Fund Distribution Alert 2020-21

Fund Distribution Alert 2020-21

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Said Fihri

Partner, ADV – Investment Services

KPMG in Luxembourg

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Germany:

Updated UCITS Guidance Notice

In November 2020, the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in Germany updated its Guidance Notice (2013) regarding the marketing of units of EU UCITS.

Following the update, information that falls within one of the below five cases must be provided in German by means of a durable medium as well as the main medium. Previously this information could be provided in German or a language commonly used in international finance. As a reminder, the five cases are:

  1. suspension of the redemption of the units or shares of an EU UCITS;
  2. termination of an EU UCITS’ management or the winding-up of an EU UCITS;
  3. amendments to the fund rules which are inconsistent with existing investment principles, affect material investor rights, or relate to remuneration or the reimbursement of expenses that may be taken out of the EU UCITS’ assets, including the reasons for the amendments and the rights of investors, the information must be communicated in an easily understandable form and manner and must indicate where and how further information may be obtained;
  4. the merger of EU UCITS in the form of information on the proposed merger which must be drawn up in accordance with Article 43 of Directive 2009/65/EC;
  5. the conversion of an EU UCITS into a feeder fund or any change to a master fund in the form of information which must be drawn up in accordance with Article 64 of Directive 2009/65/EC.


Fund Managers having their UCITS notified for distribution in Germany will have to take this update into consideration when providing information to investors in Germany.

The latest Guidance Notice is available here.

Please feel free to contact us should you require any additional information.

Please note that any information provided is general in nature, is based on the latest publicly available information as analyzed on a best endeavor basis and does not constitute any specific legal opinion or advice.

Contact

Said Fihri
Partner
+352 22 51 51 7892
said.fihri@kpmg.lu


Stephanie Zedda
Director
+352 22 51 51 7271
stephanie.zedda@kpmg.lu

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