Guidance Note 1/11. Undertakings for Collective Investment in Transferable Securities (UCITS) Publication of a Key Investor Information Document

Size: px
Start display at page:

Download "Guidance Note 1/11. Undertakings for Collective Investment in Transferable Securities (UCITS) Publication of a Key Investor Information Document"

Transcription

1 2011 Guidance Note -/11 Guidance Note 1/11 Undertakings for Collective Investment in Transferable Securities (UCITS) Publication of a Key Investor Information Document

2 Contents 1. General Rules 3 2. Presentation and Language 4 3. Individual Sections of the KIID Investment objective and policy Structured UCITS Fund of Funds Feeder Funds Risk and Reward Profile Fund of Funds Feeder Funds Charges Portfolio transaction costs Performance fees Fund of Funds Feeder Funds Past Performance Structured UCITS 9 4. Signposting 9 5. Application of the KIID to sub-funds and share classes Umbrella UCITS Share Classes Preparation of the KIID Updates Filing Requirements 12 2

3 Guidance Note 1/11 Undertakings for Collective Investment in Transferable Securities (UCITS) Publication of a Key Investor Information Document Regulation [] of the European Communities (UCITS) Regulations 2010 ("the Regulations") requires inter alia that a UCITS must draw up a key investor information document ( KIID ). Notice UCITS 19 of the Central Bank of Ireland ( the Central Bank ) UCITS Notices sets out the requirements for the preparation and content of a KIID which reflect the provisions of the Regulations. This note provides guidance on the publication of a KIID and the information which must be included therein. It takes into account the following pieces of legislation and European Securities and Markets Authority ( ESMA ) Level 3 Guidance in this area: - Council Directive 2009/65/EC on the coordination of the laws, regulations and administrative provisions relating to undertaking for collective investment in transferable securities (UCITS) ( UCITS Directive ); - Commission Regulation (EU) 583/ of 1 July 2010 ( Commission Regulation ); - CESR/ ESMA s guide to clear language and layout for the key investor information document; - CESR/ ESMA s template for the key investor information document; - CESR/ Selection and presentation of performance scenarios in the key investor information document for structured UCITS; - CESR/10/673 - ESMA s guidelines on the methodology for the calculation of the synthetic risk and reward indicator in the key investor information document; - CESR/ ESMA s guidelines on the methodology for the calculation of the ongoing charges figure in the key investor information document. Note - CESR/ , CESR/ , CESR/ , CESR/ and CESR/ are collectively referred to throughout this document as ESMA KIID Guidelines. 1 Commission Regulation (EU) No 583/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards key investor information and conditions which must be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website. 3

4 1. General Rules (a) (b) (c) (d) (e) (f) The KIID shall be fair, clear and not misleading. The KIID shall be written in a concise manner and in non-technical language. The KIID shall not exceed two pages of A4-sized paper when printed (or three pages in the context of a structured UCITS). The KIID shall include appropriate information about the essential characteristics of the UCITS, which is to be provided to investors so that they are reasonably able to understand the nature and the risks of the investment product that is being offered to them and consequently to take investment decisions on an informed basis. The essential elements of the KIID shall be kept up-to-date. The contents of the KIID shall constitute pre-contractual information. A UCITS must provide the KIID to investors in good time before their proposed subscription of units in such UCITS. This Guidance Note clarifies certain aspects of the Commission Regulation and the ESMA KIID Guidelines and provides guidance for their practical application in drafting a KIID. Notwithstanding any additional clarification included in this note, a UCITS must comply in full with the provisions of the Regulations, the Commission Regulations and ESMA KIID Guidelines. 2. Presentation and Language The purpose of the KIID is to ensure that the content of the information is relevant, the organisation of the information is logical and the language is appropriate for retail investors. The KIID should engage investors, assist them in making an informed investment decision and facilitate comparisons through its format, presentation and the quality and nature of the language used. While the KIID must comply with the requirements of the Regulations, the Commission Regulation and must be drafted in accordance with ESMA s guide to clear language and layout, it is the responsibility of the UCITS to write and design the KIID in such a way as to make it understandable to investors. A UCITS must not copy text from the simplified prospectus or the prospectus of the UCITS unless it has been critically reviewed in the light of ESMA s guide to clear language. 4

5 In accordance with Article 5 of the Commission Regulation, the KIID shall be: (a) Presented and laid out in a way that is easy to read, using characters of a readable size. (b) Clearly expressed and written in language that communicates in a way that facilitates the investor s understanding of the information being communicated in particular where: (i) The language used is clear, succinct and comprehensible; (ii) The use of jargon is avoided; (iii)technical terms are avoided when everyday words can be used instead. (c) Focused on the key information that investors need. In respect of each of the above, the following should be noted: (a) A UCITS is required to prepare a KIID in line with ESMA s template document. Each section within the KIID should follow the same running order and have consistent headings. The type used must be an appropriate size and should not be less than 10pts. Colour is permitted insofar as it is consistent with the UCITS brand or design preferences. However, as a KIID may be printed or photocopied in black or white, understanding of the contents should not depend on the use of colour. The KIID may include the corporate branding of the UCITS management group to which it belongs provided it is unobtrusive. Any branding that is so large as to distract the reader or obscure the text is not acceptable. (b) The use of plain language should convey information that will be understood by retail investors. The removal of jargon and confusing words without redrafting remaining language will not necessarily make the KIID user friendly. Other barriers to clear language include legalistic words and phrases, or long sentences. (c) The information presented in the KIID shall consist only of information that potential investors need to make an informed investment decision. It should avoid including information that is not relevant to the decision-making process. 3. Individual sections of the KIID 3.1 Investment objective and policy The prospectus of each UCITS will contain a full description of the investment objective and policy of the UCITS. The purpose of the investment objective and policy section in the KIID is not to reproduce that description but to set out in plain and concise language what the UCITS aims to do and how it will go about achieving this aim. 5

6 The investment objective must be clearly stated so that investors can easily see whether the UCITS will be suitable for their needs. The investment policy should indicate how the investment objective will be achieved, for example, by exposure to particular markets or specific instruments or through the application of a particular formula. A description of the investment strategy may be included as well if it is likely to remain in force for a sufficiently long time to be of relevance to prospective investors. The KIID does not need to contain an exhaustive list of investment instruments. Only investment instruments likely to have a material impact on the UCITS performance should be included. If there is the potential to invest in a wide variety of investment instruments in different markets, their inclusion should be analysed based on past and expected usage Structured UCITS In the context of structured UCITS, it should be clear if the pre-determined pay off is only available to those investors who buy units at a certain point and hold them until a certain date. The KIID must include an explanation of what happens when investors buy and sell their units at other times (i.e. they receive the current NAV). If a guarantee from an independent third party is offered this should be explained in this section Fund of Funds In the context of UCITS established as fund of funds, the investment objective and policy section should briefly explain the manager s approach to the selection of the underlying funds. A generic statement, for example, that the fund selects the most appropriate underlying funds after careful quantitative and qualitative assessment will not be permitted. The disclosure should provide some description of the quantitative or qualitative approach taken, for example, that underlying funds are selected based on their Sharpe ratio or they pay high dividends. 6

7 3.1.3 Feeder Funds In the context of UCITS established as feeder funds, the UCITS should provide where relevant, the possibility to hold ancillary assets (i.e. other than the shares of the master fund). 3.2 Risk and Reward Profile A UCITS must calculate a synthetic risk and reward indicator in accordance with the methodology prescribed in ESMA Guidelines CESR/ This indicator must be disclosed in the KIID and accompanied by a narrative explanation of the main limitations of the indicator as outlined in the Commission Regulation. The impact of some material specific risks, for example, credit, counterparty, liquidity or operational risks may not be fully captured by the synthetic indicator. As a result the KIID must also include a narrative presentation of the material risks relevant to the UCITS which are not fully captured by the indicator. It is the responsibility of the UCITS to identify the material risks not adequately captured by the indicator and to ensure that those risks are captured by the risk management function of the UCITS. The narrative presentation of the material risks shall be fair, clear and not misleading. A UCITS is permitted to signpost to the prospectus where full details of all of the risks of the UCITS are disclosed Fund of Funds The narrative description of the risk factors to accompany the synthetic risk reward indicator should take into account the risks posed by the underlying funds and the extent to which these are likely to be material to the UCITS as a whole Feeder Funds The description of the feeder UCITS risk and reward profile should not be materially different to the risk and reward profile of the corresponding master UCITS. It should be possible for the feeder UCITS to copy this information from the KIID of the master UCITS. Where the ancillary assets held by the feeder UCITS impact on its risk and reward profile, this should be clearly disclosed. 7

8 3.3 Charges A UCITS must calculate its charges in accordance with the methodology prescribed in ESMA Guidelines CESR/ The methodology presumes that all costs borne by the UCITS must be taken into account unless they are explicitly excluded. The accuracy of the charges figure should be reviewed on an on-going basis and revised in accordance with Article 24 of the Commission Regulation Portfolio transaction costs Portfolio transaction costs are not included in the charges figure disclosed in the KIID. However, where the potential impact of these costs on investors return is known or considered likely to be material, the KIID must include a statement that these costs are paid out of the assets of the UCITS. This should be disclosed under the investment objective and policy section Performance Fees A UCITS which charges a performance fee is required to disclose this fact in the KIID. The amount of performance fee charged during the UCITS last financial year should be included as a percentage figure. The performance fee should be explained as clearly and simply as possible through a narrative description of the calculation methodology applied. Cross referencing to the prospectus is permitted in order to provide for more information. Where no performance fee is being paid out of the assets of the UCITS, it should be disclosed as none in the table of charges Fund of funds The description of charges in the case of a UCITS fund of funds shall take into account any changes incurred by the UCITS as an investor in the underlying funds. Specifically any subscription or redemption charges and ongoing charges levied by the underlying funds must be reflected in the UCITS calculation of its own charges figure Feeder Funds The description of charges in the case of a feeder UCITS should cover both the 8

9 cost of investing in the feeder UCITS and any costs and expenses that the master UCITS may charge the feeder UCITS. The master UCITS may not charge subscription or redemption charges to the feeder investor. The charges figure of the feeder UCITS must be aggregated with the charges figure of the master UCITS. 3.4 Past Performance Past performance shall be calculated based on the net asset value of the UCITS, assuming any distributable income has been reinvested. Where there has been a material change in the investment objective and policy of the UCITS the past performance of the UCITS achieved prior to the material change may be included in the bar chart, with the inclusion of a prominent warning that it was achieved in circumstances that no longer apply Structured UCITS Structured UCITS must present their past performance in accordance with ESMA/ on the selection and presentation of performance scenarios for structured UCITS. 4. Sign-posting The KIID may signpost to information which may be useful to the investor. The KIID should avoid sign-posting to such a degree that comprehension of the essential information is not possible. Other sources of information include the prospectus, annual or half-yearly reports and the website of the UCITS. While it is acceptable to use several signposts within the KIID, the number of cross references should be kept to a minimum. These signposts must direct the reader to a specific section 2 of the relevant source of information (for example, the performance fee disclosure may cross refer to the section within the 2 The Central Bank does not recommend cross referencing to specific page numbers of the prospectus as any non-material amendment to the prospectus of the UCITS may result in an amendment to the KIID referencing. The longevity of the cross referencing may be increased by avoiding reference to specific page number. 9

10 prospectus dealing with charges). All signposting to the prospectus or the annual or half-yearly financial statements must be to the current versions of these documents. 5. Application of the KIID to sub-funds and share classes A UCITS is required to draw up a KIID containing all of the information required by the Regulations, the Commission Regulation and the ESMA KIID Guidelines, in the format prescribed by ESMA in its template for the KIID. 5.1 Umbrella UCITS An umbrella UCITS must publish an separate KIID for each sub-fund. The KIID for each sub-fund must, under the Practical Information section, (a) identify itself as a sub-fund of an umbrella UCITS and state, if relevant, that the prospectus and periodic reports are prepared for the entire umbrella UCITS identified in the KIID; (b) details of whether the assets and liabilities of each sub-fund are segregated by law and how the absence of segregation might affect the investor; (c) state whether or not the investor has the right to switch his/her investment in units in one sub-fund for units in another sub-fund of the umbrella UCITS, and if so, where information about how to exercise that right may be obtained. Where a switching charge exists, and this charge differs from the standard subscription /redemption charge, this charge must be separately disclosed in the Charges section of the KIID. 5.2 Share Classes A KIID may be published for individual share classes within a UCITS or within a sub-fund of an umbrella UCITS. Information relevant to two or more share classes of the UCITS may be combined into a single KIID provided the resulting document complies in full with all of the requirements set out in Section 2, Chapter II of the Commission Regulation including those applicable to length of the KIID. The UCITS may select a class to represent one or more other classes of the UCITS provided the information is fair, clear and not misleading to potential investors in 10

11 those other classes. The UCITS must consider which is the most suitable representative share class having regard to the characteristics of the UCITS, the nature of the differences between share classes in the UCITS and the range of choices on offer to each investor. Where charging structures differ between share classes, the Central Bank requires that the share class with the highest overall charge must be selected as the representative share class to avoid the risk of understating charges or overstating performance. The KIID based on the representative share class may be provided to investors in other share classes of the UCITS. selected the following conditions apply: Where a representative share class has been (a) the UCITS shall keep a record of the other classes are represented by the representative share class and the grounds for selection of this share class; (b) specific features of different share classes may not be selected and combined into a mixed profile of a representative share class. (c) the Risk and Reward Profile section of the KIID shall contain an explanation of material risks applicable to other share classes being represented; (d) the Practical Information section of the KIID shall include details of the representative share class, using the terms by which it is designated in the prospectus of the UCITS. This section shall also indicate where investors can obtain information about the other share classes of the UCITS that are marketed in their own Member State. 6. Preparation of the KIID The KIID can only contain the information specified in the Regulations and in Article 4 of the Commission Regulation. It cannot contain any other information. The KIID must be prepared in accordance with ESMA s template. 7. Updates A UCITS is required to update its KIID on an annual basis within 35 business days of each calendar year. 11

12 The KIID should be reviewed and revised as appropriate and as frequently as it is necessary to ensure that it continues to meet the requirements of the Regulations and the Commission Regulation. A UCITS is required to review the KIID before entering into any new initiative that is likely to result in a significant number of new investors acquiring units in the UCITS. Furthermore, any changes to the prospectus or fund rules should prompt a review of the KIID to ensure there are no consequential changes that need to be signalled to prospective investors. 8. Filing Requirements A KIID must be submitted to the Central Bank prior to the authorisation of each UCITS, or approval of a new sub-fund in the context of an umbrella UCITS. The UCITS or its legal advisor must confirm in writing to the Central Bank that the KIID complies in full with the requirements of the Regulations, the Commission Regulation, all related ESMA Guidelines, and this Guidance Note. This confirmation must also state that the information in the KIID does not conflict with the content of the prospectus, where relevant. The amended KIID must be filed in accordance with the requirements set out in Section 7. Central Bank of Ireland

13 T F

Guidelines for competent authorities and UCITS management companies

Guidelines for competent authorities and UCITS management companies Guidelines for competent authorities and UCITS management companies Guidelines on risk measurement and the calculation of global exposure for certain types of structured UCITS 2012 ESMA/2012/197 Date:

More information

Guidelines for competent authorities and UCITS management companies

Guidelines for competent authorities and UCITS management companies Guidelines for competent authorities and UCITS management companies Guidelines on ETFs and other UCITS issues 01/08/2014 ESMA/2014/937EN Date: 01/08/2014 ESMA/2014/937EN Table of Contents I. Scope 3 II.

More information

Guidance Note 2/07. Guidance Note 2/07. Undertakings for Collective Investment in Transferable Securities (UCITS) Financial Indices.

Guidance Note 2/07. Guidance Note 2/07. Undertakings for Collective Investment in Transferable Securities (UCITS) Financial Indices. 2013 Guidance Note 2/07 Guidance Note 2/07 Undertakings for Collective Investment in Transferable Securities (UCITS) Financial Indices February 2013 1 Contents Background and Overview 2 1. Regulatory Requirements

More information

Guidance Note 1/01. Guidance Note 2/03

Guidance Note 1/01. Guidance Note 2/03 2008 Guidance Note 1/01 Guidance Note 2/03 Undertakings for Collective Investment in Transferable Securities (UCITS) Acceptable investments in other collective investment undertakings April 2008 1 Contents

More information

IRSG Opinion on Joint Discussion paper on Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs)

IRSG Opinion on Joint Discussion paper on Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs) EIOPA-IRSG-15-03 IRSG Opinion on Joint Discussion paper on Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs) Executive Summary It is of utmost importance

More information

Discussion Paper Share classes of UCITS

Discussion Paper Share classes of UCITS Discussion Paper Share classes of UCITS 23 December 2014 ESMA/2014/1577 Date: 22 December 2014 ESMA/2014/1577 Responding to this paper ESMA invites comments on all matters in this paper and in particular

More information

SPDR S&P 500 Low Volatility UCITS ETF

SPDR S&P 500 Low Volatility UCITS ETF SSGA SPDR ETFs Europe I Plc 2 November 2015 SPDR S&P 500 Low Volatility UCITS ETF Supplement No. 32 (A sub-fund of SSGA SPDR ETFs Europe I plc (the Company ) an open-ended investment company constituted

More information

GLG INVESTMENTS PLC GLG GLOBAL CONVERTIBLE UCITS FUND SIMPLIFIED PROSPECTUS 6 February 2009

GLG INVESTMENTS PLC GLG GLOBAL CONVERTIBLE UCITS FUND SIMPLIFIED PROSPECTUS 6 February 2009 GLG INVESTMENTS PLC GLG GLOBAL CONVERTIBLE UCITS FUND SIMPLIFIED PROSPECTUS 6 February 2009 This simplified prospectus contains key information in relation to GLG Global Convertible UCITS Fund (the Portfolio

More information

SUPPLEMENT Davy Cautious Growth Fund

SUPPLEMENT Davy Cautious Growth Fund Davy Funds p.l.c. An open-ended umbrella investment company with variable capital and segregated liability between sub-funds incorporated with limited liability in Ireland under the Companies Acts 1963

More information

SUPPLEMENT Davy Strategic Global Equity Fund

SUPPLEMENT Davy Strategic Global Equity Fund Davy Funds p.l.c. An open-ended umbrella investment company with variable capital and segregated liability between sub-funds incorporated with limited liability in Ireland under the Companies Acts 1963

More information

Exchange Traded Funds. Reasons to Consider. For professional clients only

Exchange Traded Funds. Reasons to Consider. For professional clients only Exchange Traded Funds Reasons to Consider For professional clients only Exchange Traded Funds (ETFs) have been designed to provide low-cost and transparent access to the world s markets, combining the

More information

IFSA Guidance Note No. 21.00

IFSA Guidance Note No. 21.00 IFSA Guidance Note No. 21.00 Calculators Best Practice Guidance April 2007 Main features of this Guidance Note are: Highlight the importance of calculators in assisting users to make informed financial

More information

18 Square de Meeûs B-1050 Bruxelles +32 2 513 39 69 Fax +32 2 513 26 43 e-mail : info@efama.org www.efama.org

18 Square de Meeûs B-1050 Bruxelles +32 2 513 39 69 Fax +32 2 513 26 43 e-mail : info@efama.org www.efama.org EFAMA REPLY TO THE CONSULTATION PAPER ON CESR S TECHNICAL ADVICE TO THE EUROPEAN COMMISSION ON LEVEL 2 MEASURES RELATING TO MERGERS OF UCITS, MASTER-FEEDER UCITS STRUCTURES AND CROSS- BORDER NOTIFICATION

More information

Consultation Paper. ESMA Guidelines on Alternative Performance Measures. 13 February 2014 ESMA/2014/175

Consultation Paper. ESMA Guidelines on Alternative Performance Measures. 13 February 2014 ESMA/2014/175 Consultation Paper ESMA Guidelines on Alternative Performance Measures 13 February 2014 ESMA/2014/175 Date: 13 February 2014 ESMA/2014/175 Responding to this paper The European Securities and Markets Authority

More information

Questions and Answers A Common Definition of European Money Market Funds

Questions and Answers A Common Definition of European Money Market Funds Questions and Answers A Common Definition of European Money Market Funds ESMA/2012/113 Date: 20 February 2012 ESMA/2012/113 Contents Question 1: A management company s internal rating process 5 Question

More information

Exchange Traded Funds. An Introductory Guide. For professional clients only

Exchange Traded Funds. An Introductory Guide. For professional clients only Exchange Traded Funds An Introductory Guide For professional clients only Exchange-Traded Funds (ETFs) started to be used in Europe in the early 2000s but over the past few years they have grown their

More information

Public consultation on the possibility for an investment fund to originate loans

Public consultation on the possibility for an investment fund to originate loans Public consultation on the possibility for an investment fund to originate loans The purpose of this consultation is to gather the opinions of all interested parties about the possibility for French investment

More information

HUME EUROPEAN OPPORTUNITIES FUND. SUPPLEMENT TO THE PROSPECTUS FOR EUROPEAN WEALTH INVESTMENT FUND plc

HUME EUROPEAN OPPORTUNITIES FUND. SUPPLEMENT TO THE PROSPECTUS FOR EUROPEAN WEALTH INVESTMENT FUND plc HUME EUROPEAN OPPORTUNITIES FUND SUPPLEMENT TO THE PROSPECTUS FOR EUROPEAN WEALTH INVESTMENT FUND plc This document supplements the current prospectus for European Wealth Investment Fund plc (the Company)

More information

CESR Consultation Paper on UCITS Management Company Passport

CESR Consultation Paper on UCITS Management Company Passport News Bulletin October 24, 2008 CESR Consultation Paper on UCITS Management Company Passport Background On 30 th September 2008, the Committee of European Securities Regulators ( CESR ) issued a consultation

More information

Regulation for Establishing the Internal Control System of an Investment Management Company

Regulation for Establishing the Internal Control System of an Investment Management Company Unofficial translation Riga, 11 November 2011 Regulation No. 246 (Minutes No. 43 of the meeting of the Board of the Financial and Capital Market Commission, item 8) Regulation for Establishing the Internal

More information

Act on the Management of Alternative Investment Funds

Act on the Management of Alternative Investment Funds FINANSTILSYNET Norway Translation March 2015 This translation is for information purposes only. Legal authenticity remains with the official Norwegian version as published in Norsk Lovtidend. Act on the

More information

db x-trackers S&P 500 UCITS ETF (DR) Supplement to the Prospectus

db x-trackers S&P 500 UCITS ETF (DR) Supplement to the Prospectus db x-trackers S&P 500 UCITS ETF (DR) Supplement to the Prospectus This Supplement contains information in relation to db x-trackers S&P 500 UCITS ETF (DR) (the Fund ), a sub-fund of Concept Fund Solutions

More information

INSURANCE (LINKED LONG TERM INSURANCE BUSINESS) RULES 2014 ARRANGEMENT OF RULES

INSURANCE (LINKED LONG TERM INSURANCE BUSINESS) RULES 2014 ARRANGEMENT OF RULES INSURANCE (LINKED LONG TERM INSURANCE BUSINESS) RULES 2014 ARRANGEMENT OF RULES PART I PRELIMINARY 1. Citation 2. Interpretation 3. Application of the Rules PART II GENERAL REQUIREMENTS 4. Establishment

More information

Junior Gold, Class C Shares (ISIN Accumulation GB00B39RN474) This fund is managed by Marlborough Fund Managers Ltd

Junior Gold, Class C Shares (ISIN Accumulation GB00B39RN474) This fund is managed by Marlborough Fund Managers Ltd Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and

More information

COMMITTEE OF EUROPEAN SECURITIES REGULATORS. Date: December 2009 Ref.: CESR/09-1026

COMMITTEE OF EUROPEAN SECURITIES REGULATORS. Date: December 2009 Ref.: CESR/09-1026 COMMITTEE OF EUROPEAN SECURITIES REGULATORS Date: December 009 Ref.: CESR/09-06 Annex to CESR s technical advice on the level measures related to the format and content of Key Information Document disclosures

More information

ETFs and Index Funds. Similarities and Differences. For professional clients only

ETFs and Index Funds. Similarities and Differences. For professional clients only ETFs and Index Funds Similarities and Differences For professional clients only Most Exchange Traded Funds (ETFs) and index tracker funds share a common aim. That is, to match the performance of the index

More information

EUROPEAN CENTRAL BANK

EUROPEAN CENTRAL BANK 19.2.2013 Official Journal of the European Union C 47/1 III (Preparatory acts) EUROPEAN CENTRAL BANK OPINION OF THE EUROPEAN CENTRAL BANK of 24 May 2012 on a draft Commission delegated regulation supplementing

More information

www.pwc.com/lu/asset-management

www.pwc.com/lu/asset-management www.pwc.com/lu/asset-management UCITS Quick Reference Guide Applicable legal framework As from 1 July 2011, Luxembourg UCITS funds are subject to the following main laws and regulations: Part I and Part

More information

db x-trackers MSCI World Telecom Services Index UCITS ETF (Prospective DR) 1 Supplement to the Prospectus

db x-trackers MSCI World Telecom Services Index UCITS ETF (Prospective DR) 1 Supplement to the Prospectus db x-trackers MSCI World Telecom Services Index UCITS ETF (Prospective DR) 1 Supplement to the Prospectus This Supplement contains information in relation to the db x-trackers MSCI World Telecom Services

More information

SIMPLIFIED PROSPECTUS. PIMCO Funds: Global Investors Series plc CommoditiesPLUS Strategy Fund 9 February, 2010

SIMPLIFIED PROSPECTUS. PIMCO Funds: Global Investors Series plc CommoditiesPLUS Strategy Fund 9 February, 2010 SIMPLIFIED PROSPECTUS PIMCO Funds: Global Investors Series plc CommoditiesPLUS Strategy Fund 9 February, 2010 This Simplified Prospectus sets out information relating to the CommoditiesPLUS Strategy Fund

More information

Financial Statement Discussion and Analysis

Financial Statement Discussion and Analysis IPSASB Exposure Draft (ED) 47 March 2012 Comments due: July 31, 2012 Proposed International Public Sector Accounting Standard Financial Statement Discussion and Analysis The International Public Sector

More information

LAZARD GLOBAL INVESTMENT FUNDS PUBLIC LIMITED COMPANY LAZARD EMERGING MARKETS BOND FUND SIMPLIFIED PROSPECTUS. DATE 7 December 2010

LAZARD GLOBAL INVESTMENT FUNDS PUBLIC LIMITED COMPANY LAZARD EMERGING MARKETS BOND FUND SIMPLIFIED PROSPECTUS. DATE 7 December 2010 LAZARD GLOBAL INVESTMENT FUNDS PUBLIC LIMITED COMPANY LAZARD EMERGING MARKETS BOND FUND SIMPLIFIED PROSPECTUS DATE 7 December 2010 This Simplified Prospectus contains key information in relation to Lazard

More information

Fund Management Companies Guidance

Fund Management Companies Guidance 2015 Fund Management Companies - Guidance Fund Management Companies Guidance November 2015 1 Contents Part I. Delegate Oversight 2 Part II. Organisational Effectiveness 24 Part III. Directors Time Commitments

More information

ABI resource pack for financial promotions. November 2005

ABI resource pack for financial promotions. November 2005 ABI resource pack for financial promotions November 2005 1 What is a resource pack and why has the ABI produced one? Our aim with the material contained in the pack is not to replace FSA requirements or

More information

Key Investor Information. Objectives and Investment Policy. Risk and Reward Profile

Key Investor Information. Objectives and Investment Policy. Risk and Reward Profile Key Investor Information This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and

More information

ETFs and Index Funds. Similarities and Differences. For professional clients only

ETFs and Index Funds. Similarities and Differences. For professional clients only ETFs and Index Funds Similarities and Differences For professional clients only Most Exchange Traded Funds (ETFs) and index tracker funds share a common aim. That is, to match the performance of the index

More information

UCITS NOTICES UCITS NOTICES

UCITS NOTICES UCITS NOTICES 2013 UCITS NOTICES UCITS NOTICES Undertakings for Collective Investment in Transferable Securities authorised under European Communities (Undertakings for Collective Investment in Transferable Securities)

More information

ACT of 27 May 2004 on Investment Funds 1. Part I General Provisions

ACT of 27 May 2004 on Investment Funds 1. Part I General Provisions The present English text is furnished for information purposes only. The original Polish text published in the Journal of Laws is binding in all respects. ACT of 27 May 2004 on Investment Funds 1 Part

More information

db x-trackers FTSE 100 Equal Weight UCITS ETF (DR) Supplement to the Prospectus

db x-trackers FTSE 100 Equal Weight UCITS ETF (DR) Supplement to the Prospectus db x-trackers FTSE 100 Equal Weight UCITS ETF (DR) Supplement to the Prospectus This Supplement contains information in relation to db x-trackers FTSE 100 Equal Weight UCITS ETF (DR) (the Fund ), a sub-fund

More information

STATUTORY INSTRUMENTS. S.I. No. 257 of 2013 EUROPEAN UNION (ALTERNATIVE INVESTMENT FUND MANAGERS) REGULATIONS 2013

STATUTORY INSTRUMENTS. S.I. No. 257 of 2013 EUROPEAN UNION (ALTERNATIVE INVESTMENT FUND MANAGERS) REGULATIONS 2013 STATUTORY INSTRUMENTS. S.I. No. 257 of 2013 EUROPEAN UNION (ALTERNATIVE INVESTMENT FUND MANAGERS) REGULATIONS 2013 2 [257] S.I. No. 257 of 2013 EUROPEAN UNION (ALTERNATIVE INVESTMENT FUND MANAGERS) REGULATIONS

More information

Adoption of Form N-6: Registration Form for Variable Life Insurance

Adoption of Form N-6: Registration Form for Variable Life Insurance Legal Alert Adoption of Form N-6: Registration Form for Variable Life Insurance As part of its long-standing commitment to improve the quality of disclosure available to investment company investors, on

More information

Client Asset Requirements. Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007

Client Asset Requirements. Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Client Asset Requirements Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Instructions Paper November 2007 1 Contents 1 Contents 2 Introduction 1 2.1 Scope

More information

COMMISSION DELEGATED REGULATION (EU) No /.. of 19.12.2012

COMMISSION DELEGATED REGULATION (EU) No /.. of 19.12.2012 EUROPEAN COMMISSION Brussels, 19.12.2012 C(2012) 8370 final COMMISSION DELEGATED REGULATION (EU) No /.. of 19.12.2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with

More information

CODE ON DISCLOSURE FOR MPF INVESTMENT FUNDS

CODE ON DISCLOSURE FOR MPF INVESTMENT FUNDS Mandatory Provident Fund Schemes Authority CODE ON DISCLOSURE FOR MPF INVESTMENT FUNDS Fifth Edition August 2012 Hong Kong Table of Contents Page EXPLANATORY NOTES... 1 PART A - GENERAL... 4 Chapter A1

More information

Clarity of fund charges

Clarity of fund charges Financial Conduct Authority Thematic Review TR14/7 Clarity of fund charges May 2014 Clarity of fund charges TR14/7 Contents 1. Executive summary 3 2. Our findings in more detail 6 Charging structures

More information

AIFMD means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers, as amended.

AIFMD means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers, as amended. Glossary Accounting Period means the annual accounting period for the Company ending on 31 December in each calendar year. The first annual accounting period will end on 31 December 2015. Acts means the

More information

A Guide to UCITS in Ireland

A Guide to UCITS in Ireland A Guide to UCITS in Ireland Contents A Guide to UCITS in Ireland 1. Introduction 2. Legislative Basis for UCITS in Ireland 3. Overview of UCITS Permitted Asset Classes and Investment and Borrowing Restrictions

More information

CITI GLOBAL INTEREST RATES STRATEGY INDEX FUND SIMPLIFIED PROSPECTUS. Dated 4 August 2010

CITI GLOBAL INTEREST RATES STRATEGY INDEX FUND SIMPLIFIED PROSPECTUS. Dated 4 August 2010 CITI GLOBAL INTEREST RATES STRATEGY INDEX FUND SIMPLIFIED PROSPECTUS Dated 4 August 2010 This Simplified Prospectus contains key information in relation to Citi Global Interest Rates Index Fund (the Fund),

More information

LAZARD GLOBAL ACTIVE FUNDS PUBLIC LIMITED COMPANY LAZARD PAN EUROPEAN EQUITY FUND. SIMPLIFIED PROSPECTUS DATE 27 August 2009

LAZARD GLOBAL ACTIVE FUNDS PUBLIC LIMITED COMPANY LAZARD PAN EUROPEAN EQUITY FUND. SIMPLIFIED PROSPECTUS DATE 27 August 2009 LAZARD GLOBAL ACTIVE FUNDS PUBLIC LIMITED COMPANY LAZARD PAN EUROPEAN EQUITY FUND SIMPLIFIED PROSPECTUS DATE 27 August 2009 This Simplified Prospectus contains key information in relation to the Lazard

More information

European Commission Releases Proposal for Regulation of Money Market Funds 4 September 2013

European Commission Releases Proposal for Regulation of Money Market Funds 4 September 2013 European Commission Releases Proposal for Regulation of Money Market Funds 4 September 2013 Today the European Commission (EC) released a proposal for a regulation on money market funds (MMFs) established,

More information

Jupiter Merlin International Equities Portfolio

Jupiter Merlin International Equities Portfolio Jupiter Merlin Funds Jupiter Merlin International Equities Portfolio Jupiter Asset Management Limited Product Key Facts April 2016 Product Key Facts This statement provides you with key information about

More information

CESR's guidelines concerning eligible assets for investment by UCITS

CESR's guidelines concerning eligible assets for investment by UCITS THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS Ref: CESR/07-044 CESR's guidelines concerning eligible assets for investment by UCITS March 2007 11-13 avenue de Friedland - 75008 PARIS - FRANCE - Tel.:

More information

SSgA Qualified Trust. SSgA LDI Leveraged UK Real Rate Swap 2030 Fund SUPPLEMENT NO. 22 DATED: 30 APRIL 2015 MANAGER

SSgA Qualified Trust. SSgA LDI Leveraged UK Real Rate Swap 2030 Fund SUPPLEMENT NO. 22 DATED: 30 APRIL 2015 MANAGER The Directors of the Manager of the Trust whose names appear under the section Trust and Management Information - The Manager in the Prospectus are the persons responsible for the information contained

More information

Loan funds Europe s alternative source of business funding

Loan funds Europe s alternative source of business funding Loan funds Europe s alternative source of business funding Niamh Geraghty Director Audit Deloitte Matthew Foley Director Audit Deloitte Aisling Costello Senior Manager Audit Deloitte The financial crisis

More information

CGWM Bond Fund. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014. Investment Objective. Investment Policy.

CGWM Bond Fund. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014. Investment Objective. Investment Policy. CGWM Bond Fund To us there are no foreign markets. TM Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 This Supplement contains specific information in relation to the CGWM Bond

More information

DRAFT GUIDELINES FOR ADVERTISING AND MARKETING OF FINANCIAL PRODUCTS

DRAFT GUIDELINES FOR ADVERTISING AND MARKETING OF FINANCIAL PRODUCTS DRAFT GUIDELINES FOR ADVERTISING AND MARKETING OF FINANCIAL PRODUCTS CHAPTER 1 - INTRODUCTION... 3 1.1 Background and Scope... 3 1.2 Authority... 3 1.3 Application of the Guidelines... 4 1.4 Effective

More information

Risk Management under the Alternative Investment Fund Managers Directive ( AIFMD )

Risk Management under the Alternative Investment Fund Managers Directive ( AIFMD ) guidelines Risk Management under the Alternative Investment Fund Managers Directive ( AIFMD ) in association with table of contents I. Introduction 4 General Aspects of Risk Management Function for an

More information

EFAMA s Submission to ESMA on Issues related to Exchange Traded Funds (ETFs)

EFAMA s Submission to ESMA on Issues related to Exchange Traded Funds (ETFs) EFAMA s Submission to ESMA on Issues related to Exchange Traded Funds (ETFs) EFAMA is the representative association for the European investment management industry. It represents through its 26 member

More information

Meeting investors' expectations

Meeting investors' expectations Financial Conduct Authority Thematic Review TR16/3 Meeting investors' expectations April 2016 TR16/3 Meeting investors' expectations Contents 1 Executive summary 3 2 Our approach for the Meeting Investors'

More information

CODE OF ETHICS FOR THE MANAGEMENT OF COLLECTIVE INVESTMENT SCHEMES

CODE OF ETHICS FOR THE MANAGEMENT OF COLLECTIVE INVESTMENT SCHEMES CODE OF ETHICS FOR THE MANAGEMENT OF COLLECTIVE INVESTMENT SCHEMES Table of Contents I Objectives 2 II Scope, binding force 2 III Code of Ethics for the Asset Manager of Collective Investment Schemes 2

More information

ELEMENTS OF INTERNATIONAL REGULATORY STANDARDS ON

ELEMENTS OF INTERNATIONAL REGULATORY STANDARDS ON ELEMENTS OF INTERNATIONAL REGULATORY STANDARDS ON FEES AND EXPENSES OF INVESTMENT FUNDS TECHNICAL COMMITTEE OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS FEBRUARY 2004 ELEMENTS OF INTERNATIONAL

More information

Best execution under MIFID

Best execution under MIFID THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS Ref: CESR/07-050b Best execution under MIFID Public consultation February 2007 11-13 avenue de Friedland - 75008 PARIS - FRANCE - Tel.: 33.(0).1.58.36.43.21

More information

INVESTMENT MANAGEMENT ASSOCIATION PENSION FUND DISCLOSURE CODE

INVESTMENT MANAGEMENT ASSOCIATION PENSION FUND DISCLOSURE CODE INVESTMENT MANAGEMENT ASSOCIATION PENSION FUND DISCLOSURE CODE September 2007 INVESTMENT MANAGEMENT ASSOCIATION PENSION FUND DISCLOSURE CODE September 2007 CONTENTS THE CODE 1 Introduction 2 Scope 3 Disclosure

More information

SIPA SMALL INVESTOR PROTECTION ASSOCIATION

SIPA SMALL INVESTOR PROTECTION ASSOCIATION SIPA SMALL INVESTOR PROTECTION ASSOCIATION August, 2011 Comparing Canada's Fund Facts to IOSCO Principles of Point-of-Sale Disclosure The IOSCO member agencies in the International Organization of Securities

More information

db x-trackers MSCI World High Dividend Yield Index UCITS ETF (DR) Supplement to the Prospectus

db x-trackers MSCI World High Dividend Yield Index UCITS ETF (DR) Supplement to the Prospectus db x-trackers MSCI World High Dividend Yield Index UCITS ETF (DR) Supplement to the Prospectus This Supplement contains information in relation to db x-trackers MSCI World High Dividend Yield Index UCITS

More information

Guidance Note 3/99. Guidance Note 2/99. Money Market Funds: European Central Bank Reporting Requirements. December 2011

Guidance Note 3/99. Guidance Note 2/99. Money Market Funds: European Central Bank Reporting Requirements. December 2011 2011 Guidance Note 3/99 Guidance Note 2/99 Money Market Funds: European Central Bank Reporting Requirements December 2011 1 Contents Contents 1. Introduction... 3 2. Background... 3 3. Money Market Funds

More information

Hedge funds: Improving disclosure

Hedge funds: Improving disclosure REGULATORY GUIDE 240 Hedge funds: Improving disclosure October 2013 About this guide This guide is for those involved in the issue and sale of hedge funds. It sets out our guidance for improved disclosure

More information

Amendments to. Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations

Amendments to. Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations Amendments to Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations This document shows the relevant portions of the Companion Policy as amended. The changes

More information

Varius Global Equity Fund

Varius Global Equity Fund Varius Global Equity Fund Supplement to the Prospectus dated 12 May 2016 for Platform Capital UCITS ICAV An umbrella fund with segregated liability between sub-funds This Supplement contains specific information

More information

Luxembourg. Newsletter Q2/Q3 2014. News on MiFID II and its implementation. Regulation on key information documents for investment products

Luxembourg. Newsletter Q2/Q3 2014. News on MiFID II and its implementation. Regulation on key information documents for investment products Luxembourg News on MiFID II and its implementation Regulation on key information documents for investment products Final adoption of the UCITS V directive by the EU parliament Newsletter Q2/Q3 2014 Avocats

More information

CHAPTER 16 INVESTMENT ENTITIES

CHAPTER 16 INVESTMENT ENTITIES CHAPTER 16 INVESTMENT ENTITIES Introduction 16.1 This Chapter sets out the requirements for the listing of the securities of investment entities, which include investment companies, unit trusts, closed-end

More information

UNOFFICIAL TRANSLATION

UNOFFICIAL TRANSLATION Adopted on 22.12. 2010 THE LAW OF THE REPUBLIC OF ARMENIA ON INVESTMENT FUNDS The purpose of this Law is to protect the interests of investors and ensure that a proper collective investment scheme is developed,

More information

PRODUCT HIGHLIGHTS SHEET

PRODUCT HIGHLIGHTS SHEET Prepared on: 17 October 2013 This Product Highlights Sheet is an important document. It highlights the key terms and risks of this investment product and complements the Singapore Prospectus 1. It is important

More information

PROVISIONAL REQUEST TO CESR FOR TECHNICAL ADVICE

PROVISIONAL REQUEST TO CESR FOR TECHNICAL ADVICE Ref. Ares(2010)892960-02/12/2010 PROVISIONAL REQUEST TO CESR FOR TECHNICAL ADVICE ON POSSIBLE LEVEL 2 MEASURES CONCERNING THE FUTURE DIRECTIVE ON ALTERNATIVE INVESTMENT FUND MANAGERS Table of Contents

More information

Monthly European ETF Market Trends SEPTEMBER 2015 in brief

Monthly European ETF Market Trends SEPTEMBER 2015 in brief LYXOR ETF BAROMETER OCTOBER 215 1 THIS DOCUMENT IS FOR THE E XCLUSIVE USE OF INVESTORS ACTING ON THEIR OWN ACCOUNT AND CATEGORIZED EITHER AS ELIGIBLE COUNTERPARTIES OR PROFESSIONAL CLIENTS WITHIN THE ME

More information

Impact of MiFID II on MiFID Conduct of Business Regime in Ireland

Impact of MiFID II on MiFID Conduct of Business Regime in Ireland Impact of MiFID II on MiFID Conduct of Business Regime in Ireland May 2015 arthurcox.com 2 ARTHUR COX FINANCIAL REGULATORY IMPACT OF MIFID II ON MIFID CONDUCT OF The purpose of this document is to provide

More information

Investors in the D share class of the Contributing Fund will be moved into the A1 share class of the Receiving Fund

Investors in the D share class of the Contributing Fund will be moved into the A1 share class of the Receiving Fund Schroder Alternative Solutions Société d'investissement à Capital Variable 5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg Tel : (+352) 341 342 202 Fax : (+352) 341 342 342 18 May 2016

More information

Financial Planner of the Year 2015. Financial Plan Guide

Financial Planner of the Year 2015. Financial Plan Guide Financial Planner of the Year 2015 Financial Plan Guide TABLE OF CONTENTS INTRODUCTION 3 PROFESSIONAL SKILLS 3 PROFESSIONAL RESPONSIBILITY 4 PRACTICE 4 COMMUNICATION 4 COGNITIVE 4 PROFESSIONAL AND LEGAL

More information

Merrion Investment Trust (the Trust ) Merrion Technology Fund Series II SUPPLEMENT TO PROSPECTUS

Merrion Investment Trust (the Trust ) Merrion Technology Fund Series II SUPPLEMENT TO PROSPECTUS Merrion Investment Trust (the Trust ) An umbrella unit trust authorised pursuant to the Unit Trusts Act 1990 Merrion Technology Fund Series II (the Sub-Fund ) SUPPLEMENT TO PROSPECTUS 30 September 2015

More information

Catalyst Insider Buying Fund CLASS A: INSAX CLASS C: INSCX CLASS I: INSIX SUMMARY PROSPECTUS NOVEMBER 1, 2014

Catalyst Insider Buying Fund CLASS A: INSAX CLASS C: INSCX CLASS I: INSIX SUMMARY PROSPECTUS NOVEMBER 1, 2014 Catalyst Insider Buying Fund CLASS A: INSAX CLASS C: INSCX CLASS I: INSIX SUMMARY PROSPECTUS NOVEMBER 1, 2014 Before you invest, you may want to review the Fund s complete prospectus, which contains more

More information

AIMA NOTE. Analysis of divergences between the EU Commission s draft regulation implementing the AIFMD and the ESMA advice

AIMA NOTE. Analysis of divergences between the EU Commission s draft regulation implementing the AIFMD and the ESMA advice AIMA NOTE Analysis of divergences between the EU Commission s draft regulation implementing the AIFMD and the ESMA advice April 2012 Analysis of divergences between the EU Commission s draft regulation

More information

SIMPLIFIED PROSPECTUS JULY 2010 GENERAL INFORMATION

SIMPLIFIED PROSPECTUS JULY 2010 GENERAL INFORMATION BNP PARIBAS INSTICASH GBP A sub-fund of BNP Paribas InstiCash, a Luxembourg-based investment company with variable capital (Société d investissement à capital variable, referred to hereinafter as the "SICAV")

More information

CONTACT(S) Aisling Carney acarney@ifrs.org +44 (0)20 7246 6480 Michelle Fisher mfisher@irfs.org +44 (0)20 7246 6918

CONTACT(S) Aisling Carney acarney@ifrs.org +44 (0)20 7246 6480 Michelle Fisher mfisher@irfs.org +44 (0)20 7246 6918 IASB Agenda ref 11A STAFF PAPER IASB Meeting Project Paper topic Disclosure Initiative March 2015 Practice Statement: Application of materiality to financial statements CONTACT(S) Aisling Carney acarney@ifrs.org

More information

Final draft regulatory technical standards

Final draft regulatory technical standards JC 2016 21 31 March 2016 Final draft regulatory technical standards with regard to presentation, content, review and provision of the key information document, including the methodologies underpinning

More information

Research Objectivity Standards

Research Objectivity Standards Research Objectivity Standards Guiding Principles CFA Institute Research Objectivity Standards CFA Institute has been concerned for some time that allegations of ethical misconduct and lack of objectivity

More information

MiFID II Key aspects. I. Introduction

MiFID II Key aspects. I. Introduction MiFID II Key aspects I. Introduction Yesterday the final texts of the revised Markets in Financial Instruments Directive were published in the Official Journal of the European Union. The texts consist

More information

BLACKSTONE ALTERNATIVE INVESTMENT FUNDS PLC. (the Company ) An umbrella fund with segregated liability between sub-funds, and its sub-fund

BLACKSTONE ALTERNATIVE INVESTMENT FUNDS PLC. (the Company ) An umbrella fund with segregated liability between sub-funds, and its sub-fund BLACKSTONE ALTERNATIVE INVESTMENT FUNDS PLC (the Company ) An umbrella fund with segregated liability between sub-funds, and its sub-fund (the Fund ) SUPPLEMENT FOR UNITED KINGDOM INVESTORS This Supplement

More information

Davy Defensive High Yield Fund from New Ireland

Davy Defensive High Yield Fund from New Ireland Davy Asset Management For Financial Advisors Only Davy Defensive High Yield Fund from New Ireland Davy Asset Management is regulated by the Central Bank of Ireland. Exposure to: equity-market type returns

More information

Exchange Traded Funds and the UCITS Framework

Exchange Traded Funds and the UCITS Framework Exchange Traded Funds and the UCITS Framework 0 EXCHANGE TRADED FUNDS AND THE UCITS FRAMEWORK Introduction An Exchange Traded Fund ( ETF ) is an investment vehicle that, in its typical form, is designed

More information

Discussion Paper. Key Information Documents for. Packaged Retail and Insurance-based Investment Products (PRIIPs)

Discussion Paper. Key Information Documents for. Packaged Retail and Insurance-based Investment Products (PRIIPs) JC/DP/2014/02 17 November 2014 Discussion Paper Key Information Documents for Packaged Retail and Insurance-based Investment Products (PRIIPs) Table of Contents Practical information... 3 Glossary... 3

More information

Investment Services Directive (ISD Markets in Financial Instruments Directive (MiFID) & 2007

Investment Services Directive (ISD Markets in Financial Instruments Directive (MiFID) & 2007 Investment Services Directive (ISD) Markets in Financial Instruments Directive (MiFID), & ) 2007 : «ISD MiFID» A.... 4 1.... 4 2. (FSAP)... 4 3. LAMFALUSSY... 4 4.... 4 B. MiFID... 5 1. /:... 5 2.... 5

More information

A Guide to the QFC. Collective Investment Schemes Regime

A Guide to the QFC. Collective Investment Schemes Regime A Guide to the QFC Collective Investment Schemes Regime Disclaimer The goal of the Qatar Financial Centre Regulatory Authority (Regulatory Authority) in producing this document is to provide a guide to

More information

SIMPLIFIED PROSPECTUS JULY 2010 GENERAL INFORMATION

SIMPLIFIED PROSPECTUS JULY 2010 GENERAL INFORMATION BNP PARIBAS INSTICASH EUR A sub-fund of BNP Paribas InstiCash, a Luxembourg-based investment company with variable capital (Société d investissement à capital variable, referred to hereinafter as the "SICAV")

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-1A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-1A You may not send a completed printout of this form to the SEC to satisfy a filing obligaton. You can only satisfy an SEC filing obligation by submitting the information required by this form to the SEC

More information

How to start a Hedge Fund

How to start a Hedge Fund How to start a Hedge Fund How to start a Hedge Fund Introduction When setting up a hedge fund, you will need to consider the following matters: Jurisdiction Fund structure Eligible investors Authorisation

More information

CANACCORD GENUITY INVESTMENT FUNDS PLC. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 CGWM SELECT INCOME FUND

CANACCORD GENUITY INVESTMENT FUNDS PLC. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 CGWM SELECT INCOME FUND CANACCORD GENUITY INVESTMENT FUNDS PLC Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 CGWM SELECT INCOME FUND This Supplement contains specific information in relation to CGWM

More information

HSBC Global Investment Funds. Global Fund Solutions

HSBC Global Investment Funds. Global Fund Solutions HSBC Global Investment Funds Global Fund Solutions Introduction At HSBC Global Asset Management, we bring you the best of what our multi-specialist investment teams have to offer. HSBC Global Investment

More information

Corporate Governance Code for Collective Investment Schemes and Management Companies

Corporate Governance Code for Collective Investment Schemes and Management Companies Corporate Governance Code for Collective Investment Schemes and Management Companies Corporate Governance Code Page 1 Transitional Arrangements Whilst this Code is voluntary in nature, its adoption is

More information

ishares IV Public Limited Company

ishares IV Public Limited Company ishares IV Public Limited Company (An umbrella investment company with variable capital and having segregated liability between its Funds incorporated with limited liability in Ireland under registration

More information