Poland

1. EEA UCITS Schemes

EEA Management Companies can passport the management and marketing of UCITS Schemes in Poland and fall under the scope of the Investment Fund Act (“IFA”).

Notification

An EEA UCITS Scheme may be marketed in Poland once the Polish Financial Supervisory Authority (“PFSA”) receives notification from the HMSA of an EEA Management Company in accordance with the provisions Section XII of IFA.

Such notification should include:

• a notification letter indicating the EEA Management Company and the name of the EEA UCITS to be marketed, with an indication of its registered office;
• a detailed description of the principles of marketing the EEA UCITS;
• the name, surname, or company name and the place of residence or registered office and address in Poland of an EEA UCITS representative in Poland;
• the company name and registered office and address of the paying agent of the EEA UCITS in Poland; and
• the contents of additional information for investors acquiring units in Poland.

The notification should be accompanied with the EEA UCITS’:

• rules of procedure;
• informational prospectus;
• key investor information;
• most recent annual and biannual financial statements;
• and a certificate issued by the HMSA of the EEA Management Company, confirming that it acts in line with the UCITS Directive and is authorised to manage an EEA UCITS.

The notification and its attached documents should be translated into Polish or English. They should then be sent to the PFSA by the HMSA to the e-mail address set up by the PFSA for the purpose of receiving such notifications.

2. Fees

There are no fees in connection with the passporting procedure, however, certain fees might be charged subject to secondary legislation on the costs of capital market supervision.

There is also a fee of EUR 4,500 for registration in the register maintained by the PFSA.