CHAPTER III

MASTER-FEEDER STRUCTURES
SECTION 2

Liquidation, merger or division of the master UCITS
Subsection 1

Procedures in the event of a liquidation

Application for approval
Article 20
1
Member States shall require the feeder UCITS to submit to its competent authorities no later than two months after the date on which the master UCITS informed it of the binding decision to liquidate, the following:
a
where the feeder UCITS intends to invest at least 85 % of its assets in units of another master UCITS in accordance with Article 60(4)(a) of Directive 2009/65/EC:
1. its application for approval for that investment;
2. its application for approval of the proposed amendments to its fund rules or instrument of incorporation;
3. the amendments to its prospectus and its key investor information in accordance with Articles 74 and 82 of Directive 2009/65/EC, respectively;
4. the other documents required pursuant to Article 59(3) of Directive 2009/65/EC;
b
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:
1. its application for approval of the proposed amendments to its fund rules or instrument of incorporation;
2. the amendments to its prospectus and its key investor information in accordance with Articles 74 and 82 of Directive 2009/65/EC, respectively;
c
where the feeder UCITS intends to be liquidated, a notification of that intention.
2
By way of derogation from paragraph 1, where the master UCITS informed the feeder UCITS of its binding decision to liquidate more than five months before the date at which the liquidation will start, the feeder UCITS shall submit to its competent authorities its application or notification in accordance with one of the points (a), (b) or (c) of paragraph 1 at the latest three months before that date.
3
The feeder UCITS shall inform its unit-holders of its intention to be liquidated without undue delay.