Update of the AFG-AFTI guide on performance fees

27/07/2022

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.

Read the guide.

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

Marie Claire de Saint Exupéry Senior Advisor Public Affairs SGSS