Effective Ongoing Fund Governance: Notifying Regulators On Changes To UCITS

Any changes with a UCITS listed for marketing in the EEA need to comply with the UCITS Directive pursuant to the regulatory framework. As a firm entrusted with the responsibility of ensuring continued compliance, it is your duty to understand the requirements of notifying the competent authorities of any changes made to the information in the notification letter or share classes marketed. Information in the notification letter include: the name of the UCITS and sub-fund marketed, details of the management company, arrangements made for the marketing of the UCITS in the host member state, details of the entity/entities performing the facilities under Article 92(1) of the UCITS Directive, and the contact points at the management company and for invoicing-related communications.  

Furthermore, the UCITS Directive also requires UCITS to notify the competent authorities of the host member state of any amendments to its fund rules or instruments of incorporation, prospectus and its supplements, annual and semi-annual reports, and UCITS KIIDs / PRIIPs KIDs.

Practical implications 

If you are planning to:  

1. Implement a change to the UCITS which was included in the notification letter – you should notify the UCITS’s home and host regulators at least one month before the change comes into effect; 
2. Market new share classes in a host country where the UCITS is already notified for marketing – you should notify the home and host regulators of the anticipated marketing of those new share classes at least one month before marketing is intended to commence; and 
3. Make changes to the UCITS’ fund documents – you should file the updated fund documents with the host regulators once they are available.  

In addition, if any of the above changes are mentioned in a notice to shareholders, you should ensure compliance with local requirements regarding shareholder notices in all jurisdictions where the UCITS is registered. 

How Zeidler Group can help

If you have any questions or require support, the Zeidler team is here to help. Our global team of professionals remains up to date on the latest legal, regulatory, and compliance changes affecting the asset management industry.