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Summaries of EU Legislation

EU notification procedure for UCITS

SUMMARY OF:

Regulation (EU) No 584/2010 implementing Directive 2009/65/EC as regards the form and content of the standard notification letter and UCITS attestation, the use of electronic communication between competent authorities for the purpose of notification, and procedures for on-the-spot verifications and investigations and the exchange of information between competent authorities

WHAT IS THE AIM OF THE REGULATION?

It sets out in detail procedures and forms the national authorities must use when transmitting information electronically to each other as required by Directive 2009/65/EC on rules concerning undertakings for collective investment in transferable securities (UCITS).

These procedures and forms are necessary to ensure that the process and communication operate smoothly when a UCITS1 wishes to market its products in another EU country.

KEY POINTS

The regulation develops uniform conditions for implementing the basic UCITS legislation (Directive 2009/65/EC). This directive gives the European Commission the power to adopt implementing acts laying down in more detail procedural aspects of the original law.

A UCITS wishing to operate in another EU country must first submit to its own national authorities a standard notification letter of its intention. This contains the management company’s basic details in the form prescribed in the annex to this regulation.

National authorities:

  • must confirm that the information submitted meets the necessary legal conditions;
  • establish a designated email address for all communications;
  • transfer to the competent authorities in the other EU country all the relevant documentation in a standard format;
  • may agree to use a more sophisticated form of electronic communication than email;
  • confirm, within 5 working days at the latest, that they have received the documentation sent to them.

This regulation establishes procedures for cooperation in case of verifications and investigations carried out in the territory of another EU country.

The competent authorities have to:

  • provide clear explanations and sufficient notice when requesting the right to carry out an on-the-spot investigation or interviews in another EU country;
  • make available any information requested by their counterparts in the other EU country;
  • may decide whether to carry out the investigation themselves or allow the competent authorities in the other EU country to do so.

This regulation also sets out standards for exchange of information between the competent authorities in the EU which cover all serious measures taken against UCITS, including any change in a UCITS’ status, such as withdrawal of its authorisation.

FROM WHEN DOES THE REGULATION APPLY?

It has applied since .

BACKGROUND

For more information, see:

KEY TERMS

  1. UCITS: investment vehicles that pool investors’ capital and invest that capital collectively through a portfolio of financial instruments such as stocks, bonds and other securities.

MAIN DOCUMENT

Commission Regulation (EU) No 584/2010 of implementing Directive 2009/65/EC of the European Parliament and of the Council as regards the form and content of the standard notification letter and UCITS attestation, the use of electronic communication between competent authorities for the purpose of notification, and procedures for on-the-spot verifications and investigations and the exchange of information between competent authorities (OJ L 176, , pp. 16-27)

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