Marketing of UCITS in other EEA member countries

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 Commission Implementing Regulation (EU) No 2024/910.

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.

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.

Termination of marketing of units is regulated by Article 154.a of the Act.

The management company may de-notify arrangements made for marketing the units of UCITS where all the following conditions are fulfilled:

(a) a blanket offer is made to repurchase or redeem, free of any charges or deductions, all such units held by investors in the EEA country, is publicly available for at least 30 working days, and is addressed, directly or through financial intermediaries, individually to all investors in that country whose identity is known;

(b) the intention to terminate arrangements made for marketing units in the EEA country is made public by means of a publicly available medium, including by electronic means, which is customary for marketing UCITS and suitable for a typical UCITS investor;

(c) any contractual arrangements with financial intermediaries or delegates are modified or terminated with effect from the date of de-notification in order to prevent any new or further, direct or indirect, offering or placement of the units identified in the notification.

The management company must submit the de-notification letter to Hanfa together with proof of fulfilment of the above conditions. Hanfa shall verify whether the notification submitted is complete and shall, no later than 15 working days from the receipt of a complete notification, transmit that notification to the competent authorities of the EEA country identified in the notification. Upon transmission of the notification Hanfa shall promptly notify the management company.