Update of the AFG-AFTI guide on performance fees
AFG* and AFTI** published in July 2022 an update of the guide, originally drafted in 2018, to performance fees for French UCITS*** and non-dedicated retail investment funds.
This new version takes into account European regulatory developments: in March 2021, ESMA updated its questions and answers on the application of AIFMD1 and UCITS Directive to provide important clarifications in this area, in particular by introducing a condition for catching up years of underperformance over a period of 5 years.
Read the UCITS Q&A.
Read the AIFMD Q&A.
The guide includes a template for drafting a prospectus in line with ESMA guidelines and a detailed algorithm for the calculations.
*Association française de la gestion financière
** Association française des professionnels des titres
***Undertakings for Collective Investment in Transferable Securities
1Alternative Investment Fund Managers Directive
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