Estonia

1. EEA UCITS Schemes

EEA Management Companies may exercise passporting rights for the management and marketing of an EEA UCITS Scheme in Estonia provided that the requirements set out in the Estonian Investment Funds Act (“Estonian IFA”) are met.

Notification

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 demand redemption and re-purchase of fund units and payment of an amount which corresponds with the fund unit; and (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.

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 and, as applicable, its most recent annual report and any biannual accounts.
The HMSA shall then transmit the complete documentation referred to above to the Estonian Financial Supervision Authority (“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.

Marketing rules

Information concerning and EEA UCITS Scheme shall be disclosed pursuant to the procedure and to the extent provided for in §§ 73-82 of Estonian IFA and rules on advertising apply.

2. Fees

There are no fees or charges applied by the EFSA as regards the notification procedure and marketing of an EEA UCITS Scheme in Estonia.