Croatia

1. EEA UCITS Schemes

Marketing of EEA UCITS Scheme units in Croatia is regulated by the Croatian Act on Open-Ended Investment Funds with a Public Offering (Official Gazette No 44/2016) (the “Act”).

Units of an EEA UCITS Scheme may be marketed in Croatia by (i) a management company from Croatia or (ii) an EEA Management Company, authorised for operating such EEA UCITS Scheme by the home Member State of the respective EEA UCITS Scheme.

Any EEA Management Company which markets units of an EEA UCITS Scheme in Croatia, is obliged to ensure that facilities are available in Croatia for:

1. making payments to EEA UCITS Scheme unit-holders,
2. issuing and redeeming units of the EEA UCITS Scheme,
3. making available documents and information related to the EEA UCITS Scheme and delivery of documents and information to investors who have purchased units in Croatia, and
4. handling investor complaints in accordance with the Act.

Notification

An EEA Management Company seeking to market the units of an EEA UCITS Scheme in Croatia will inform HMSA of its intention by submitting a notification letter (the “Notification”) and accompanied annexes (please see below). The EEA Management Company may
commence marketing units of an EEA UCITS Scheme in Croatia as of the date when it was informed by the HMSA that the Notification (with accompanying documentation) had been forwarded to the Croatian Financial Services Supervisory Agency (the “HANFA”).

The Notification has to include the content prescribed by Commission Regulation (EU) No 584/2010 and the additional content prescribed by HANFA in accordance therewith, which is provided on HANFA’s official website. The Notification must be accompanied by the following documents:

1. applicable prospectus, the EEA UCITS Scheme rules (or other relevant document), latest annual report and where appropriate, any subsequent half-yearly reports;
2. KIIDs (in Croatian);
3. an attestation granted by HMSA to the effect that the EEA UCITS Scheme fulfills the conditions imposed by the UCITS Directive (the form of which is available in Annex II to the Commission Regulation (EU) No 584/2010).

The EEA Management Company is obliged to inform HANFA, without any delay, about the commencement of the marketing of EEA UCITS Scheme units.

2. Fees

From the moment of the commencement of marketing activity in Croatia, an EEA Management Company which markets units of an EEA UCITS Scheme directly is required to pay HRK 14,000 (approx. EUR 1,860) per fund on a yearly basis (supervision fee). In the case of an umbrella fund, this fee increases for the second and each subsequent sub-fund for HRK 3,000 (approx. EUR 400).

An EEA Management Company which markets units of an EEA UCITS Scheme in Croatia through a branch is required to pay HRK 20,000 (approx. EUR 2,660) per fund on a yearly basis (supervision fee). In the case of an umbrella fund, this fee increases for the second and each subsequent sub-fund for HRK 4,500 (approx. EUR 660).