Disclosure of information in accordance with regulation (EU) 2021/955

  • Section:

Applicable national laws, regulations and administrative provisions governing marketing requirements for AIFs

Rights of a Manager Licensed in a Member State to Market Investment Units of a Member State Fund in Latvia

(1) A manager licensed in a Member State may market investment units of a Member State fund under the management thereof in Latvia if the Commission has received a notification of the supervisory authority of the manager licensed in the Member State to which the following have been appended:

1) documents:

(a) the operational programme, indicating information on the fund the investment units of which it wishes to market;

(b) information on the place of founding of the fund;

(c) the document of incorporation of the fund;

(d) the operational rules of the fund;

(e) information on the custodial bank of the fund;

(f) information on the place of founding of the master fund if the fund is a feeder fund;

(g) the last prepared annual statement and the consolidated annual statement, if such is prepared, information on the last calculated net asset value of the fund or the last calculated value of an investment unit or market price;

(h) the procedures to ensure marketing of investment units only for professional investors;

(i) the key information document developed in accordance with the requirements of Chapter II, Section II of Regulation No 1286/2014 if investment units of the fund are to be marketed to investors that are not professional investors;

(j) information regarding the address necessary for the Commission to invoice or to notify the Commission of the payments to be made;

  1. k) information regarding how the performance of the measures for marketing of investment units of the funds to investors other than professional investors will be ensured.

2) a confirmation that the manager is allowed to manage the fund according to the investment strategy specified in its performance description.

(2) The notification and the confirmation shall be submitted in the language which is used in the field of international finance. The documents referred to in points (a) to (k) of Paragraph one shall be submitted in the official language or the language which is used in the field of international finance.

(3) A manager licensed in a Member State may commence marketing of investment units of the fund in Latvia from the day a notification of the supervisory authority of the manager licensed in the Member State is received.

(4) A manager licensed in a Member State intending to market investment units of the national funds to investors other than professional investors in Latvia shall ensure the necessary measures in order to:

1) accept and process applications for the purchase, repurchase and re-acceptance of investment shares and to perform settlements related thereto in accordance with the conditions of the instruments establishing the fund;

2) provide investors with information regarding the submission of applications for the purchase, repurchase and return of investment shares and the settlements related thereto;

3) help to process information regarding the rights exercised by investors, which arise from the investment in the fund in Latvia;

4) provide investors with access to the disclosure requirements for investors and copies of documents;

5) provide investors with information, including through electronic means, regarding measures taken by the persons referred to in Paragraph seven;

6) perform the function of the contact point, indicating the person for communication with the Commission and other supervisory authorities.

(5) In order to take the measures referred to in Paragraph four, the manager shall not be obliged to ensure a physical presence in Latvia or to delegate the taking of measures to a third party.

(6) When taking the measures referred to in Paragraph four, the Latvian language and another language, the use of which has been agreed by the Commission, shall be used for communication.

(7) The measures referred to in Paragraph four may be taken:

1) the manager;

2) financial and capital market participants whose supervision is exercised by the Commission or the supervisory authority of another Member State or by financial and capital market participants supervised by the European Central Bank;

3) the two mentioned persons together.

(8) The manager, when entering into a contract with the persons referred to in Paragraph seven, point 2, shall include provisions specifying which measures will be taken by the manager himself and which – the persons referred to, as well as a confirmation that the persons referred to in Paragraph seven, point 2 will receive all the information and documents necessary from the manager.

Management of the Fund Founded in Latvia which is Performed by a Manager Licensed in a Member State

(1) A manager licensed in a Member State may manage the fund founded in Latvia with or without the opening of a branch if the Commission has received the decision by the supervisory authority of the manager licensed in the Member State to authorise the manager licensed in the Member State to commence fund management in Latvia with or without the opening of a branch.

(2) The following documents shall be appended to the decision referred to in Paragraph one:

1) in case of without opening a branch;

(a) a description which provides a clear and fair presentation of the fund management activities planned by the manager and the provision of services;

(b) information on the Member State in which the manager intends to perform fund management or provision of services;

(c) an operational programme indicating services which the manager wishes to provide;

(d) information on the fund which the manager wishes to manage.

2) in case of opening a branch:

(a) a description of the organisational structure and organisation of work of the branch;

(b) information on address of the place of founding of the fund where documents regarding the fund are available;

(c) the given name, surname, year and date of birth, and personal identity number (if such has been granted) of the manager of the branch;

(d) the address and contact details of the branch.

3) a confirmation that the Member State manager has been licensed in accordance with the procedures laid down in the legal acts of the Member State.

(3) A manager licensed in a Member State may commence management of the fund founded in Latvia from the day the Commission has received the relevant notification.

Charges are levied by the Commission for carrying out duties in relation to the cross-border activities of AIFMs, EuVECA managers, EuSEF managers.

A branch of a manager licensed in a Member State which has been registered in Latvia shall make a payment to the Commission for the supervision of activities of the branch in accordance with the following procedures:

1) up to one per cent of the gross revenues from the fund management services provided by the branch in Latvia per quarter, but not less than EUR 2134 a year;

2) up to one per cent of the gross revenues from the investment services referred to in Section 5, Paragraphs seven and eight of this Law and provided by the branch per quarter, but not less than EUR 711 a year.

A manager of the Member State (except for Latvia) fund shall pay to the Commission a single fee in the amount of EUR 1209 for the marketing of investment units of each Member State fund or the third country fund under the management thereof in Latvia.

The manager shall make the payments by the thirtieth day of the month following the relevant quarter.

If the payments are transferred with delay or not transferred in full amount, late payment money amounting to 0.05 per cent of the outstanding amount shall be calculated for each delayed day.

The payments referred to in this Section shall be transferred to the account of the Commission with the Bank of Latvia.

Contacts


Address:
Kungu iela 1, Riga, LV-1050
Phone:
6 7774800
E-mail:
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