AI Summary of Article 80
Member States are mandated to ensure that investment companies, along with their management companies handling common funds, provide key investor information for UCITS prior to subscription. This information is to be offered free of charge and in a timely manner, enabling investors to make informed decisions.
For companies not selling UCITS directly, it is essential to supply key investor information to manufacturers and intermediaries upon request. Furthermore, intermediaries must relay this essential information to their clients or prospective clients, thus enhancing transparency and informed investment within the UCITS framework.
Article 80
1. Member States shall require that an investment company and, for each of the common funds it manages, a management company, which sells UCITS directly or through another natural or legal person who acts on its behalf and under its full and unconditional responsibility provides investors with key investor information on such UCITS in good time before their proposed subscription of units in such UCITS.
2. Member States shall require that an investment company and, for each of the common funds it manages, a management company, which does not sell UCITS directly or through another natural or legal person who acts on its behalf and under its full and unconditional responsibility to investors provides key investor information to product manufacturers and intermediaries selling or advising investors on potential investments in such UCITS or in products offering exposure to such UCITS upon their request. Member States shall require that the intermediaries selling or advising investors on potential investments in UCITS, provide key investor information to their clients or potential clients.
3. Key investor information shall be provided to investors free of charge.