UCITS PROSPECTUS

From 1 June 2012, the new procedure was been launched to comply with the communications requirements set out by articles 16, 20, 23 and 27 of the Issuers' Regulations).

The management/sicav companies that intend to file the offer documentation are therefore are bound to use exclusively the computer online procedure made available by Consob and accessible through the use of special identification codes. These are the same codes already issued to the intermediaries and used by the latter to transmit data and documents required by Consob resolution No. 17297 of 28 April 2010 (reporting obligations for supervised subjects).

Once the transmission is completed, the system automatically generates the protocol number, as well as the receipt certifying acceptance by the institution.

Since 2019 January the 1st, a new version of the DEPROF operating manual will enter into force in order to facilitate the compilation and improve functionalities of the system.

Please find below the changes compared to the previous version.

NEWLY INTRODUCED AND MODIFIED FIELDS:

1) Placement fees[1] [for Italian domiciled Collective Investment Scheme (CIS)]: user shall indicate whether there are any fees or not, and in the positive case indicate the percentage that will be applied at the end of the subscription period and the number of years (not more than 5) of the amortization period[2].

2) ELTIF: inclusion of a new type of close fund that is domiciled in Italy or abroad.

3) Performance fees [mandatory for any fund that is domiciled in Italy or abroad]: indicate if performance fees apply by choosing one option amongst: i) not provided ii) not received over the past year iii) received over the past year.

In the case iii), when fees had been received, it is necessary to indicate the percentage applied, specifying the effective amount received over the past year by the fund as reported in the KIID.

Furthermore, in the case ii) and iii), when performance fees will be applied, it is necessary to indicate:

- in the Notes field, the calculation method as reported in the KIID;

- the frequency for crystallising[3] the performance fee, specified in months (e.g. annual frequency= 12 months)

 

In the interests of a proper transmission of information, the following filing rules apply:

Name of the fund: in case of change of name it is always necessary to update the filing to modify the product attributes;

Leverage [mandatory for Italian domiciled and foreign domiciled funds which present this value in the offer documentation]: it must always be expressed in multiples of 1 and the possibility of entering up to 2 decimals is allowed. If, on the other hand, no leverage is used, it must be inserted 1. The value must therefore express the multiplicative value with respect to the fund's asset (e.g. 100% = 2);

Subscription and redemption costs [mandatory for Italian domiciled and foreign domiciled funds]: if provided, they must be entered in percentage terms and must represent the maximum rate that can be applied, as indicated on the KIID, if not provided the field is filled with zero;

Recurring costs [mandatory for Italian domiciled and foreign domiciled funds]: indicate the percentage value of the "on going charges" present on the KIID (e.g., if the costs are equal to 1%, not 0.01);

Conversion costs [optional]: if provided they must be indicated in percentage or in euro in accordance with the offer documentation.

Refer to the technical manual below for further clarification.

 

ACCESS TO SYSTEM

 

Procedure for filing by internet OICR offering documentation with CONSOB (effective from 27 January 2014)

User Manual (effective from 1 January 2018)

Examples xsd (effective from 1 January 2018)

User Manual (effective from 1 January 2019)

Examples xsd (effective from 1 January 2019)

 

Special telephone help desk service is provided: 06 / 8477445 take place on working days between 9 a.m. and 1 p.m. and from 3 p.m. and 5 p.m.

An electronic mailbox for technical assistance for those involved (saivif@consob.it ). 

 


[1] As provided in the "Titolo V, Capitolo I, Sezione II" of "Regolamento sulla gestione collettiva del risparmio" issued by the Banca d'Italia.

[2] E.g. distribution fees equal to 4% shall be amortized on a straight-line basis in 4 years.

[3] Please refer to Good Practice 3 as defined in the "Good Practice for Fees and Expenses of Collective Investment Schemes" issued by the IOSCO (FR09/16 - IOSCOPD543).