Fund Distribution Alert 2022-02

Further to our Fund Distribution Alert 2021-17 published on 3 August 2021 about the enter into force of the EU Directive 2019/1160, the Directive was transposed into national law in Austria on 11 December 2021.

As previously confirmed a physical presence for the fulfilment of facilities services in terms of payments and information to investors is no longer required in Austria since 2 August 2021 and AIF and UCITS Funds should make available facilities in Austria in the official language of Austria (German) or another language approved by the competent authority.

Additionally, please note that the FMA published an updated version (dated 17 December 2021) of the guidelines for UCITS funds and AIF funds. The guidelines for AIF funds have been updated to reflect general amendments due to CBDF implementation. The guidelines for UCITS funds provide the following additional requirements:

• The information on the facility point of contact must be indicated in the prospectus or in an annex to the prospectus;
• Application of de-notification fees: a fee of 750 € shall be paid to the FMA for processing the de-notification pursuant to Art. 141 para 1 InvFG 2011. This fee shall be increased in the case of funds containing several sub-funds (umbrella funds) by:
  • 150 € for each additional sub-fund from the second to the tenth sub-fund
  • 100 € for each additional sub-fund from the eleventh to the fifteenth sub-fund.

UCITS:
The new version of the FMA guidelines (“Information concerning the public offering of UCITS in Austria pursuant to art. 140 of the Investment Funds Act (InvFG 2011)”) is available here in English and here in German.

AIF:
The new version of the FMA guidelines (“INFORMATION CONCERNING THE MARKETING OF EU-AIF IN AUSTRIA”) is available here in English and here in German.

The local law (Investmentfondsgesetz 2011 – InvFG 2011) can be accessed in full here (in German).

Please feel free to contact us should you require any additional information.

Partner
+352 22 51 51 7892
said.fihri@kpmg.lu

Director
+352 22 51 51 7271
stephanie.zedda@kpmg.lu