ALFI UCITS IV implementation project – KID Q&A Document
ALFI UCITS IV implementation project – KID Q&A Document
ALFI UCITS IV implementation project – KID Q&A Document
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Q. If the shares of a <strong>UCITS</strong> are held in the portfolio of another fund which is notified in one or more hostMember States, must the <strong>UCITS</strong> produce a <strong>KID</strong> in the official languages of those host Member States andmust the <strong>UCITS</strong> make a notification to the authorities of those host Member States?A. No. The inclusion of a <strong>UCITS</strong> in the portfolio of another fund which is notified in a host Member State does notoblige the <strong>UCITS</strong> to produce a <strong>KID</strong> in that host Member State's official language nor does it oblige the <strong>UCITS</strong> to makenotification to that host Member State's authority. A <strong>UCITS</strong> need only produce the <strong>KID</strong> in the official languages of ahost Member State if it is or intends to become a fund that is notified to the authority in that host Member State.Q. In the case of a non-European promoter who promotes European-domiciled <strong>UCITS</strong> which presently haveonly non-European investors, whose umbrella fund prospectus includes funds that have been launched andfunds that have not yet been launched, which <strong>KID</strong>s must be produced and by when?A. The domicile of the fund is the determining factor here, not the domicile of the promoter and the investors. In thecase of funds that have been launched or that will be launched before 30 June 2012, <strong>KID</strong>s must be produced in theofficial language of the home Member State and be filed with the authority of that Member State (and any relevant hostMember State) no later than 30 June 2012. In the case of funds that will not be launched before 30 June 2012, theproduction of the <strong>KID</strong> and filing with the home Member State authority may not be immediately required. However, the<strong>KID</strong> should be filed with the home Member State authority and any relevant host Member State authorities in goodtime before the launch date. For more on <strong>KID</strong>s for products that have not yet been launched, see also <strong>ALFI</strong>'s Q&A onArts 26 and 27 of the EU Regulation 583/2010. For more on the use of the <strong>KID</strong> in non-European markets, see alsoPart 4 of this Q&A: "Using <strong>KID</strong> in distribution networks."<strong>ALFI</strong> <strong>KID</strong> Q&A, Issue 1314, 11 April25 September 2012 Page 39