(1)
This section applies to a firm in relation to a communication to a client, including an excluded communication, that is a marketing communication within the meaning of the UCITS Directive.
(2)
This section does not apply to:
(a)
(b)
the instrument constituting the fund, the prospectus or the periodic reports and accounts of a UCITS scheme.
[Note: recital (58) of the UCITS Directive]
(1)
A firm must ensure that a marketing communication that comprises an invitation to purchase units in a UCITS scheme and that contains specific information about the scheme:
(a)
makes no statement that contradicts or diminishes the significance of the information contained in the prospectus and a product summary for the scheme;
(b)
indicates that a prospectus exists for the scheme and (where units in the scheme are made available to retail investors) that a product summary is available; and
(c)
specifies where and in which language such information or documents may be obtained by investors or potential investors or how they may obtain access to them.
(2)
Where a UCITS scheme may invest more than 35% of its scheme property in transferable securities and money market instruments issued or guaranteed by the United Kingdom or an EEA State, one or more of its local authorities, a third country or a public international body to which the United Kingdom or one or more EEA States belong, the firm must ensure that a marketing communication relating to the scheme contains a prominent statement drawing attention to the investment policy and indicating the particular states, local authorities or public international bodies in the securities of which the scheme intends to invest or has invested more than 35% of its scheme property.
(3)
Where a UCITS scheme invests principally in units in collective investment schemes, deposits or derivatives, or replicates a stock or debt securities index in accordance with COLL 5.2.31 R (Schemes replicating an index), the firm must ensure that a marketing communication relating to the scheme contains a prominent statement drawing attention to the investment policy.
(4)
Where the net asset value of a UCITS scheme or has, or is likely to have, high volatility owing to its portfolio composition or the portfolio management techniques that are or may be used, the firm must ensure that a marketing communication relating to the scheme contains a prominent statement drawing attention to that characteristic.
[Note: articles 54(3), 70(2) and 70(3) of the UCITS Directive]
A firm must ensure that a marketing communication relating to a feeder UCITS contains a statement that the feeder UCITS permanently invests at least 85% in value of its assets in units of its master UCITS.
[Note: article 63(4) of the UCITS Directive]
