UCITS passporting in Poland

EEA Management Companies can passport the management and marketing of UCITS Schemes in Poland and fall under the scope of the Investment Fund Act (“IFA”).

An EEA UCITS Scheme may be marketed in Poland once the Polish Financial Supervisory Authority (“PFSA”) receives notification from the HMSA of an EEA Management Company in accordance with the provisions Section XII of IFA.
Such notification should include:

1. a notification letter indicating the EEA Management Company and the name of the EEA UCITS to be marketed, with an indication of its registered office;
2. a detailed description of the principles of marketing the EEA UCITS (description of arrangements for distribution, acquisition and redemption of UCITS in Poland and the manner in which information about the EEA UCITS will be provided);
3. the name, surname, or company name and the place of residence or registered office and address in Poland of an EEA UCITS representative in Poland if such representative is appointed;
4. the company name and registered office and address of the paying agent of the EEA UCITS in Poland if such paying agent is appointed; 
5. the contents of additional information for investors acquiring units in Poland; and
6. information required for the PFSA to issue a document confirming payment by the EEA UCITS of the fee for entry in the register maintained by the PFSA or information required for the PFSA to provide information about the fees payable to the PFSA by the EEA UCITS.

The notification should be accompanied with the EEA UCITS’:

1. articles of association;
2. informational prospectus;
3. key investor information;
4. most recent annual and biannual financial statements;
5. and a certificate issued by the HMSA of the EEA Management Company, confirming that it acts in line with the UCITS Directive and is authorised to manage an EEA UCITS.

The notification and its attached documents should be translated into Polish or English, however, the additional investor information and the key investor information should be drawn up in or translated into Polish. They should then be sent to the PFSA by the HMSA to the e-mail address set up by the PFSA for the purpose of receiving such notifications.

There are no fees in connection with the passporting procedure, however, certain fees might be charged subject to secondary legislation on the costs of capital market supervision.

There is also a fee of EUR 2,000 for registration in the register maintained by the PFSA and an annual fee of EUR 1,000 for all foreign UCITS registered for marketing in Poland.