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ARTICLE · 11 MAY 2020

ESMA Final Guidance On Performance Fees In UCITS And Certain AIFs

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The final report on guidelines on performance fees in investment funds (the "Guidelines") which is applicable to both UCITS and certain types of alternative investment funds...

IrelandFinance and Banking
Maples Group
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The final report on guidelines on performance fees in investment funds (the "Guidelines") which is applicable to both UCITS and certain types of alternative investment funds ("AIFs"), was published by the European Securities and Markets Authority ("ESMA") on 3 April 2020.

It was issued in response to the July 2019 ESMA consultation paper containing draft guidelines, which sought industry feedback on performance fees models and disclosures by investment funds across the EU. 

Scope

The Guidelines are applicable to fund management companies acting for both UCITS and certain types of AIFs which target retail investors (i.e. from an Irish perspective certain retail investor alternative investment funds ("RIAIFs") and from a Luxembourg perspective AIFs established under part II of the law of 17 December 2010 relating to undertakings for collective investment ("Part II Funds")). 

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