tkun stabbilita fi Stat Membru differenti minn dak tal-UCITS alimentatriċi, u dan jista’ jaffettwa t-trattament ta’ taxxa tal-fond alimentatur, għandu jkun hemm dikjarazzjoni f’dan ir-rigward.

Article 35

Artikolu 35

Past performance

Prestazzjoni fl-imgħoddi

1. The past performance presentation in the key investor information document of the feeder UCITS shall be specific to the feeder UCITS, and shall not reproduce the performance record of the master UCITS.

1. Il-preżentazzjoni tal-prestazzjoni fl-imgħoddi fid-dokument tat-tagħrif ewlieni għall-investitur tal-UCITS alimentatriċi għandha tkun speċifika għall-UCITS alimentatriċi, u fiha m’għandux jidher ir-reġistru tal-prestazzjoni tal-UCITS prinċipali.

2. Paragraph 1 shall not apply:

2. Il-paragrafu 1 m’għandux japplika:

(a) where a feeder UCITS shows the past performance of its master UCITS as a benchmark; or

(a) fejn il-UCITS alimentatriċi turi l-prestazzjoni fl-imgħoddi tal-UCITS prinċipali tagħha bħala l-punt ta’ riferiment; jew

(b) where the feeder was launched as a feeder UCITS at a later date than the master UCITS, and where the conditions of Article 19 are satisfied, and where a simulated performance is shown for the years before the feeder existed, based on the past performance of the master UCITS; or

(b) fejn il-fond alimentatur ikun tnieda bħala UCITS alimentatriċi f’data wara l-UCITS prinċipali, u fejn il-kundizzjonijiet tal-Artikolu 19 ikunu ssodisfati, u fejn tintwera prestazzjoni simulata għas-snin qabel ma l-fond alimentatur kien jeżisti, abbażi tal-prestazzjoni fl-imgħoddi tal-UCITS prinċipali; jew

(c) where the feeder UCITS has a past performance record from before the date on which it began to operate as a feeder, its own record being retained in the bar chart for the relevant years, with the material change labelled as required by Article 17(2).

(c) fejn il-UCITS alimentatriċi jkollha rendikont tal-prestazzjoni fl-imgħoddi minn qabel id-data li fiha tkun bdiet topera bħala fond alimentatur, filwaqt li r-reġistrazzjoni proprja tagħha għas-snin rilevanti jibqa’ jidher fil-bar chart, bil-bidla materjali mmarkata kif meħtieġ skont l-Artikolu 17(2).

SECTION 5

TAQSIMA 5

Structured UCITS

UCITS Strutturati

Article 36

Artikolu 36

Performance scenarios

Xenarji ta’ prestazzjoni

1. The key investor information document for structured UCITS shall not contain the "Past performance" section.

1. Id-dokument tat-tagħrif ewlieni għall-investitur ta’ UCITS strutturati m’għandux ikollu fih it-taqsima "Prestazzjoni fl-imgħoddi".

For the purposes of this Section, structured UCITS shall be understood as UCITS which provide investors, at certain predetermined dates, with algorithm-based payoffs that are linked to the performance, or to the realisation of price changes or other conditions, of financial assets, indices or reference portfolios or UCITS with similar features.

Għall-iskopijiet ta’ din it-Taqsima, UCITS għandha tfisser UCITS li jipprovdu l-investituri, f’ċerti dati predeterminati, bi gwadan ibbażat fuq algoritmu li huwa marbut mal-prestazzjoni, jew mal-evoluzzjon tal-prezz jew kundizzjonijiet oħrajn, ta’ assi finanzjarji, indiċijiet jew portafolji ta’ referenza jew UCITS b’karatteristiċi simili.

2. For structured UCITS, the "Objectives and investment policy" section of the key investor information document shall include an explanation of how the formula works or how the pay-off is calculated.

2. Għal UCITS strutturati, it-taqsima "Għanijiet u politika ta’ investiment" tad-dokument tat-tagħrif ewlieni għall-investitur għandha tinkludi spjegazzjoni ta’ kif taħdem il-formula jew kif jiġi kkalkulat il-gwadan.

3. The explanation referred to in paragraph 2 shall be accompanied by an illustration, showing at least three scenarios of the UCITS’ potential performance. Appropriate scenarios shall be chosen to show the circumstances in which the formula may generate a low, a medium or a high return, including, where applicable, a negative return for the investor.

3. L-ispjegazzjoni msemmija fil-paragrafu 2 għandha tkun akkumpanjata b’illustrazzjoni, li turi tal-anqas tliet xenarji tal-prestazzjoni potenzjali tal-UCITS. Għandhom jintgħażlu xenarji xierqa li juru ċ-ċirkostanzi li fihom il-formula tista’ tiġġenera redittu baxx, medju jew għoli, inkluż, fejn ikun applikabbli, redittu negattiv għall-investitur.

4. The scenarios referred to in paragraph 3 shall enable the investor to understand fully all the effects of the calculation mechanism embedded in the formula.

4. Bix-xenarji msemmija fil-paragrafu 3 għandhom jippermettu l-investitur jifhem kompletament l-effetti kollha tal-mekkaniżmu tal-kalkolu inkorporat fil-formula.

They shall be presented in a way that is fair, clear and not misleading, and that is likely to be understood by the average retail investor. In particular, they shall not artificially magnify the importance of the final performance of the UCITS.

Dawn għandhom ikunu ppreżentati b’mod ġust, ċar u li ma jiżvijax, u li x’aktarx jiftiehem mill-investitur medju fil-livell tal-konsum. B’mod partikolari, dawn m’għandhomx ikabbru b’mod artifiċjali l-importanza tal-prestazzjoni finali tal-UCITS.

5. The scenarios referred to in paragraph 3 shall be based on reasonable and conservative assumptions about future market conditions and price movements.

5. Ix-xenarji msemmija fil-paragrafu 3 għandhom ikunu bbażati fuq suppożizzjonijiet raġonevoli u konservattivi dwar il-kundizzjonijiet tas-suq u ċ-ċaqliq fil-prezzijiet fil-ġejjieni.

However, whenever the formula exposes investors to the possibility of substantial losses, such as a capital guarantee that functions only under certain circumstances, these losses shall be appropriately illustrated, even if the probability of the corresponding market conditions is low.

Madanakollu, kull meta l-formula tesponi lill-investituri għall-possibbiltà ta’ telf sostanzjali, bħalma hija garanzija fuq il-kapital li taħdem biss taħt ċerti ċirkostanzi, dan it-telf għandu jkun illustrat sew, anki jekk il-probabbiltà tal-kundizzjonijiet korrispondenti tas-suq tkun baxxa.

6. The scenarios referred to in paragraph 3 shall be accompanied by a statement that they are examples that are included to illustrate the formula, and do not represent a forecast of what might happen. It shall be made clear that the scenarios shown may not have an equal probability of occurrence.

6. Ix-xenarji msemmija fil-paragrafu 3 għandhom ikunu akkumpanjati b’dikjarazzjoni li dawn huma eżempji inklużi biex jispjegaw il-formula, u ma jirrappreżentawx xi previżjoni ta’ dak li jista’ jiġri. Wieħed għandu jagħmilha ċara li x-xenarji murija jista’ ma jkollhomx l-istess probabbiltà li jseħħu.

Article 37

Artikolu 37

Length

Tul

The key investor information document for structured UCITS shall not exceed three pages of A4-sized paper when printed.

Id-dokument tat-tagħrif ewlieni għall-investituri ta’ UCITS strutturati m’għandux jaqbeż it-tliet paġni fuq karta ta’ daqs A-4 meta stampat.

CHAPTER V

KAPITOLU V

DURABLE MEDIUM

MEZZ LI JIBQA’

Article 38

Artikolu 38

Conditions applying to the provision of a key investor information document or a prospectus in a durable medium other than paper or by means of a website

Il-kundizzjonijiet applikabbli għall-provvista ta’ dokument tat-tagħrif ewlieni għall-investitur jew ta’ prospett b’mezz li jibqa’ li mhuwiex stampat jew permezz ta’ sit elettroniku

1. Where, for the purposes of Directive 2009/65/EC, the key investor information document or prospectus is to be provided to investors using a durable medium other than paper the following conditions shall be met:

1. Fejn, għall-iskopijiet tad-Direttiva 2009/65/KE, id-dokument tat-tagħrif ewlieni għall-investitur jew il-prospett irid jiġi pprovdut lill-investituri bl-użu ta’ mezz li jibqa’ li mhuwiex stampat għandhom ikunu ssodisfati l-kundizzjonijiet li ġejjin:

(a) the provision of the key investor information document or the prospectus using such a durable medium is appropriate to the context in which the business between the management company and the investor is, or is to be, carried on; and

(a) il-provvista tad-dokument tat-tagħrif ewlieni għall-investitur jew il-prospett bl-użu ta’ dan il-mezz li jibqa’ jrid ikun jixraq lill-kuntest li fih jsir in-negozju bejn il-kumpanija maniġerjali u l-investitur, jew li jkun ser isir fih; u

(b) the person to whom the key investor information document or the prospectus is to be provided, when offered the choice between information on paper or in that other durable medium, specifically chooses that other medium.

(b) il-persuna li trid tiġi pprovduta bid-dokument tat-tagħrif ewlieni għall-investitur jew il-prospett, meta offruta tagħżel bejn informazzjoni stampata jew dik bil-mezz li jibqa’ l-ieħor, tagħżel speċifikament dak il-mezz l-ieħor.

2. Where the key investor information document or the prospectus is to be provided by means of a website and that information is not addressed personally to the investor, the following conditions shall also be satisfied:

2. Fejn id-dokument tat-tagħrif ewlieni għall-investitur jew il-prospett irid jiġi pprovdut permezz ta’ sit elettroniku u dik l-informazzjoni ma tkunx indirizzata personalment lill-investitur, għandhom ikunu ssodisfati wkoll il-kundizzjonijiet li ġejjin:

(a) the provision of that information in that medium is appropriate to the context in which the business between the management company and the investor is, or is to be, carried on;

(a) il-provvista ta’ dik l-informazzjoni b’dak il-mezz tkun tixraq lill-kuntest li fih isir in-negozju bejn il-kumpanija maniġerjali u l-investitur ikun sa, jew li jkun ser isir fih;

(b) the investor must specifically consent to the provision of that information in that form;

(b) l-investitur għandu speċifikament jikkonsenti għall-provvista ta’ dik l-informazzjoni f’dik il-forma;

(c) the investor must be notified electronically of the address of the website, and the place on the website where the information may be accessed;

(c) l-investitur għandu jiġi nnotifikat b’mod elettroniku bl-indirizz tas-sit elettroniku, u l-post fis-sit elettroniku minn fejn l-informazzjoni tkun tista’ tiġi aċċessata;

(d) the information must be up to date;

(d) l-informazzjoni trid tkun aġġornata;

(e) the information must be accessible continuously by means of that website for such period of time as the client may reasonably need to inspect it.

(e) l-informazzjoni trid tkun aċċessibbli kontinwament permezz ta’ dak is-sit elettroniku għal dak il-perjodu ta’ żmien li fih il-klijent jista’ raġonevolment ikun jeħtieġlu jispezzjonaha.

3. For the purposes of this Article, the provision of information by means of electronic communications shall be treated as appropriate to the context in which the business between the management company and the investor is, or is to be, carried on if there is evidence that the investor has regular access to the Internet. The provision by the investor of an e-mail address for the purposes of the carrying on of that business shall be treated as such evidence.

3. Għall-iskopijiet ta’ dan l-Artikolu, il-provvista ta’ informazzjoni permezz ta’ komunikazzjonijiet elettroniċi għandha titqies li tkun tixraq lill-kuntest li fih isir in-negozju bejn il-kumpanija maniġerjali u l-investitur, jew ikun isir fih, jekk ikun hemm evidenza li l-investitur għandu aċċess regolari għall-Internet. L-għoti ta’ indirizz elettroniku mill-investitur għall-iskopijiet tat-twettiq ta’ dak in-negozju għandu jitqies bħala din l-evidenza.

CHAPTER VI

KAPITOLU VI

FINAL PROVISIONS

DISPOŻIZZJONIJIET FINALI

Article 39

Artikolu 39

Entry into force

Dħul fis-seħħ

1. This Regulation shall enter into force on the 20th day following its publication in the Official Journal of the European Union.

1. Dan ir-Regolament għandu jidħol fis-seħħ fl-għoxrin jum wara dak tal-pubblikazzjoni tiegħu f’Il-Ġurnal Uffiċjali tal-Unjoni Ewropea.

2. This Regulation shall apply from 1 July 2011.

2. Dan ir-Regolament għandu japplika mill- 1 ta’ Lulju 2011.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Dan ir-Regolament għandu jorbot fl-intier tiegħu u japplika direttament fl-Istati Membri kollha.

Done at Brussels, 1 July 2010.

Magħmul fi Brussell, l- 1 ta’ Lulju 2010.

For the Commission

Għall-Kummissjoni

The President

Il-President

José Manuel Barroso

[1] OJ L 302, 17.11.2009, p. 32.

[1] ĠU L 302, 17.11.2009, p. 32.

[2] See page 42 of this Official Journal.

[2] Ara paġna 42 ta’ dan il-Ġurnal Uffiċjali.

[3] OJ L 145, 30.4.2004, p. 1.

[3] ĠU L 145, 30.4.2004, p. 1.

[4] OJ L 241, 2.9.2006, p. 26.

[4] ĠU L 241, 2.9.2006, p. 26.

[5] OJ L 25, 29.1.2009, p. 18.

[5] ĠU L 25, 29.1.2009, p. 18.

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ANNEX I

ANNESS I

REQUIREMENTS RELATED TO THE PRESENTATION OF THE SYNTHETIC INDICATOR

REKWIŻITI RELATATI MAL-PREŻENTAZZJONI TAL-INDIKATUR SINTETIKU

1. The synthetic indicator shall rank the fund on a scale from 1 to 7 on the basis of its volatility record.

1. L-indikatur sintetiku għandu jikklassifika l-fond fuq skala minn 1 sa 7 abbażi tar-reġistru tal-volatilità tiegħu.

2. The scale shall be shown as a sequence of categories denoted by the whole numbers in ascending order from 1 to 7 running from left to right, representing levels of risk and reward, from lowest to highest.

2. L-iskala għandha tintwera bħala sekwenza tal-kategoriji rappreżentati b’numri sħaħ f’ordni miż-żgħir għall-kbir minn 1 sa 7 li timxi mix-xellug għal-lemin, u li tirrappreżenta livelli ta’ riskji u gwadan, mill-aktar baxx sal-ogħla.

3. It shall be made clear on the scale that lower risk entails potentially lower reward and that higher risk entails potentially higher rewards.

3. Wieħed għandu jagħmilha ċara fuq l-iskala li riskju baxx ifisser gwadan potenzjalment aktar baxx u li riskju ogħla jfisser gwadanji potenzjalment ogħla.

4. The category into which the UCITS falls shall be prominently indicated.

4. Il-kategorija li fiha tkun taqa’ l-UCITS għandha tkun indikata b’mod prominenti.

5. No colours shall be used for distinguishing between items on the scale.

5. M’għandux jintuża kulur biex wieħed jiddistingwi bejn l-affarijiet fuq l-iskala.

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ANNEX II

ANNESS II

PRESENTATION OF CHARGES

PREŻENTAZZJONI TAL-IMPOSTI

The charges shall be presented in a table structured in the following way:

It-imposti għandhom ikunu ppreżentati f’tabella strutturata bil-mod li ġej:

One-off charges taken before or after you invest |

Imposti ta’ darba li jittieħdu qabel jew wara li tinvesti |

Entry charge Exit charge | [] % [] % |

Imposta fuq l-investiment inizjali Imposta fuq iċ-ċessjoni | [] % [] % |

This is the maximum that might be taken out of your money [before it is invested] [before the proceeds of your investment are paid out] |

Dan huwa l-massimu li jista’ jittiħidlek minn flusek [qabel ma jiġu investiti] [qabel ma jitħallas ir-rendiment mill-investiment tiegħek] |

Charges taken from the fund over a year |

Imposti meħuda mill-fond tul sena |

Ongoing charge | [] % |

Imposta tal-prosegwiment | [] % |

Charges taken from the fund under certain specific conditions |

Imposti meħuda mill-fond skont ċerti kundizzjonijiet speċifiċi |

Performance fee | [] % a year of any returns the fund achieves above the benchmark for these fees, the [insert name of benchmark] |

Tariffa fuq il-prestazzjoni | [] % kull sena ta’ kull redittu miksub mill-fond ‘il fuq mill-punt ta’ riferiment għal dawn it-tariffi, il- [daħħal l-isem tal-punt ta’ riferiment] |

- A percentage amount shall be indicated for each of these charges.

- Għandu jkun indikat ammont perċentwali għal kull waħda minn dawn l-imposti.

- In the case of a performance fee, the amount charged in the fund’s last financial year shall be included as a percentage figure.

- Fil-każ ta’ tariffa fuq il-prestazzjoni, l-ammont li impost fl-aħħar sena finanzjarja tal-fond għandu jiġi inkluż bħala ċifra perċentwali.

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ANNEX III

ANNESS III

PRESENTATION OF THE PAST PERFORMANCE INFORMATION

PREŻENTAZZJONI TAL-INFORMAZZJONI DWAR IL-PRESTAZZJONI FL-IMGĦODDI

The bar chart presenting past performance shall comply with the following criteria:

Il-bar chart li tippreżenta l-prestazzjoni fl-imgħoddi għandha tkun konformi mal-kriterji li ġejjin:

1. the scale of the Y-axis of the bar chart shall be linear, not logarithmic;

1. l-iskala tal-assi Y tal-bar chart għandha tkun lineari, mhux logaritmika;

2. the scale shall be adapted to the span of the bars shown and shall not compress the bars so as to make fluctuations in returns harder to distinguish;

2. l-iskala għandha tiġi adattata għall-bars murija u m’għandhiex tikkompressal-bars biex il-varjazzjonijiet fir-redittu jsiru aktar diffiċli biex jintgħarfu;

3. the X-axis shall be set at the level of 0 % performance;

3. l-assi X għandu jkun issettjat fil-livell ta’ prestazzjoni ta’ 0 %;

4. a label shall be added to each bar indicating the return in percentage that was achieved;

4. għandha tiżdied marka ma’ kull bar li tindika r-redittu li jkun inkiseb f’perċentwali li;

5. past performance figures shall be rounded to one decimal place.

5. iċ-ċifri tal-prestazzjoni fl-imgħoddi għandhom jitqarrbu sa ċifra deċimali waħda.

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