Investor Presentaiton
Passporting De-Notification
The Directive (EU) 2019/1160 provides, for the first time, a harmonized set of provisions
relating to the process for withdrawing or closing out a passporting notification once made.
The basic requirements pursuant to Art. 93a UCITSD/Art. 32a AIFMD -new-
■ Blanket repurchase/redemption
offer
■ Public announcement of intention
to stop marketing
Additional communications of information
UCITS (Art. 93a(5) UCITSD)
■ Rules or instruments of
incorporation, prospectus, latest
annual report/subsequent half-
yearly reports
■ KIID
Update or termination of contracts
with financial intermediaries and
delegates
EU AIF (Art. 32(5) AIFMD)
■ Annex IV of AIFMD, points (b) to (f),
in particular rules or instruments of
incorporation and depositary
identification
■ As of now, no additional Annex IV
filing requirements
Directive (EU) 2019/1160, Recitals
"(7) The absence of clear and uniform conditions
for the discontinuation of marketing of units or
shares of a UCITS or an AIF in a host Member
State creates economic and legal uncertainty for
fund managers. Therefore, Directives 2009/65/EC
and 2011/61/EU should set out clear conditions
under which de-notification of the arrangements
made for marketing as regards some or all of the
units or shares could take place. Those conditions
should balance, on the one hand, the ability of
collective investment undertakings or their
managers to terminate their arrangements made
for marketing of their shares or units when the
established conditions are met and, on the other
hand, the interests of investors in such
undertakings.
(8) The possibility to cease marketing UCITS or
AIFs in a particular Member State should neither
come at a cost to investors nor diminish their
safeguards under Directive 2009/65/EC or
Directive 2011/61/EU, in particular with regard to
their right to accurate information on the continued
activities of those funds."
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