Notification or cancellation of registration
A manager wishing to start managing a UCITS investment fund must notify the AFM.
Notification of Dutch UCITS investment fund
To be registered, the UCITS investment fund must be assessed by the AFM on a number of points, including:
• prospectus on UCITS requirements;
• the key information document;
• the depositary;
• type of investment fund
The fees for the registration of a Dutch UCITS investment fund are €4,400.
The statutory processing time for the registration of a Dutch UCITS investment fund is four weeks.
Notification of depositary
If a depositary of a UCITS withdraws, this must be reported to the AFM and the new depositary notified.
The AFM does not charge fees for the notification and cancellation of the depositary. If the policymakers of the new depositary have not yet been assessed, fees will be charged for the assessment of these individuals.
The AFM must indicate within one month of receiving the full notification of the change if it rejects the proposed change or wishes to impose restrictions on it.
In the absence of a response, the proposed changes may be implemented. The AFM may extend this period by up to one month if it considers it necessary given the specific circumstances of the case. In the case of extension, the manager will be informed.
Notification of Market Money Funds
With effect from 21 January 2019, it is no longer permitted to manage or offer Money Market Funds (MMFs) without having applied for a licence extension and the relevant MMFs having been notified to the AFM.
A manager must not only extend its licence, but separately notify all its offered and/or managed MMFs. To notify a MMF with the AFM, you must be able to demonstrate that you meet the requirements arising from the MMFR. This includes requirements for the investment policy or method of valuation.
If you do not yet hold a licence or if it is a new (sub)fund, you must first apply for a licence as a manager and/or notify the (sub)fund.
The fees for the notification of a MMF are €2500 per notified MMF. The statutory processing time for the notification is two months.
Notification of UCITS manager outgoing European passport
If you want to offer a Dutch UCITS in another Member State, you must notify the AFM.
With your notification, you must provide the Notification form for offering a Dutch UCITS in another Member State (notification of intention to market units of UCITS).
The AFM does not charge any fees for this. The processing time for your notification is 10 working days.
Notification of outgoing European passport UCITS
If you want to offer a Dutch UCITS in another Member State, you must notify the AFM.
With your notification, you must provide the Notification form for offering a Dutch UCITS in another Member State (notification of intention to market units of UCITS).
The AFM does not charge any fees for this. The processing time for your notification is 10 working days.
Notification or change of branch of UCITS manager
If you want to open a branch in another Member State in order to perform activities there for which you have a licence, you must notify the AFM. The AFM does not charge any fees for this. The processing time for your notification is two months.
Cancellation of outgoing European passport UCITS
If you hold a European passport for offering and/or managing UCITS and/or providing services and/or a branch in one or more EU Member States and you no longer wish to use this European passport, you must notify the AFM.
When cancelling, you must enclose a covering letter indicating the services and/or activities for which you wish to have the European passport withdrawn and in respect of which Member States.
The AFM does not charge any fees for the processing of this cancellation.
UCITS cancellation
If a manager ceases to manage a UCITS (for example because the UCITS has been wound up and the fund assets have been liquidated), this must be notified to the AFM. Cancellation of the UCITS allows the AFM to strike out the registration of the UCITS in the register.
When requesting the registration of the UCITS, you must provide the following documents:
• Covering letter
• Manager’s declaration
• Depositary’s declaration
No fees will be charged for striking out a UCITS registration.