Updated 14/01/2025
In force

Version from: 09/01/2024
Amendments (3)
Directive 2010/42/EU
Based on: Art. 64(4)
Specifies: Art. 64(1)
Merkblatt zum Vertrieb von EU-OGAW gemäß § 310 KAGB
Updated: 20/09/2024
Published: 22/07/2013
Art. 64
QA947 - Disclosures
Status: Under Review
Published: 01/04/2016
Art. 64
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UCITS ToolUndertakings for Collective Investment in Transferable Securities Directive
Article 64

Article 64

Article 64

1.  

Member States shall require that a feeder UCITS which already pursues activities as a UCITS, including those of a feeder UCITS of a different master UCITS, shall provide the following information to its unit-holders:

(a) 

a statement that the competent authorities of the feeder UCITS home Member State approved the investment of the feeder UCITS in units of such master UCITS;

(b) 

the key investor information referred to in Article 78 concerning the feeder and the master UCITS;

(c) 

the date when the feeder UCITS is to start to invest in the master UCITS or, if it has already invested therein, the date when its investment will exceed the limit applicable under Article 55(1); and

(d) 

a statement that the unit-holders have the right to request within 30 days the repurchase or redemption of their units without any charges other than those retained by the UCITS to cover disinvestment costs; that right shall become effective from the moment the feeder UCITS has provided the information referred to in this paragraph.

That information shall be provided at least 30 days before the date referred to in point (c) of the first subparagraph.

2.  
In the event that the feeder UCITS has been notified in accordance with Article 93, the information referred to in paragraph 1 shall be provided in the official language, or one of the official languages, of the feeder UCITS host Member State or in a language approved by its competent authorities. The feeder UCITS shall be responsible for producing the translation. That translation shall faithfully reflect the content of the original.
3.  
Member States shall ensure that the feeder UCITS does not invest into the units of the given master UCITS in excess of the limit applicable under Article 55(1) before the period of 30 days referred to in the second subparagraph of paragraph 1 has elapsed.
4.  

The Commission may adopt, by means of delegated acts  in accordance with Article 112a, measures specifying:

(a) 

the format and the manner in which to provide the information referred to in paragraph 1; or

(b) 

in the event that the feeder UCITS transfers all or parts of its assets to the master UCITS in exchange for units, the procedure for valuing and auditing such a contribution in kind and the role of the depositary of the feeder UCITS in that process.

5.  

In order to ensure uniform conditions of application in which the information is provided, ESMA may develop draft implementing technical standards to determine the conditions of application of the delegated acts adopted by the Commission regarding the format and the manner of the information provided and procedure referred to in paragraph 4.

Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.