Marketing units of UCITS established in the Republic of Croatia within the territory of another Member State

UCITS established in Croatia may market their units in EEA member countries other than Croatia in accordance with the notification procedure (Regulation (EU) No 584/2010) and Articles 139 to 144 of the Croatian Act on Open-Ended Investment Funds with a Public Offering (hereinafter referred to as: Act).

Notification procedure

The management company managing the UCITS submits the notification letter, documents annexed thereto and their translations to the Croatian Financial Services Supervisory Agency (Hanfa). The notification letter and its annexes are to be sent to Hanfa in writing.

Hanfa inspects the material and submits it to the competent authority of the other EEA member country stated in the notification letter in the manner as prescribed in Regulation (EU) No 584/2010.

Notification letter

The management company must submit the notification letter to Hanfa with the documents annexed thereto on commencement of marketing in another EEA member country. This notification letter template should only be used for UCITS established in Croatia.

The notification letter must be delivered in the English language (a language customary in the sphere of international finance).

Documents annexed to the notification letter

The abovementioned notification letter must be accompanied by the following documents as annexes:

  1. The fund rules, its prospectus, its latest annual report and where appropriate, any subsequent half-yearly reports translated in the official language or one of the official languages of the host country, a language approved by the competent authority of the host country, or a language customary in the sphere of international finance (English),

  2. The Key Investor Information Document (KIID) translated into the official language or one of the official languages of the host country or a language approved by the competent authority of the host country and

  3. An attestation granted by the competent home state authority to the effect that the collective investment undertaking fulfills the conditions imposed by the UCITS Directive 2009/65/EC (so-called UCITS attestation). This attestation is prepared by Hanfa and it is provided in the English language.

Changes to information in the notification letter and annexes

The management company must directly notify the competent authority of the host EEA member country of any changes to the annexed documents referred to above and indicate where they are available in electronic form (for example on the company website).

In the event of a change in the information regarding the arrangements made for marketing communicated in the notification letter, the management company must give written notice thereof to the competent authority of the host EEA member country in electronic form before implementing the change.

Processing fees

Hanfa charges a fee for processing a notification letter and the annexes and for submitting them to the competent authority of the host country.

Processing deadlines

Hanfa has ten (10) business days to inspect the complete notification letter and its annexes, to prepare a UCITS attestation and to send the notification letter and the annexes to the host country. The processing deadline is calculated as of the reception of the complete notification letter. The notification is submitted to the management company in electronic form to the email address indicated by the management company.

Hanfa sends a notice immediately to the management company when the notification letter has been sent to the competent authority of the host country.

Back to top

Commencement of marketing

The management company may begin marketing units of the UCITS in another EEA country as of the date when Hanfa notifies the management company that the documents referred to above have been forwarded to the competent authority of the host EEA country.

Back to top

Termination of marketing

Termination of marketing of units is regulated by Article 168 and Article 169 of the Act.

Before terminating the marketing of units, the management company must inform the competent authority of the host EEA member country of its decision and publish an announcement to that effect in at least one national newspaper and on its website.

Back to top