Marketing of investment funds registered in Finland in other EEA member states than Finland  

Collective investment undertakings fulfilling the requirements of the UCITS Directive (2009/65/EC) – UCITS funds 

UCITS funds registered in Finland may market their units in other EEA member states than Finland in accordance with the notification procedure (Regulation EU 584/2010).

The notification letter shall be submitted to Financial Supervisory Authority (FIN-FSA) 

The management company managing the investment fund submits the notification letter, annexed documents and translations, if any, to FIN-FSA.
FIN-FSA Authority inspects the material and submits it to the competent authority of the other EEA member state stated in the notification letter.

The notification letter and its annexes are to be sent to the address rahastoilmoitukset(at)fiva.fi

Notification letter

The management company must submit the notification letter to FIN-FSA with the annexed documents on commencement of marketing in another EEA member state.

The notification letter must be delivered in the English language (a language customary in the sphere of international finance).

A link to the notification letter template is found at the Forms section in the right side of this page. This notification letter template should only be used for investment funds (UCITS) registered in Finland.

Annex documents

The abovementioned notification letter must be accompanied by the following documents as annexes:

  1. The fund rules or instruments of incorporation of the investment fund, its prospectus and, where appropriate, its latest annual report and any subsequent half-yearly reports translated in the official language or one of the official languages of the host country, a language approved by the competent authority of the host country, or a language customary in the sphere of international finance (English).
  2. the Key Investor Information Document (KIID) or simplified prospectus (transitional period until 30 June 2010) translated into the official language or one of the official languages of the host country or a language approved by the competent authority of the host country and
  3. An attestation granted by the competent home state authority to the effect that the collective investment undertaking fulfils the conditions imposed by the UCITS Directive (2009/65/EC) (so-called UCITS attestation).

The attestation referred to in paragraph 3 is prepared by FIN-FSA and it is provided in the English language. The notification letter and the annexed documents and translations, if any, must be in electronic format. The email message must list the annexes to the notification letter, which must be in a commonly used format (pdf) that can be opened and printed. The maximum size of the email message is 19 MB.

Commencement of marketing

The management company may begin marketing the units in an investment fund in another EEA country as of the date when FIN-FSA notifies the management company that the documents referred to above have been delivered to the competent authority of the relevant EEA country.

The notification is submitted to the management company in an electronic format to the email address indicated by the management company.

Changes to information in the notification letter and annexes

The management company must notify the competent authority of the host EEA member state of any changes to the annexed documents referred to above and indicate where they are available in an electronic format (for example on the company website).

In the event of a change in the information regarding the arrangements made for marketing communicated in the notification letter, the management company must give written notice thereof to the competent authority of the host EEA member state in an electronic format before implementing the change.

Termination of marketing

Before terminating the marketing of units, the management company must inform the competent authority of the host EEA member state of its decision and publish an announcement to that effect in at least one national newspaper. The announcement is to provide information on

  1. the manner in which payments will be made to unit-holders in the future
  2. the manner and place in which redemption claims concerning the units are to be presented and
  3. how and where the documents and information which the management company is required to publish are kept available.

Processing fees

The Financial Supervisory Authority charges a fee in accordance with its schedule of specific fees for processing a notification letter and the annexes and for submitting them to the competent authority of the host country. The UCITS attestation is also subject to a fee in accordance with FIN-FSA’s schedule of specific fees.

Processing deadlines

FIN-FSA has ten (10) business days to inspect the complete notification letter and the annexes, to prepare a UCITS attestation and to send the notification letter and the annexes to the host country. The processing deadline is calculated as of the reception of the complete notification letter.

FIN-FSA sends a notice immediately to the management company when the notification letter has been sent to the competent authority of the host country. The management company may begin to market its units in the host country upon reception of the announcement referred to above.

19 March 2014