ESMA_QA_966

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/966

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Regulatory Context

Regulation : UCITS

Level 1 Regulation: Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: Costs and fees

Subject Matter: Crystallisation of performance fees in case of the creation of a new UCITS/compartment/share class in the course of the financial year

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Question

Submission Date: 01 July 2021

In case of creation of a new compartment/share class in an existing UCITS in the course of its financial year or in case of creation of a new UCITS, can performance fees be crystallised after less than 12 months from the date of creation of such a new UCITS/compartment/share class (i.e.: the date in which the share class is launched/seeded)?

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ESMA Answer

Answer Date: 03-10-2024

[ESMA 34-43-392 UCITS Q&A, Section 11, 6a] No. Performance fees, if any, should be crystallised after at least 12 months from the creation of a new UCITS/compartment/share class. Moreover, paragraph 35 of the guidelines foresees that the crystallisation date should be the same for all share classes of a fund that levies a performance fee.

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        01-07-2021
  




Original language

        [ESMA 34-43-392 UCITS Q&A, Section 11, 6a]

No. Performance fees, if any, should be crystallised after at least 12 months from the creation of a new UCITS/compartment/share class. Moreover, paragraph 35 of the guidelines foresees that the crystallisation date should be the same for all share classes of a fund that levies a performance fee.

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This document was automatically extracted from the ESMA EMIR Q&A database.