Latvia

1. EEA UCITS Schemes

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”).

Notification

Within the passporting procedure the EEA Management Company must submit to the relevant Latvian authority – the Financial and Capital Market Commission (“FCMC”) – the following documents:

• Attestation by the HMSA on the registration of the fund in accordance with Annex II of the European Commission Regulation No 584 / 2010;
• Notification that includes information about the procedure for marketing in Latvia, in accordance with Annex I of the European Commission Regulation No 584/2010;
• The fund management rules, the fund prospectus, KIIDs 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 FCMC. The KIIDs must be translated into Latvian. The rest of the documents may be submitted in any language, with the accompanying Latvian translation or foreign language allowed by the FCMC. The translations must be verified by a signature of the person with powers to make decisions in relation to the fund. 

The EEA Management Company may commence marketing the UCITS in Latvia as of the day it has submitted the above documents.

The EEA Management Company must inform the FCMC in advance of:

• Any changes to the information in the above documents
• Any changes in the marketing of the UCITS
• The intention to stop marketing the UCITS in Latvia.

2. Fees

The EEA Management Company does not have to pay any registration fees. However, there is a one-time fee of EUR 1,422 for registering an EEA UCITS Scheme and a fee for registering changes to the statutes or prospectus of the fund is EUR 426. Moreover, an EEA Management Company must pay a supervision fee if it manages a UCITS fund registered in Latvia. The fee for supervising an UCITS fund registered in Latvia is up to 0,013% of the quarterly value of the fund’s assets, but no less than EUR 1,423 per annum.