Registration for marketing foreign UCITS investment schemes in Estonia
Units of a UCITS of a Member State of the European Union may be offered in Estonia if the offer complies with the requirements of the Investment Funds Act concerning a UCITS and the following is ensured:
1.The possibility to pay dividends or make distributions to unit-holders from the UCITS of the Member State and the ability of unit-holders to demand redemption and re-purchase of units and payment of an amount which corresponds to the unit;
2. Publication of information concerning the UCITS of the Member State pursuant to the procedure and to the extent provided for in this Act concerning a UCITS.
If a UCITS proposes to market its units in Estonia, it shall first submit a notification letter to the competent authority of its home Member State. The notification letter shall include information on arrangements made for marketing units of the UCITS in Estonia, including, where relevant, in respect of share classes.
A UCITS shall enclose to its home Member State competent authority, along with the notification letter, the latest version of the following:
(a) its fund rules or its instruments of incorporation, its prospectus and, where appropriate, its latest annual report and any subsequent half-yearly report presented either in English or translated into Estonian by discretion of the notifying UCITS; and
(b) its key investor information as referred to in Directive 2009/65/EC Article 78, translated into Estonian.
The competent authority of the UCITS home Member State shall then transmit the complete documentation as referred to above to the Estonian Financial Supervision Authority. The UCITS home Member State competent authority shall enclose with the documentation an attestation that the UCITS fulfils the conditions imposed by Directive 2009/65/EC.
Upon the transmission of the documentation, the competent authority of the UCITS home Member State shall immediately notify the UCITS about the transmission. The UCITS may access the Estonian market as from the date of that notification. There are no fees or charges applied by the Estonian Financil Supervision Authority as regards to the notification procedure.
Additional information regarding the marketing requirements that shall be fulfilled by the notified UCITS can be found here.