jurisdiction

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JurisdictionCan EEA passporting rights be exercised? Process Notification Fees 
Austria Yes The HMSA forwards notification of the EEA Management Company’s intent to market in Austria to FMA. Once forwarded, the EEA UCITS Scheme may be marketed. An information agent must be appointed within Austria. Notification must be accompanied by an attestation issued by the HMSA, fund terms, prospectus, KID, biannual and annual reports, information agent and proof of fee payment.   

Notification fee of EUR 1,100 per fund and EUR 220 per sub-fund.  

Annual monitoring and compliance fee of EUR 600 per fund and EUR 200 per sub-fund.  

Belgium Yes The HMSA forwards notification of the EEA Management Company’s intent to market in Belgium to FSMA. Once forwarded, the EEA UCITS Scheme may be marketed. Must maintain facilities in Belgium for investor activity. Notification must be accompanied by rules or instrument of incorporation, prospectus, KID, biannual and annual reports. The EEA UCITS Scheme must implement required facilities for investors, but no local paying agent or local presence is required. 

FSMA registration fee of EUR 505 and annual fee of EUR 3,452 per compartment.

Management Company: Contribution fee to the global contribution budget to FSMA.

Bulgaria Yes The HMSA forwards notification of the EEA Management Company’s intent to market in Bulgaria to Bulgarian FSC. Once forwarded, the EEA UCITS Scheme may be marketed. Notification must comply with CISOUCIA and be accompanied by an attestation issued by the HMSA, rules or instrument of incorporation, prospectus, KID, biannual and annual reports.  Annual monitoring and compliance fee of BGN 600 (approximately EUR 300) per fund and per sub-fund.  
Channel Islands No Please refer to CMS Guide to Private Placement of Funds for details of the applicable regulations in the Channel Islands   
Croatia Yes The HMSA forwards notification of the EEA Management Company’s intent to market in Croatia to HANFA. Once forwarded, the EEA UCITS Scheme may be marketed.  Notification must comply with (EU) No 584/2010. Notification must be accompanied by an attestation issued by the HMSA as well as rules or instrument of incorporation, prospectus, KID, biannual and annual reports.   Notification fee up to HRK 4,000 (approximately EUR 532). Supervision fee of EUR 1,500 per fund. This fee is increased by EUR 390 for every subsequent sub-fund. Additional fees may apply if UCITS is operating via branch.  
Cyprus Yes The HMSA forwards notification of the EEA Management Company’s intent to market in Cyprus to CySEC. Once forwarded, the EEA UCITS Scheme may be marketed. Must market to investors in Cyprus – in accordance with Section 70 of UCI Law.Notification must detail marketing arrangements and share classes. Notification must be accompanied by an attestation issued by the HMSA, rules or instrument of incorporation, prospectus, KID, biannual and annual reports.   

Notification fee of EUR 800. Additional fees for multiple compartments. 

Annual contribution fee of EUR 1,000 for stand-alone UCITS and EUR 2,000 for UCITS with compartments. 

Czech Republic Yes The HMSA forwards notification of the EEA Management Company’s intent to market in Czech Republic to the CNB. Once the HMSA confirms to the EEA Management Company that the notification has been forwarded to the CNB, the EEA UCITS Scheme may be marketed. The EEA Management Company must inform investors and ensure a point of contact facility for communication with the relevant bodies. Such communication can be conducted remotely (no physical presence required). Notification must be accompanied by an attestation issued by the HMSA, rules or instrument of incorporation, prospectus, KID, proof of payment of the administrative fee, annual or biannual reports.  No registration or renewal fee.
Denmark Yes The HMSA forwards notification of the EEA Management Company’s intent to market in Denmark to the Danish FSA. Once the transmission of the complete documentation has taken place, the EEA UCITS Scheme may be marketed.  Notification must comply with (EU) No 584/2010 and detail target investors. Notification must be accompanied by rules or instrument of incorporation, prospectus, PRIIPs KID, and biannual and annual reports where applicable. UCITS are required to pay an annual fee. The annual fee will depend on how many compartments an EEA UCITS Scheme is marketing. If the number of compartments is lower than 10 the annual fee is DKK 5,000. If the number of compartments is 10 or above the annual fee is DKK 11,000. The fee is subject to annual adjustments
Estonia Yes The HMSA forwards notification of the EEA Management Company’s intent to market in Estonia and submits a statement of compliance to FSA. Once submitted, the EEA UCITS Scheme may be marketed.  Notification must detail marketing arrangements and classes of fund units. Notification must be accompanied by rules or instrument of incorporation, prospectus, KID, audited annual accounts or annual report, semi-annual when applicable, and information on how functions are performed.   Currently, there are no fees.  
Finland Yes The HMSA forwards notification of the EEA Management Company’s intent to market in Finland to FIN-FSA. Once forwarded, the EEA UCITS Scheme may be marketed.  Notification must be accompanied by an attestation issued by the HMSA, rules or instrument of incorporation, prospectus, KID (in Finnish or Swedish language), biannual and annual reports. Fixed notification charges (and in certain circumstances periodic supervisory charges) may apply. May incur additional cost for translation of documents. 
France Yes The HMSA forwards notification of the EEA Management Company’s intent to market in France to the AMF. Once the AMF acknowledge receipt of notification, the EEA UCITS Scheme may be marketed.  Notification must be accompanied by an attestation issued by the HMSA, rules or instrument of incorporation, prospectus, KID, proof of filing fee payment, biannual and annual reports. Notification must detail marketing arrangements and share categories. Notification fee of EUR 2,000 per fund or sub-fund, payable to AMF. 
Germany Yes 

The HMSA forwards notification of the EEA Management Company’s intent to market in Germany to BaFin. Once HMSA has confirmed the transmission to BaFin, the EEA UCITS Scheme may be marketed. An agent may be appointed.  

 

Notification must comply with (EU) No 584/2010 and Article 93 of UCITS Directive. Notification must be accompanied by rules or instrument of incorporation, prospectus with information for German investors, KID, biannual and annual reports.  

Notification fee of EUR 322 per fund or sub-fund, payable to BaFin.  

Proof of payment required. 

Greece Yes The HMSA forwards notification of the EEA Management Company’s intent to market in Greece to the HCMC. Once the HCMC confirms that the file is complete, the EEA UCITS Scheme may be marketed. Notification letter must be accompanied by an attestation issued by the HMSA and the latest version of: (i) the rules or instrument of incorporation, (ii) the prospectus, (iii) the KID, (iv) and the published biannual & annual reports. Notification must detail marketing arrangements and share classes.   

Notification fee of EUR 1,000 per sub-fund/compartment or UCITS. Proof of payment required.

Annual marketing contribution fee of EUR 1,000 per sub-fund/compartment or UCITS marketed in Greece.

Hungary Yes The HMSA forwards notification of the EEA Management Company’s intent to market in Hungary to MNB. MNB will prepare to supervise the EEA UCITS Scheme. Once MNB confirms recognition of the EEA UCITS Scheme to the HMSA, it may be marketed.Notification must be accompanied by documents required under the MNB rules in relation to prudential operations, conflicts of interest, complaint handling, client assets, outsourcing, risk management.  Currently, there are no fees. 
Ireland Yes The HMSA forwards notification of the EEA Management Company’s intent to market in Ireland to the CBI. Once the CBI confirm recognition of the EEA UCITS Scheme, it may be marketed. Must maintain facilities and appoint agent in Ireland for investor activity. Notification must be accompanied by rules or instrument of incorporation, prospectus, KID, biannual and annual reports and provide details of required facilities, marketing firm and facilities agent. Prospectus must detail name and address of the facilities agent together with latest relevant tax provisions in accordance with Irish tax lawCurrently, there are no fees. 
Italy Yes The HMSA forwards notification and a certificate of compliance to Consob (both before and after). Once forwarded, the EEA UCITS Scheme may be marketed.  Prior notification must be accompanied by rules, prospectus, KID, biannual and annual reports. Notification must detail whether Scheme is public.  Each year, Consob issue specific resolutions to determine all fees payable.  
Latvia Yes The EEA Management Company must submit notification to the Bank of Latvia with all required documents. Once submitted, the EEA UCITS Scheme may be marketed in Latvia. Notification must be accompanied by an attestation issued by the HMSA, information on marketing procedure, rules, prospectus, KID, or PRIIPS KID, biannual, and annual reports.  Currently, there are no notification fees charged. Registration and supervision fees apply to locally established funds and operations through a branch in Latvia. 
Liechtenstein Yes The HMSA forwards the notification of the EEA Management Company to the FMA. As a precondition, the UCITS has to be already authorized form the HMSA. Once the FMA confirms receipt of notification, the EEA UCITS Scheme may be marketed. Notification letter must be accompanied by an attestation issued by the HMSA, rules, prospectus, KID, semi annual and annual reports. Notification fee of CHF 750 and additional CHF 500 per sub-fund. Annual supervisory fee of CHF 1,250 per (sub)-fund. 
Lithuania Yes UCITS or its EEA Management Company can commence marketing of units or shares in Lithuania as of the date when the HMSA notifies the UCITS or its EEA Management Company that the notification letter and all required documents have been delivered to the Bank of Lithuania. Notification letter must be accompanied by rules (or instruments of incorporation of UCITS), prospectus, KID, published relevant annual report and any subsequent half-yearly report (if applicable). Currently, there are no fees.  
Luxembourg Yes 

The HMSA forwards the marketing notification of the concerned UCITS or its EEA Management Company to the CSSF declaring its intention to market the shares/units of the concerned UCITS in Luxembourg. Upon confirmation of such transmission of the marketing notification to the CSSF, the concerned UCITS or its EEA Management Company on behalf of such UCITS can have access to the Luxembourg market as from the date of this notification. 

Must make arrangements in Luxembourg allowing to, among others, process subscriptions and redemption orders without the requirement of having physical presence in Luxembourg, by the UCITS itself or its EEA Management Company itself, or by a third party which is subject to regulation and supervision governing the abovementioned tasks, or by both. 

Notification must be accompanied by an attestation issued by the HMSA confirming that the relevant EEA UCITS scheme complies with the applicable law as well as the UCITS constitutive documents, its prospectus, KID, latest annual report and any subsequent half-yearly report. Notification must also include (i) information on arrangements made for marketing units of the UCITS in Luxembourg (e.g. how subscription and redemption of orders are processed), (ii) address details for the invoicing or for the communication of any applicable regulatory fees or charges by the CSSF and (iii) an indication that the UCITS is marketed by the management company that manages the UCITS, to the extent applicable.  Single lump sum of EUR 3,000 for stand-alone foreign UCITS and EUR 5,500 for foreign UCITS with multiple compartments. Annual lump sum of EUR 3,000 for stand-alone foreign UCITS and EUR 5,500 for foreign UCITS with multiple compartments. 
Malta Yes The HMSA forwards notification of the EEA UCITS Scheme's intent to market in Malta to the MFSA. Once the EEA UCITS Scheme receives a confirmation from its HMSA that the notification was transmitted to the MFSA, the EEA UCITS Scheme may be marketed. Notification must inter alia detail the marketing arrangements and the facilities available in Malta for investor activity and be accompanied by an attestation issued by the HMSA, the constitutional documents, prospectus, KID, biannual and annual reports (where appropriate) of the EEA UCITS Scheme, in Maltese or English.  Notification fee of EUR 2,500 per UCITS and EUR 450 per sub-fund. Annual supervisory fee of EUR 3,000 per UCITS, EUR 500 per sub-fund.  
Mauritius No, Mauritius is not subject to any EU UCITS requirements and has its own rules.    
The Netherlands Yes The HMSA forwards notification of the EEA Management Company’s intent to market in the Netherlands to the AFM. Once the EEA Management Company has received a notification from the AFM that it has received the passport notification, the EEA UCITS Scheme may be marketed.  Notification must detail marketing arrangements and be accompanied by an attestation issued by the HMSA, rules, prospectus, KID, biannual and annual reports. A registration fee of EUR 4,400 per EEA UCITS Scheme. 
Norway Yes The HMSA forwards notification of the EEA Management Company’s intent to market in Norway to FSAN. Once FSAN confirm receipt of notification, the EEA UCITS Scheme may be marketed. Must maintain facilities and appoint a representative in Norway for investor activity. Notification must be accompanied by an attestation issued by the HMSA, articles of association, prospectus, PRIIPS KID, biannual and annual reports.Registration fee of between NOK 5,000 and 30,000 per notification and annual fees of up to NOK 10,000.
Poland Yes The HMSA forwards notification of the EEA Management Company’s intent to market in Poland to the PFSA. Once forwarded, the EEA UCITS Scheme may be marketed.  Notification must be accompanied by an attestation issued by the HMSA, articles of association, KID, prospectus, additional investor information, biannual and annual reports as well as a detailed description of arrangements for distribution and redemption of UCITS in Poland. Some of the documents must be prepared in Polish.Registration fee of EUR 2,000. Annual fee of EUR 1,000 for all foreign UCITS registered for marketing in Poland. The fees are increased in case the fund consists of sub-funds marketed in Poland. Capital market supervision fees may apply. 
Portugal Yes The HMSA forwards notification of the EEA Management Company’s intent to market in Portugal to the CMVM. Once notified by the HMSA, the EEA UCITS Scheme may be marketed.  

Notification must be accompanied by (i) particular marketing conditions; (ii) reference to whether the UCIT is to be marketed by the respective EEA Management Company; (iii) necessary information for invoicing and / or communication of any fees or expenses due to CMVM; (iv) information regarding any means used to market the UCITS. 

In addition to the notification letter, it shall be provided the updated constitutional documents, last annual report and any subsequent biannual report, if applicable, and a certificate issued by the HMSA attesting that the UCIT complies with EU legislation. 

If UCITS is managed by entity registered with CMVM, there is a monthly fee of EUR 125.  
Romania Yes The HMSA forwards notification of the EEA Management Company’s intent to market in Romania to the RFSA. Once forwarded, the EEA UCITS Scheme may be marketed.  Notification must detail the marketing arrangements and be accompanied by an attestation issued by the HMSA, rules, prospectus, KID, biannual and annual reports. 

Annual marketing fee of RON 4,500 (approximately EUR 900) per fund. 

Additional fees may apply.  

Singapore  

No, Singapore is not subject to any EU UCITS requirements and has its own regulations.

However, the UCITS may be offered in Singapore if an application to recognise the fund is granted by the regulatory authority in Singapore.

N/A N/A N/A 
Slovakia Yes The HMSA forwards notification of the EEA Management Company’s intent to market in the Slovak Republic to NBS. Once the HMSA confirm that notification has been forwarded, the EEA UCITS Scheme may be marketed.  Notification must be accompanied by all relevant documentation as well as a compliance certificate issued by the Management Company’s home State.  

Currently, there are no marketing fees. 

Annual fee depending on the volume of company assets, payable to NBS in case a foreign management company establish and manage UCITS, in the territory of the Slovak Republic without the establishment of a branch or through a branch. 

Additional fees may apply for individual operations and failure to comply with consumer protection rules.  

Slovenia Yes The EEA Management Company must submit a notification of intent to market in Slovenia to ATVP. Once submitted, the EEA UCITS Scheme may be marketed.  Notification must be accompanied by prospectus, rules or instrument of incorporation, biannual and annual reports, KID, and an attestation issued by the HMSA. Notification fee and annual monitoring and compliance fee payable to ATVP. Fee amounts are subject to periodic updates.
Spain Yes The HMSA forwards notification of the EEA Management Company’s intent to market in Spain to the CNMV. Once the CNMV confirm receipt of notification, the EEA UCITS Scheme may be marketed. Must maintain facilities in Spain for investor activity. Notification must be accompanied by rules or instrument of incorporation, prospectus, KID, biannual and annual reports. Notification and prospectus must include addresses of the required facilities.  

Registration fee of EUR 1,040.60. Annual flat fee of EUR 2,601.51 per fund.  

(Fee amounts subject to periodic updates) 

Sweden Yes The HMSA forwards notification of the EEA Management Company’s intent to market in Sweden to the SFSA. Once informed that the notification has been forwarded, the EEA UCITS Scheme may be marketed.  Notification must be accompanied by rules or instrument of incorporation, prospectus, KID, biannual and annual reports. Currently, there are no fees.  
Switzerland Yes Although Switzerland is not subject to the UCITS Directive, EEA UCITS Schemes may be passported into or otherwise distributed into Switzerland, subject to requirements. Passporting requires, in particular, a registration with FINMA and appointing a representative and a paying agent in Switzerland.  The registration with FINMA is subject to numerous requirements as further outlined below.  

Registration fee of CHF 2,000 - CHF 20,000. Annual fee of CHF 750 (plus CHF 750 for each sub-fund), plus filing fee.  

In addition, the Swiss representative and the Swiss paying agent will charge fees.  

United Kingdom Only for funds that are deemed to offer equivalent consumer protection to UK authorised funds under the Overseas Funds Regime (“OFR”). At present only EEA UCITS have been deemed “equivalent”. UCITS currently registered under the Temporary Marketing Permissions Regime (“TMPR”) are required to apply for recognition under the OFR should they wish to continue exercising their passporting rights.

The EEA Management Company must complete an application form and submit it to the FCA via the My FCA System. An application fee must be paid and supporting documents must be provided. In the case of a fund registered under the TMPR, a ‘landing slot’ will be allocated within which the UCITS must apply.

The FCA has two-months to reject/accept an application. Once approved, the operator can market to UK retail investors immediately.  

Notification must be accompanied by the following supporting documents: the latest Prospectus, the Instrument of incorporation, the latest annual report, KID, and the Portfolio Statement for the Fund(s).

The application fee for a stand-alone fund is £2,790 and for an umbrella fund is £5,580.

Once recognised, periodic fees are payable, aligned with those charged to UK UCITS funds (set out under 4(c) of the UK Guide below) and in Chapter 4 of the FCA Handbook).