AI Summary of Article 64
Member States must require feeder UCITS to inform unit-holders about their investment in master UCITS, including confirmation of approval from their home Member State’s authorities. Essential disclosures include key investor information, the date of planned investment, and notification of unit-holder rights to request repurchase or redemption without extra charges within a designated period.
Furthermore, the feeder UCITS must adhere to investment limits before the 30-day notice elapses. The Commission may establish delegated acts stipulating information format and valuation procedures, while ESMA might develop implementing technical standards to ensure uniform application of these measures.
Article 64
1. Member States shall require that a feeder UCITS which already pursues activities as a UCITS, including those of a feeder UCITS of a different master UCITS, shall provide the following information to its unit-holders:
(a) a statement that the competent authorities of the feeder UCITS home Member State approved the investment of the feeder UCITS in units of such master UCITS;
(b) the key investor information referred to in Article 78 concerning the feeder and the master UCITS;
(c) the date when the feeder UCITS is to start to invest in the master UCITS or, if it has already invested therein, the date when its investment will exceed the limit applicable under Article 55(1); and
(d) a statement that the unit-holders have the right to request within 30 days the repurchase or redemption of their units without any charges other than those retained by the UCITS to cover disinvestment costs; that right shall become effective from the moment the feeder UCITS has provided the information referred to in this paragraph.
That information shall be provided at least 30 days before the date referred to in point (c) of the first subparagraph.