New circular on the notification procedure for UCITS of another Member State of the EEA

The FSMA published Circluar FSMA_2023_07 on the Notification procedure for undertakings for collective investment governed by the law of another Member State of the European Economic Area and fulfilling the conditions of Directive 2009/65/EC, aiming to provide a comprehensive overview of the regulatory framework and procedures for marketing units of foreign law governed UCITS in Belgium.
The basis for Belgian legislation on UCITS is the Law of 3 August 2012 (UCITS Law) and the Royal Decree of 12 November 2012 (UCITS Royal Decree), which govern UCIs that meet the conditions of Directive 2009/65/EC (UCITSD). To market securities in Belgium, a UCITS governed by foreign law must complete the notification procedure, unless it is not offering them to the public.
The FSMA maintains a list of all registered UCITS and compartments. The notification dossier, drawn up in accordance with the law of the UCITS‘ home Member State, must be submitted to the competent authorities.
The key information document must be submitted to the FSMA in advance for each PRIIP marketed in Belgium. Upon receipt, the competent authorities of the UCITS‘ home Member State must transmit the notification dossier to the FSMA, who will register the UCITS on the list referred to in Article 149 of the UCITS Law.
A UCITS must notify the FSMA in writing of any changes to the information contained in the notification letter or to the share classes to be marketed at least one month before implementation. A UCITS that plans to market its units in Belgium must provide the necessary facilities for the tasks set out in Article 154, § 2 of the UCITS Law, and must make certain documents available in Belgium.
There is no obligation for foreign UCITS to report specific information to the FSMA, except for the annual payment based on the Royal Decree of 17 May 2012. The rules and requirements governing marketing arrangements apply to all UCITS, share classes of UCITS, and categories of investors.