What must a UCITS publish for investors, and by when?

For each common fund it manages, the management company, and each VCIC, prepares a prospectus, an annual report and a report on the first half of each financial year, files them with CySEC and makes them available at all points of sale. It also prepares a summary statement of assets and expenses at the end of each quarter. Deadlines run from the end of the period: 4 months for the annual report, 2 months for the half-yearly report, 15 days for each of the first three quarterly statements, and 2 months for the fourth, which also carries the year's profit and loss account and distribution of profits. The financial year is the calendar year, and the first one ends on 31 December of the year the fund starts operating.

Documents are in Greek, in Greek and English, or in English alone where the licensing file was in English only. The exam material says an umbrella fund produces these documents for each compartment; since 2012 the Law has required one prospectus and one set of reports covering all compartments.

The prospectus gives what investors need for an informed judgement, including a clear account of the fund's risks, and is kept up to date. It says whether the fund may use derivatives for efficient portfolio management, in particular hedging, or as investments. It warns prominently where the fund invests mainly in assets other than transferable securities and money market instruments, or tracks an index, and where NAV is likely to be highly volatile. It includes the remuneration policy or a summary with a website link and a free paper copy. The management company is liable for losses caused by false, misleading or missing information. On request, investors may also obtain the fund's quantitative risk limits, its risk management methods and recent trends in the main risks and yields.

The annual report contains the balance sheet or statement of assets and liabilities, an income and expenditure account, an activity report for the year and audited accounts with the full auditor's report. It also discloses total staff remuneration split into fixed and variable pay with the number of beneficiaries, totals by staff category, how pay is calculated, the results of policy reviews and material policy changes. Reports are free on request, on paper if asked. Before subscribing, an investor must receive the KIID and the fund rules free of charge; the prospectus and latest reports are supplied only on request.

The management company calculates NAV, units in issue, NAV per unit and dealing prices on the first working day in every calendar fortnight, or more often if the rules say so, and money market and exchange-traded UCITS do so every working day. NAV per unit is NAV divided by units in issue, and dealing prices may differ from it by the manager's commission. The figures appear on the management company's website on the second working day after each valuation date. The exam material says the next business day. The Law has said the second working day since 2012. Fortnightly calculation and website publication date from 16 June 2015, when Law 88(I)/2015 replaced daily calculation and newspaper publication. Redemption money is paid within 4 working days, as explained in What may a UCITS borrow, how are its assets valued, and when can redemptions be suspended?

The key investor information document is labelled as such, short, non-technical and in Greek and/or English. It must be fair, clear, not misleading and consistent with the prospectus. It identifies the fund and its regulator and covers objectives and investment policy, the risk and reward profile, costs and charges, and past performance or performance scenarios. It says where to find more information, that civil liability arises only if the document is misleading, inaccurate or inconsistent with the prospectus, and where the remuneration policy is available. For an exchange-traded fund, ESMA guidelines add the 'UCITS ETF' label and require the prospectus, KIID and marketing to explain the portfolio transparency policy and where portfolio details and the indicative NAV are published; the prospectus also explains how the indicative NAV is calculated.

The exam material describes only the KIID. Since 1 January 2023, when the PRIIPs exemption for UCITS expired, UCITS sold to retail investors have produced a PRIIPs key information document, and Article 65A of the Law, added by Law 154(I)/2022, treats it as meeting the KIID rules. Compare What must clients be told about financial instruments and about costs and charges?

Any advertisement or document inviting subscription, online included, must state clearly that returns on UCITS units are not guaranteed and that past performance does not guarantee future returns; a guaranteed UCITS gives only the second part. Since 2 August 2021, Article 4 of Regulation (EU) 2019/1156 has set the general standards. Marketing communications must be identifiable as such, present risks and rewards equally prominently, and be fair, clear and not misleading. They must not contradict the prospectus or KIID, and must say where, how and in which language those documents can be obtained.