ESMA_QA_2175
Topic
Costs and fees
08/05/2024
Subject Matter
Performance fees
Question
Can the manager of a Fund of Funds (FoF) charge performance fees?
Level 1 Regulation
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA_QA_2174
Topic
Costs and fees
08/05/2024
Subject Matter
Performance fees
Question
Where a manager applies an additional reference indicator to the performance fee model (e.g.: a hurdle rate on top of the High-Water Mark model or the benchmark model), should the minimum performance reference period be applied to the additional reference indicator?
Level 1 Regulation
Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU
ESMA_QA_2173
Topic
Costs and fees
08/05/2024
Subject Matter
Performance fees
Question
Where a manager applies an additional reference indicator to the performance fee model (e.g.: a hurdle rate on top of the High-Water Mark model or the benchmark model), should the minimum performance reference period be applied to the additional reference indicator?
Level 1 Regulation
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA_QA_2172
Topic
Client categorisation
07/05/2024
Subject Matter
Two classifications for one client
Question
Assuming that the investor disclosure requirements are predefined in legal documents and agreements, is it possible to select two client categories for a professional client (such as per se eligible counterparty and professional client)?
Level 1 Regulation
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries
ESMA_QA_2168
Topic
CSD questions - Organisational requirements (governance arrangements, record keeping, outsourcing, user committee)
30/04/2024
Subject Matter
Scope of issuers required to obtain and transmit to CSDs a valid LEI
Question
Does the new requirement under Article 29(1a) of Regulation (EU) No 909/2014 (CSDR), as amended by Regulation (EU) 2023/2845 (CSDR Refit), apply to all issuers to whom a CSD provides services?

Does the requirement also apply to issuers of securities in paper form, if the CSD provides ancillary services to those issuers?

Does the obligation for issuers to obtain and transmit to the CSD a valid legal entity identifier (LEI) apply only to new issuers to whom the CSD provides services, i.e. after the date of entry into force of the requirement?
Level 1 Regulation
Central Securities Depositories Regulation (CSDR) Regulation (EU) No 909/2014- PTR- CSDR