Informe Técnico Al Consejo De La Cnmv Relativo Al Proyecto De Circular Sobre Información

SPANISH PROVISIONS ON UCITS’ NOTIFICATION PROCEDURES

National marketing rules and other specific national regulations

This document gives an overview on the non-harmonized Spanish provisions according to Annex III of CESR’s guidelines to simplify the notification procedure of UCITSCESR’s guidelines

I.MemberState

Spain

Date of last update

February 2007

III.Supporting documents or information to the notification letter that are not required by the Directive but by national law (e.g. information in the full prospectus, certifications and/or written mandate, paying agent, information agent, third person empowered to act on behalf of the notifying UCITS – e.g. lawyer - , other information)

- A marketing memorandum for subscribers in Spainmust be attached to the full and simplified prospectus Memoramdum

- For the initial registration (according to Article 15 of Law 35/2003) a certification by the home State supervisory authority ofthe following documents is required: full prospectus,simplified prospectus and fund rules or instruments of incorporation

- UCITS must appoint asingle legal personresponsible for complying with all the information requirements established in Circular 2/2006, except for the provisions included in Norma Cuarta and Norma Quinta.

- A list of distributors in Spain

- Designation of a distributor responsible for submitting the required information according to Art. 52 of the Spanish personal income tax regulations (Royal Decree 1775/2004)

Marketing definition: Article 2 of Law 35/2003

Advertising: UCITS must comply with all provisions regarding advertising in Spain (Article 18 of Law 35/2003)

Modifications and on-going process

- Amendments to the marketing memorandum and simplified prospectus (including its sworn translation) must be submitted to the CNMV. UCITS must also submit a letter describing the changes that have been made in the new simplified prospectus, with respect to the previous one.

Amendments to the full prospectus, fund rules or instruments of incorporation, as well asannual reports and half-yearly reports(including their sworn translations) have to beavailable to the CNMV, and suppliedupon request only.

- Distributors must report statistical information to the CNMV electronically

For further detailson these provisions or on the information to be provided by the UCITS and/or its distributors to investors in Spain, please refer to Circular 2/2006

IV.Additional information

1.electronic submission of documents for example via fax or e-mail:yes,the notification letter (Annex II of CESR’s guidelines) must be submitted electronically.Cifradoc

All information included in the notification letter must be kept up-to-date. Therefore, any subsequent changes must be notified to CNMV.

2.two-month period may be shortened: yes

New sub-funds: The two-month period applies to the registration of new sub-funds. Nevertheless, this period could be shortened.

New share classes: UCITS must only notify the addition of new share classes, so that, in this case, the two-month period is not applicable.

3.date of receipt of the complete notification is confirmed within one month: CNMV will inform the UCITS about the incompleteness and/ or any missing information or documents no later than one month from the date of receipt of the incomplete notification.

4.maximum submission period for missing documents and information, if the notification is incomplete: 10 working days

V.Required languages for translation, including whether translations are required to be sworn as true

All documents must be translated into Spanish by a sworn translator (except for the UCITS attestation)

VI.Transitional provisions with respect to the General reservation under point 3.

For the initial registration (according to Article 15 of Law 35/2003) a certification by the home State supervisory authority of the following documents is required: full prospectus,simplified prospectus and fund rules or instruments of incorporation. However the Hague-Apostille is no longer required.

Documented evidence of fee payment

In order to charge the applicable fee, an estimation of the total amount to be marketed in Spain is required:

Fee = 0,014% x total amount to be marketed in Spain

UCITS must appoint a person responsible for payment of all applicable fees

Conditions for ending marketing/ registration

A notification which includes a declaration that there are no investors in Spain must be submitted.