1. EEA UCITS Scheme

In Austria, the Investment Fund Act 2011 (Investmentfondsgesetz 2011 – “InvFG 2011”) regulates the establishment, management and marketing of UCITS. Generally, the management and marketing of a UCITS in Austria requires the approval of the Austrian Financial Markets Authority (Österreichische Finanzmarktaufsicht – “FMA”).

EEA Management Companies authorised in their home member states are entitled to manage and market EEA UCITS Schemes in Austria’ either through establishing a branch or on the freedom to provide services basis (Management Pass). EEA UCITS Schemes may be marketed in Austria in accordance with the notification procedure set forth in Sec 140 InvFG 2011 (Marketing Pass). In cases of EEA UCITS Schemes marketed directly by their respective EEA Management Company in Austria, a Marketing Pass would be sufficient, whereas in cases of EEA UCITS Schemes distributed by any third party, the license / passporting requirements applicable to the relevant distributor are relevant.

Notification of marketing

For the notification procedure, the information pursuant to Annex I of Commission Regulation (EU) 584 / 2010 needs to be sent fully completed in German or in English to the HMSA of the EEA UCITS Schemes. The units of an EEA UCITS Scheme may be marketed in Austria as soon as the FMA has received the complete documents and information referred to in Sec 139 para 1 InvFG 2011 (see information below) as well as the UCITS-attestation from the HMSA of the EEA UCITS Scheme referred to in Sec 139 para 2 pursuant to Annex 2 of Commission Regulation (EU) 584 / 2010.

List of all necessary documents under Sec 139 para 1 InvFG 2011:

  • Notification letter – Annex I of Commission Regulation (EU) 584 / 2010 (A, B and C) (signed)
  • Fund terms or statute – if not included in the prospectus
  • Prospectus
  • KIID in German 
  • Annual and biannual report (if applicable)
  • Confirmation of the paying agent pursuant to Sec 141 InvFG 2011
  • Payment confirmation for the fees according to Sec 140 InvFG 2011

The KIID must be translated into German. All other documents and information are accepted in German or in English. An EEA UCITS Scheme shall ensure that the latest version of (a) the fund terms or statute, (b) the prospectus, as well as (c) the latest annual report and the subsequent biannual report, and (d) the KIID are always available on a website accessible to the FMA by electronic means and the FMA shall be informed of any changes to these documents and their electronic availability.

During the notification procedure, an EEA Management Company has to nominate an Austrian paying and information agent and inform the FMA of its nomination. If third parties submit a notification notice, a power of attorney has to be presented to the FMA.

2. Fees

Notification fee: EUR 1,100 per fund for the processing of the submitted documents. The fee increases from the second sub-fund to EUR 220 for each sub-fund. Annual fee: For monitoring compliance with certain obligations an annual fee at the beginning of each calendar year of EUR 600 has to be paid for each fund. The fee increases from the second sub-fund to EUR 200 for each sub-fund. The annual fee has to be paid not later than 15 January each year.