Portugal

1. EEA UCITS Schemes

Law 16 / 2015 as amended by the Decree-Law 124 / 2015 implements the UCITS Directive in Portugal.

If an EEA Management Company, established in another Member State, proposes to market units of a UCITS in Portugal, the Portuguese Securities Commission (Comissão de Mercado de Valores Mobiliários, “CMVM”) must receive a notification letter from the relevant HMSA following an appropriate notification by the EEA Management Company to their HMSA. This letter must be accompanied by the UCITS’ constitutional documents and any annual reports or biannual accounts where applicable. CMVM must also be notified as how to obtain the documentation online and the UCITS attestation in accordance with Commission Regulation 584 / 2010 of 1 July 2010.

If the UCITS are to be marketed by the EEA Management Company that manages the UCITS, there must be an express reference to this fact in the notification letter. The notification letter may be in Portuguese, English or any other language approved by CMVM.

EEA Management Companies marketing units of UCITS which they manage in Portugal must adopt all measures to ensure, within the national territory, payment to unit-holders, e.g. payments regarding repurchase or redemption of their units and making available the information which UCITS are required to provide.

Portuguese law establishes a principle of equality among the investors of UCITS established in Portugal and those established in other Member States. Thus, EEA Management Companies marketing units of a UCITS in Portugal must make available the same information as is required in its home Member State, in Portuguese, English or another language authorised by CMVM.

For the purposes of pursuing its activities, a UCITS may use the same reference to its legal form designation in Portugal as it uses in its home Member State.

2. Fees

The procedure described above has no costs with CMVM. If the UCITS is managed by a management entity registered with CMVM, there is a monthly fee of EUR 100.