GERMANY: BaFin updates UCITS notification procedure

Monday September 10 2007

The German Regulator, BaFin, has published a model notification letter for the marketing of units of UCITS which are domiciled in other Member States into Germany according to section 132 of the German Investment Act.

This largely implements the Recommendations published by the Committe of European Securities Regulators (CESR) to simplify the procedure for cross-border registration and distribution of funds. Click here for details of CESR’s Guidance.

A couple of key points include:

*contrary to CESR Guidelines, it will not be possible to market publicly only certain, but not all sub-funds in an umbrella fund or some but not all shareclasses in a sub-fund;

*Contrary to previous administrative practice, no valid original attestation granted by the home Member State authority has to be submitted; and

*Full and simplified prospectus still need to be submitted in the German languauge;

*There is no need to add Germany specific information to the Simplified Prospectus

The revised Model Notification letter can be found at the above link.