UCITS passporting in Latvia

EEA Management Companies may market EEA UCITS Schemes in Latvia on the basis of freedom to provide services if they are licensed for this activity in their home State. The EEA Management Company must perform the notification (passporting) procedure provided in the Latvian Law on Investment Management Companies (“LIMC”). 

Within the passporting procedure the EEA Management Company must submit to the relevant Latvian authority – the Bank of Latvia (“BOLV”)– the following documents: 

1. attestation by the HMSA on the registration of the fund in accordance with Annex II of the European Commission Regulation No 584 / 2010; 
2. notification that includes information about the procedure for marketing in Latvia, in accordance with Annex I of the European Commission Regulation No 584/2010; and 
3. the fund management rules (or a document equivalent thereto), the fund prospectus, KIDs or KIDs, and the latest audited and approved annual report / accounts of the fund (as well as the mid-annual report, if it has been approved after the approval of the annual report / accounts). 

The attestation and the notification shall be submitted either in Latvian or a foreign language allowed by the BOLV. The KIDs must be translated into Latvian. The rest of the documents may be submitted in any language along with the accompanying Latvian or foreign language translations as allowed by the BOLV. The translations must be verified by a signature of the person with powers to make decisions in relation to the fund. 

EEA Management Companies can commence marketing of units or shares in Latvia as of the date when the HMSA notifies the EEA Management Company that the notification letter and the documents above have been delivered to the BoLV. 

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