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National provisions governing marketing requirements for UCITs

National (Slovak) provisions governing requirements for marketing UCITS in Slovakia

Last updated: 14.2.2024

This page contains information on the national laws, regulations and administrative provisions governing marketing requirements referred to  in Article 5(1) of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings.

Marketing requirements for UCITS in Slovakia

National laws, regulations and administrative provisions governing marketing requirements in the territory of Slovakia for foreign collective investment undertakings granted authorisation pursuant to Article 5 of Directive 2009/65/EC of the European Parliament and the Council 2009/65/EC (these entities are hereinafter referred to as ‘UCITS’ or ‘UCITS funds’; the Directive, as the ‘UCITS Directive’):

Act No 203/2011 on collective investment (hereinafter the ‘ACI’)

A. Format and content of marketing materials

No regulations issued by Národná banka Slovenska prescribe the format and content of marketing communications and materials (including the identification of marketing information and documents).

B. Verification and prior approval of marketing communications

Marketing communications and materials need not be sent to Národná banka Slovenska in advance; they are not checked, verified, approved or subject to prior approval by Národná banka Slovenska prior to the marketing of the UCITS fund in Slovakia.

C. Reporting obligations in relation to marketing materials

All marketing communications related to UCITS must conform to the requirements laid down in Section 151 of the ACI. There is no special reporting required. Národná banka Slovenska may require the submission of UCITS marketing materials for the purpose of assessing their compliance with applicable legislation under Section 151(7) of the ACI.

D. Notification and authorisation regime (passporting)

The cross-border distribution and cross-border management of UCITS must be carried out in compliance with Section 60 of the ACI with reference to Sections 64 to 66 and 142 to 144 of the ACI. At the same time, the cross-border distribution of UCITS must comply with Section 138 of the ACI.

The cross-border distribution of a foreign  UCITS in the territory of Slovakia can be carried out by a foreign management company authorised pursuant to the UCITS Directive on the following bases:

(a) a notification under Section 64 of the ACI and Section 142 of the ACI if the distribution of the UCITS is to be carried out via the establishment of a branch (Articles 17 and 93 of the UCITS Directive);

(b) a notification under Section 142 of the ACI if the distribution of the UCITS is to be carried out under the freedom to provide services without the establishment of a branch (Articles 16, 18 and 93 of the UCITS Directive).

Notification under Sections 64 and 142 of the ACI is not required if the UCITS distribution is to be carried out other than by a public offer of the UCITS (Section 138(6) of the ACI). Public marketing of UCITS in Slovakia is allowed only if Národná banka Slovenska has been duly notified in accordance with the ACI. Such UCITS must meet the prerequisites for the public offer of UCITS under Section 144 of the ACI (Articles 92 and 94 of the UCITS Directive).

The cross-border establishment and management of UCITS funds in the territory of Slovakia can be carried out by a foreign management company authorised pursuant to the UCITS Directive on the following basis:

(a) a notification under Sections 64 and 66 of the ACI if the company intends to pursue its activities via the establishment of a branch (Article 17 of the UCITS Directive);

(b) a notification under Sections 65 and 66 of the ACI if the company intends to pursue its activities under the freedom to provide services without the establishment of a branch (Article 16 and Article 93 of the UCITS Directive).

A foreign UCITS fund managed by a foreign management company authorised pursuant to the UCITS Directive or a foreign UCITS authorised pursuant to the UCITS Directive may distribute its securities in the territory of Slovakia only in accordance with Sections 143 and 144 of the ACI.

Information on measures adopted to ensure that facilities are available for retail investors pursuant to Section 144(5) of the ACI (Article 92 of the UCITS Directive) must be provided in Slovak. Národná banka Slovenska has issued no legislation authorising the use of another language for this purpose.

UCITS distribution by third party distributors is considered to fall within the provision of investment services under Annex I Section A of the MiFID Directive, point (1) Reception and transmission of orders in relation to one or more financial instruments and/or point (2) Execution of orders on behalf of clients, and, pursuant to Section 58 of the ACI, it must be carried out only by persons authorised to provide such investment services under applicable legislation of the Member State in which the distribution takes place, or by financial institutions with appropriate authorisation for the distribution of securities.

Any changes to information contained in notifications of  cross-border activities  carried out in the territory of Slovakia via the establishment of a branch must be notified to Národná banka Slovenska in accordance with Section 64(5) of the ACI. Other changes in cross-border activities must be communicated electronically to the competent authority of the foreign management company´s home Member State.

De-notification of arrangements made for marketing as regards the cross-border distribution of a foreign (EU) UCITS must be carried out in accordance with Section 144a of the ACI (Article 93a of the UCITS Directive). Information under Section 144a(1) and (4) of the ACI (Article 93a of the UCITS Directive) must be provided to investors in the territory of Slovakia in Slovak. Národná banka Slovenska has issued no legislation authorising the use of another language for this purpose.

The notification letter, any changes to information contained in the notification, and any de-notification must be sent by electronic means to the competent authority of the UCITS home Member State.

As regards the notification letter, Národná banka Slovenska accepts the notification letter template used by the competent authority of the UCITS home Member State as well as the template published online at the following link:

/en/financial-market-supervision1/supervision/collective-investmentt

The address to be used by the competent authority of the UCITS home Member State  when forwarding all such information to NBS by electronic means is: ucits.iv@nbs.sk

There are no special rules or obligations required by Národná banka Slovenska for the notification of UCITS distribution in the territory of Slovakia other than those laid down in Section 93 of the UCITS Directive (Sections 142 and 143 of the ACI) and the  Notification Regulation.

Disclaimer: Národná banka Slovenska has taken reasonable care to ensure that the information on the national provisions governing marketing requirements for UCITS funds in Slovakia included on this webpage is up-to-date and complete. Národná banka Slovenska is not responsible for maintaining external websites, nor is it liable for any error or omission on any external website to which hyperlinks are provided on this webpage.

E. Other requirements

Any document or information other than a key information document for investors must be provided to investors in Slovakia in accordance with Section 144(1) of the ACI in the following language(s):

  • Slovak; or
  • a language that may be stipulated for this purpose by Národná banka Slovenska in legislation of general application issued under special legislation. (Note: Národná banka Slovenska has not issued any legislation for this purpose.); or
  • a language customary in the sphere of international finance.

The use of the above-mentioned languages ​​is limited by Section 144(7) of the ACI, under which information on arrangements (facilities) ensuring compliance with Section 144(5) of the ACI must be provided in the Slovak language, as Národná banka Slovenska has issued no legislation authorising the use of any other language for this purpose.

Under Article 7 of the PRIIPS Regulation, the key information document of a UCITS fund marketed in Slovakia must be written in:

  • the official language, ​​or in one of the official languages, used in the part of the Member State where the UCITS fund is distributed (note: the official language in Slovakia is Slovak pursuant to Act No 270/1995 on the state language of the Slovak Republic, as amended); or
  • another language accepted by the competent authorities of Slovakia (note: Národná banka Slovenska has not issued any legislation in this regard).

If the key information document is written in a language other than the above, it must be translated into one of the above languages, and the translation must faithfully and accurately reflect the content of the original key information document.

In addition to these provisions laid down specifically for the marketing of UCITS funds in Slovakia, such activity may be subject to other legal provisions on marketing in Slovakia not specifically designed for the marketing of UCITS funds, depending on the individual situation of those involved in the marketing of shares or units of the UCITS funds, for example the following:

  • Section 73d(1) of Act No 566/2001 on securities and investment services (hereinafter the ‘ASIS’), which states that investment firms must provide investors with necessary information in a comprehensible form so that investors correctly understand the nature and risks of the investment service and of the specific type of financial instrument offered and, consequently, can take investment decisions on an informed basis.
  • Section 73c of the ASIS requires that all information, including marketing communications addressed to clients or potential clients, be fair, clear and not misleading. Marketing communications must be identifiable as such.
  • Section 33(7) of Act No 186/2009 on financial intermediation and financial advisory services (hereinafter the ‘AFI’) requires that the information provided by a financial agent or financial advisor to a client be, among other things, complete, accurate, true, understandable, clear, transparent and not misleading, and provided in the Slovak language or in another agreed upon language.

Marketing in Slovakia may trigger the application of other legal requirements, such as those related to unfair commercial practices, general information obligations towards consumers, general requirements for advertising and general information obligations in regard to electronic commerce. When marketing UCITS funds to retail or qualified investors, it is also necessary to take account of other legislation concerning investor or consumer protection. The information provided to investors/consumers must be comprehensible for them and in accordance with the principles of good conduct. When deciding on what kind of language to use in marketing materials for retail and qualified investors, considering the purpose, content and scope of the information, it is also necessary to take into account the requirements of the following legislation:

  • Act No 266/2005 on the protection of consumers in respect of the distance marketing of financial services regulates the supplier’s obligation to inform the consumer ‘…in a clear and comprehensible manner suitable for the used means of distance communication, in accordance with principles of good conduct and with principles of fair trading, so that the commercial purpose of the information is clear’; information must be up-to-date, complete and true. Furthermore, the consumer must be informed, prior to the conclusion of a distance contract or before the consumer is bound by the offer of a financial service, about the supplier, about the financial service, about the distance contract, about the way claims and complaints are handled and about the possibility of out-of-court handling of complaints, about the existence of other guarantee funds or compensation systems. (See especially Sections 4 to 9.)
  • Act No 147/2001 on advertising lays down a general requirement that advertising meet the requirements for public speech and, in respect of the Slovak language, adhere to the principles of language culture, rules of grammar and spelling, rules of pronunciation, and established professional terminology (see Sections 3 and 4).
  • Act No 250/2007 on the protection of consumers (see Sections 3, 6, 7, 8 and 9).
  • Act No 22/2004 on electronic commerce (see Section 4).

Disclaimer: This is a non-exhaustive list of national laws that may be applicable, and Národná banka Slovenska is not liable for any omission in the list. Compliance with the requirements arising from these laws is not subject to supervision by Národná banka Slovenska. The applicability of these requirements, and any other legal requirements, should be assessed before investing in or marketing a UCITS fund. In case of uncertainty, those investing in or marketing a UCITS should obtain independent advice as to the requirements that apply to their specific situation.

Summary of marketing requirements for UCITS

Relevant law:

Key provisions: Articles 3, 58, 60, 64, 65, 138, 142-144, 144a, 151

  • Directive 2009/65/EC of the European Parliament and of the Council on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities, as amended (‘UCITS Directive’)
  • Commission Regulation (EU) No 584/2010 as regards the form and content of the standard notification letter and UCITS attestation, the use of electronic communication between competent authorities for the purpose of notification, and procedures for on-the-spot verifications and investigations and the exchange of information between competent authorities (‘Notification Regulation’)
  • Regulation (EU) No 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products (PRIIPs) (‘PRIIPS Regulation’)

Before a UCITS fund can be marketed in Slovakia, Národná banka Slovenska must be duly notified in accordance with the ACI. The UCITS must ensure that the fund meets the conditions for UCITS fund distribution in accordance with Section 144 of the ACI (Article 94 of the UCITS Directive).

Marketing communications and documents need not be sent to Národná banka Slovenska; they are not subject to checking, approval or prior approval by Národná banka Slovenska. All marketing communications must comply with Section 151 of the ACI. There are no special reporting obligations (only on request).

Legislation of general application concerning advertising to consumers:

Key provisions: Sections 73c and 73d

Key provisions: Section 33

Key provisions: Sections 3, 6, 7, 8 and 9

  • Directive 2005/29/EC of the European Parliament and of the Council of 11 May 2005 concerning unfair business-to-consumer commercial practices in the internal market and amending Council Directive 84/450/EEC, Directives 97/7/EC, 98/27/EC and 2002/65/EC of the European Parliament and of the Council and Regulation (EC) No 2006/2004 of the European Parliament and of the Council (‘Unfair Commercial Practices Directive’)

Key provisions: Sections 3, 4, 5, 6, 7, 8 and 9

Key provisions: Sections 3 and 4

Key provisions: Section 4

  • Directive 2000/31/EC of the European Parliament and of the Council of 8 June 2000 on certain legal aspects of information society services, in particular electronic commerce, in the Internal Market (‘Directive on electronic commerce’))