Article 1(4)(d) of the prospectus regulation states:

"The obligation to publish a prospectus set out in Article 3(1) shall not apply to any of the following types of offers of securities to the public: ...(d) an offer of securities addressed to investors who acquire securities for a total consideration of at least EUR 100 000 per investor, for each separate offer;"

May the purchase of securities by a joint account be considered as "one investor"? Let us assume that, in the context of an offer, a purchase for EUR 100,000 is executed for a joint account held by husband and wife. In such case, is the above mentioned condition of "at least EUR 100 000 per investor" still complied with?

Article 52(1)(b) of the UCITS Directive requires a UCITS not to invest more than 20% of its assets in deposits made with the same body. Does the term “body” referred to in the aforementioned article mean “credit institution” as mentioned in Article 50(1)(f) of the UCITS Directive or does it include also any other counterparty which is not a credit institution?

Question 7 [last update 16 July 2021]: In case the authorised AIFM has delegated the portfolio management function to different delegated portfolio managers, would it be admissible to pay a performance fee to those delegated portfolio managers who have overperformed during the performance reference period, despite a global underperformance of the fund during the same performance reference period?

Question 6 [last update 28 May 2021]: How should the performance reference period be
set in case of a merger where the receiving AIF is a newly established fund with no
performance history and it is in effect a continuation of the merging AIF?

Question 5 [last update 20 May 2022]: Based on paragraph 40 of the Guidelines on performance fees, how should the performance reference period for the benchmark model be set?