Info
🔗 Back to Summary. 🇫🇷 French Version: 2026R0466_FR.6. Back to Summary of LVL1. Open the PDF. Direct link to EUR-LEX.
Article 5 – Swing pricing ⬅️ | ➡️ Article 7 – Anti-dilution levy
Article 6 - Dual pricing
1.
A UCITS that activates dual pricing shall for that purpose use one of the following calculation methods:
(a)
calculation of two net asset values:
(i)
one net asset value for subscriptions, determined on the basis of the ask prices of the assets held by the UCITS;
(ii)
one net asset value for redemptions, calculated on the basis of the bid prices of the assets held by the UCITS;
(b)
calculation of only one net asset value for subscribing and redeeming investors.
2.
For both calculation methods referred to in paragraph 1, the costs of liquidity by which the net asset value per unit or share is adjusted shall include the estimated explicit transaction costs referred to in Article 4(3), first subparagraph. Where appropriate to the investment strategy of the UCITS, such costs of liquidity shall also include the implicit transaction costs referred to in Article 4(3), second subparagraph, including any significant market impact of asset purchases or sales, to meet those subscriptions or redemptions. Those implicit transaction costs shall be estimated on a best effort basis.