S.L. 370.19 Art. 11Information to investors.

(1) The merging UCITS and the receiving UCITS shall provide appropriate and accurate information on the proposed merger to their respective unit-holders so as to enable their respective unit-holders to make an informed judgment of the impact of the proposed merger on their investment and to exercise their rights under regulations 12 and 13.

(2) The information referred to in sub-regulation (1) shall be provided to the unit-holders of the merging UCITS and of the receiving UCITS only after the proposed merger has been approved by the competent authority in the case where the merging UCITS is a Maltese UCITS, or by the European regulatory authority of the home Member State of the merging UCITS, where the Maltese UCITS is the receiving UCITS and shall include the following information:

(a) the background to and the rationale for the proposed merger;

(b) the possible impact of the proposed merger on unit-holders, including but not limited to any material differences in respect of investment policy and strategy, costs, expected outcome, periodic reporting, possible dilution in performance, and, where relevant, a prominent warning to investors that their tax treatment may be changed following the merger;

(c) any specific rights unit-holders have in relation to the proposed merger, including but not limited to the right to obtain additional information, the right to obtain a copy of the report of the independent auditor or the depositary on request, and the right to request the repurchase or redemption, or where applicable, the conversion of their units without charge, as specified in regulation 12, and the last date for exercising that right;

(d) the relevant procedural aspects and the planned effective date of the merger; and

(e) a copy of the key investor information of the receiving UCITS.

(3) The information to be provided to unit-holders of the merging UCITS and the receiving UCITS in terms of this regulation shall be provided at least thirty days before the last date for requesting repurchase or redemption or, where applicable, conversion without additional charge in accordance with regulation 12.

(4) Where a Maltese UCITS is either a merging or a receiving UCITS and has been notified in another Member State in terms of Article 93 of the UCITS Directive, it shall provide the information referred to in sub-regulation (2) in the official language or in one of the official languages of the Member State in which it has been so notified, or in a language approved by the European regulatory authority of that Member State. The UCITS responsible for providing the information referred to in sub-regulation (2) shall also be responsible for producing the relative translation, and such translation shall faithfully reflect the contents of the original.

(5) An up-to-date version of the key investor information of the receiving UCITS shall be provided to existing unit-holders of the merging UCITS.

(6) The key investor information of the receiving UCITS shall be provided to existing unit-holders of the receiving UCITS where it has been amended for the purpose of the proposed merger.

(7) In the period between the date when the information referred to in sub-regulation (1) is provided to unit-holders and the date on which the merger takes effect, such information and the up-to-date key investor information of the receiving UCITS shall be provided to each person who purchases or subscribes units in either the merging UCITS or the receiving UCITS or asks to receive copies of the fund rules or instruments of incorporation, prospectus or key investor information of either UCITS.

(8) A Maltese UCITS shall also comply with the requirements on information set out in the Schedule.