Fund Distribution Alert 2022-17

The EU Directive 2019/1160 has entered into force in Slovenia. Following this, the Slovene Securities Market Agency (A-TVP) issued updated guidance notices to foreign AIFs and UCITS funds.

For UCITS, a local physical presence for the fulfilment of facilities services in terms of payments and information to investors is no longer required in Slovenia. However, the authority now requests the inclusion of additional information to Slovene investors in the prospectus. The following is to be outlined therein either as an integral part or in an addendum:

1. an indication of the person or company providing facilities regarding subscriptions, repurchase and redemption orders and other payments to unit-holders and short description of procedures established for subscriptions, repurchase and redemption orders;
2. an indication of the person or company providing access to the prospectus, fund rules or articles of association, a UCITS KIID or PRIIPS KID and the fund's annual and semiannual reports, an indication of where these documents are available and an indication that the investor may obtain a printed copy of these documents free of charge;
3. an indication of the place where the data on the NAV of the UCITS will be published and the manner of publishing other relevant data related to the UCITS' operations;
4. information on procedures for dealing with investors' complaints and procedures that ensure that there are no restrictions on exercising the rights of investors from the Republic of Slovenia;
5. a description of tax treatment of unit holders in the Republic of Slovenia.

The updated Instructions for notification of UCITS funds are available in English and can be accessed in full here.

The updated Alternative investment funds Regulations are available in English and can be accessed in full here.

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

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

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