Marketing of units of an EEA UCITS Scheme in Estonia is possible if the offer complies with the requirements of the Estonian IFA concerning UCITS. This includes satisfaction of the following: (i) the ability of fund unit holders to subscribe for units or demand redemption and re-purchase of fund units and payment of an amount which corresponds with the fund unit; (ii) disclosure of information concerning the EEA UCITS Scheme pursuant to the procedure and to the extent provided by the Estonian IFA concerning an EEA UCITS Scheme; (iii) investors must be provided with information on how to make subscription or redemption orders (referred to in point (i)) and how the income received for units and shares is paid out; (iv) investors must be provided with information on the possibility to file complaints pursuant to the procedure for resolving investor complaints that comply with the requirements provided for in the Estonian IFA; (v) appointment of a contact person who mediates the necessary information to the Estonian Financial Supervision Authority (“EFSA”); (vi) investors must be provided with information on a permanent medium on how these functions are performed; and (vii) these functions must be performed in the Estonian or English language, including by electronic means.
If an EEA Management Company proposes to market an EEA UCITS Scheme in Estonia, it shall first submit a notification letter to the HMSA. The notification letter shall include: the plan for marketing the fund units in Estonia, names of classes of fund units to be marketed if the EEA UCITS Scheme has different classes of fund units, and a statement of whether the same EEA Management Company that manages the EEA UCITS Scheme in another Member State markets the fund units of the EEA UCITS Scheme in Estonia.
The EEA Management Company shall additionally provide to its HMSA, the latest version of the EEA UCITS Scheme’s fund rules or its articles of association, its prospectus, KIID, the address or other contact details used to notify the supervisory agency, information on how functions listed in (i) to (vii) are performed and, the latest audited annual accounts or annual report, and the latest semi-annual report if this has been approved after the latest audited annual accounts or annual report.
The HMSA shall then transmit the complete documentation referred to above to the EFSA.
An EEA UCITS Scheme may be marketed in Estonia from the day when the HMSA submits a statement to the EFSA of compliance with the Directive 2009 / 65 / EC of the European Parliament and of the Council and notifies the fund manager that the required data and documents have been submitted to the EFSA.
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