NCAs to confirm ESMA's guidelines on performance fees of UCITS and certain types of AIFs

Belgium FSMA and French AMF confirmed convergence with ESMA performance fee guidelines for UCITS and certain AIFs published on 3rd April 2020 and translated on 5th November 2020.

Please refer to FundGlobam post published on 10th April 2020 for the main impacts of the law.

Please remind that the guidelines is based on 5 topics :

    1. Calculation method guidelines
    2. Consistency guidelines
    3. Crystallisation frequency guidelines
    4. Negative performance guidelines
    5. Disclosure guidelines

Both French and Belgian authorities will implement these guidelines as from 05/01/2021.

Official publications:

Belgium FSMA: Communication FSMA 2020 17 (01/12/2020)
French AMF: Position AMF DOC- 2021-01 (05/01/2021)

FundGlobam will be happy to assist you should you require any further information.