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Riga, 21 December 2007 Recommendations No.
(minutes No. 52 8 of the meeting
of the Financial and Capital Market Commission’s
Board)
Recommendations for the Guidelines of the Committee of European Securities Regulators Regarding the Simplification of the UCITS Notification Procedure
1. Recommendations have been developed on the basis of the CESR’s Guidelines to Simplify the Notification Procedure of UCITSof the Committee of European Securities Regulators (CESR/06-120b), released 29 June 2006 (hereinafter – the Guidelines).
The purpose of the Guidelines is to provide host authorities with a common administrative approach as to handling of the notification procedures pursuant to Article 46 of the Council Directive 85/611/EEC (as amended by Council Directives 2001/107/EC and 2001/108/EC) and to simplify the registration procedure of undertakings for collective investment in transferable securities (hereinafter – the UCITS) to market their fund units in another EU Member State.
The Guidelines are available on the Committee of European Securities Regulators’ website at:
2. A Latvia-registered UCITS that is planning to market its fund units in another EU Member State, shall follow recommendations for the application of the Guidelines, as follows:
2.1 upon request of the UCITS, the Financial and Capital Market Commission (hereinafter– the Commission) shall prepare a standardized attestation letter in English in accordance withAnnex I of the Guidelines (see Annex 1 for sample standardized letter of attestation);
2.2 in order to market UCITS fund units the Commission shall recommend the UCITS to become acquainted with any additional requirements set by the authority of the relevant host Member State;
2.3 the UCITS shall prepare a standardized notification letter in English drawn up in accordance with Annex II of the Guidelines (see Annex 2 for sample standardized letter of notification).
3. A UCITS registered in another EU Member State that is planning to market its fund units in Latvia shall follow recommendations for the application of Guidelines, as follows:
3.1 Article 60 of the Law on Investment Management Companies regulates the UCITS registration procedure. (The Law on Investment Management Companies is available on the Commission’s website at:
3.2 the Commission shall accept both a standardized notification letter of the UCITS and an application in a free form;
3.3 in addition to documents prescribed by the Guidelines, in accordance with Article 60 (2) of the Law on Investment Management Companies the UCITS or a third party duly empowered by the UCITS is obliged to prepare and submit to the Commission regulations prepared and approved by the distributor of UCITS fund units regarding the procedures for the marketing of the units of the relevant foreign fund in Latvia;
3.4 the UCITS shall indicate only those funds and sub-funds in the notification letter units of which the UCITS has intended to market in Latvia;
3.5 the Commission shall accept the documents that the UCITS or a third party duly empowered by UCITS has self-certified to be in conformity with the original documents certified by the home authority. The person who carries out the said certification shall be responsible for compliance of the documents attached to the notification letter with the latest version certified by the home authority;
3.6 the condition referred to in Item 3.5 shall be also referable to the copy of the original attestation letter previously certified by the UCITS home authority;
3.7 the UCITS shall submit a new attestation letter to the Commission solely where the information on the UCITS provided in the original attestation has been amended, i.e. registration of a new fund or sub-fund in an existing UCITS;
3.8 amendments to the documents and information submitted to the Commission may also be submitted electronically at .
Chairman U. Cērps
Financial and Capital Market Commission
Republic of Latvia
THIS DOCUMENT IS SIGNED ELECTRONICALLY
BY SECURE DIGITAL SIGNATURE AND CONTAINS TIMESTAMP
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