Regulatory Alerts2004-04-01
General Decision of the Financial Markets Council No. 8 of April 1, 2004 on changes in the life of a UCITS and related information obligations
The Financial Markets Council issued General Decision No. 8 of April 1, 2004 to establish detailed approval and information obligations for changes affecting the life of Securities Collective Investment Schemes (UCITS). The decision mandates prior CMF approval and specific shareholder or unitholder notification for major operational shifts, including changes to managers, depositaries, distributors, categories, guarantees, and fund names, while specifying exemption conditions when counterparties are already approved. For non-approved modifications such as fee adjustments, investment guideline changes, and administrative updates, the decision prescribes targeted press publications or periodic document disclosures, consistently granting a three-month fee-free exit right to investors when redemption commissions are affected.