Commission Directive 2010/42/EUShow full title

Article 22 Application for approval

1. Member States shall require that the feeder UCITS submits to its competent authorities, no later than one month after the date on which the feeder UCITS received the information of the planned merger or division in accordance with the second subparagraph of Article 60(5) of Directive 2009/65/EC, the following:

(a) where the feeder UCITS intends to continue to be a feeder UCITS of the same master UCITS:

(i)

its application for approval thereof;

(ii)

where applicable, its application for approval of the proposed amendments to its fund rules or instrument of incorporation;

(iii)

where applicable, the amendments to its prospectus and its key investor information in accordance with Articles 74 and 82 of Directive 2009/65/EC, respectively;

(b) where the feeder UCITS intends to become a feeder UCITS of another master UCITS resulting from the proposed merger or division of the master UCITS or where the feeder UCITS intends to invest at least 85 % of its assets in units of another master UCITS not resulting from the merger or division:

(i)

its application for approval of that investment;

(ii)

its application for approval of the proposed amendments to its fund rules or instruments of incorporation;

(iii)

the amendments to its prospectus and its key investor information in accordance with Articles 74 and 82 of Directive 2009/65/EC, respectively;

(iv)

the other documents required pursuant to Article 59(3) of Directive 2009/65/EC;

(c) where the feeder UCITS intends to convert into a UCITS that is not a feeder UCITS in accordance with Article 60(4)(b) of Directive 2009/65/EC:

(i)

its application for approval of the proposed amendments to its fund rules or instrument of incorporation;

(ii)

the amendments to its prospectus and its key investor information in accordance with Articles 74 and 82 of Directive 2009/65/EC, respectively;

(d) where the feeder UCITS intends to be liquidated, a notification of that intention.

2. For the purpose of the application of points (a) and (b) of paragraph 1 the following should be taken into account:

The expression ‘continues to be a feeder UCITS of the same master UCITS’ refers to cases where:

(a) the master UCITS is the receiving UCITS in a proposed merger;

(b) the master UCITS is to continue materially unchanged as one of the resulting UCITS in a proposed division.

The expression ‘becomes a feeder UCITS of another master UCITS resulting from the merger or division of the master UCITS’ refers to cases where:

(a) the master UCITS is the merging UCITS and, due to the merger, the feeder UCITS becomes a unit-holder of the receiving UCITS;

(b) the feeder UCITS becomes a unit-holder of a UCITS resulting from a division that is materially different to the master UCITS.

3. By way of derogation from paragraph 1, in cases where the master UCITS provided the information referred to in or comparable with Article 43 of Directive 2009/65/EC to the feeder UCITS more than four months before the proposed effective date, the feeder UCITS shall submit to its competent authorities its application or notification in accordance with one of the points (a) to (d) of paragraph 1 of this Article at the latest three months before the proposed effective date of the merger or division of the master UCITS.

4. The feeder UCITS shall inform its unit-holders and the master UCITS of its intention to be liquidated without undue delay.