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ARTICLE · 02 APRIL 2021

UCITS/certain Types Of AIFs: ESMA Guidelines On Performance Fees

ELVINGER HOSS PRUSSEN, société anonyme
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On 5 November 2020, ESMA published Guidelines on performance fees in UCITS and certain types of AIFs ("Guidelines") on its website in all EU official languages.

European UnionFinance and Banking
Elvinger Hoss Prussen
Elvinger Hoss Prussen

On 5 November 2020, ESMA published Guidelines on performance fees in UCITS and certain types of AIFs ("Guidelines") on its website in all EU official languages.

The Guidelines became applicable on 6 January 2021 and in Luxembourg, by way of its Circular 20/764, the CSSF confirmed the integration of those Guidelines into its administrative practices and regulatory approach.

The Guidelines apply to UCITS management companies and to AIFMs of AIFs allowed by Member States to market their units to retail investors in their territory in accordance with Article 43 of the AIFM Directive, except for closed-ended AIFs and open-ended AIFs that are EuVECAs1 (or other types of venture capital AIFs), EuSEFs2, private equity AIFs or real estate AIFs.

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