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Slovenia

UCITS passporting in Slovenia

Table of contents
  1. EEA UCITS Schemes
  2. Fees
Slovenia

1. EEA UCITS Schemes

The notification procedure for marketing of units of UCITS established in another Member State in Slovenia is regulated by the Investment Funds and Management Companies Act (Zakon o investicijskih skladih in družbah za upravljanje, Official Gazette of the Republic of Slovenia no. 31 / 15 as amended (“ZISDU-3”) and several implementing regulations, including Decision on the Terms and Conditions for Marketing of Investment Fund units (Sklep o načinu in pogojih za trženje enot investicijskih skladov, Official Gazette of the Republic of Slovenia no. 158/2022). 

The notification letter

In order to start marketing units of EEA UCITS Schemes in Slovenia, the EEA Management Company must make a formal notification by submitting the notification letter which must be prepared in accordance with the standard model (using the form of notification letter provided in Commission Regulation 584 / 2010 and submitted in electronic form).

Part A and C of the model notification letter contain no special provisions specific to Slovenia. Part B, however, requires the EEA Management Company to provide some additional information as specified in Guidance Notice on marketing of units of UCITS in Slovenia prepared by the Slovenian Securities Market Agency (Agencija za trg vrednostnih papirjev, “ATVP”).

Documents (in English or Slovenian) to accompany the notification are as follows:  

  1. the prospectus;
  2. rules or instrument of incorporation;
  3. the last annual report or if applicable, biannual report;
  4. KIID (translated into Slovenian); and
  5. UCITS attestation issued by the HMSA (Annex II to Commission Regulation No 584 / 2010).

The EEA Management Company of a member state may begin with the marketing of UCITS units in Slovenia as of the date when the EEA Management Company is notified that the supervisory authority of the management company’s Member State has submitted notification documentation to ATVP.

The EEA Management Company must duly inform the ATVP on any amendments to the documents provided in the original notification.

Requirements for marketing

Marketing of units of UCITS may start when the competent supervisory authority of the Member State notifies the management company that it has forwarded to the Agency the notification document referred to in Article 4 of Regulation 584/2010/EU. Pre-marketing of units of UCITS is not regulated under Slovenian law. The EEA Management Company shall ensure that all the facilities necessary for the smooth operation of the following activities are available in the Republic of Slovenia:

  1. processing of subscription orders, payment, repurchase, redemption or other payments to holders in respect of UCITS units;
  2. providing information to investors on the subscription process and on how the proceeds from the repurchase or payment of units are paid,
  3. facilitated processing of information and access to procedures for resolving investors 'complaints regarding the exercise of investors' rights arising from their investments in UCITS of a Member State in the Republic of Slovenia,
  4. making available to investors the information and documents referred to in section 6.7 of ZISDU-3 for the purpose of reviewing and obtaining copies,
  5. the provision of relevant information to investors in relation to the tasks provided by the management company of a Member State on a durable medium, and
  6. provision of a contact point for communication with the Agency.

The EEA Management Company is not required to provide a physical presence in the Republic of Slovenia for the purposes of performing the tasks referred to in the preceding paragraph.

The EEA Management Company must ensure that the mentioned activities are available in the territory of the Republic of Slovenia:

  1. in the Slovenian language,
  2. by the EEA Management Company itself or by a duly authorized third person.

2. Fees

ATVP charges a fee for the notification procedure that amounts to EUR 210 per fund or compartment notified in the procedure. There is no fee for the notification of changes to previously notified funds. In addition, the EEA Management Company must pay an annual fee of EUR 840 per single UCITS, or a compartment of UCITS structured as an umbrella fund to the ATVP  for supervising compliance with the rules regarding marketing and sale of units of UCITS in Slovenia. The fee is payable in one single amount for any given year.