The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today updated its Questions and Answers on the application of the Undertakings for Collective Investment in Transferable Securities Directive (UCITS Directive).
ESMA has added two new Q&As on the ESMA’s guidelines on performance fees in UCITS and certain types of AIFs (“the guidelines”).
The Q&As provides clarification on the crystallisation of the performance fees and on the timeline of the application of the performance reference period.
The purpose of this Q&A document is to promote common supervisory approaches and practices in the application of the guidelines.
