Question 2 [last update 30 March 2021]: Paragraphs 40 and 41 of the Guidelines on
performance fees recommend that the length of the performance reference period (if this is
shorter than the whole life of the fund) should be set equal to at least 5 years. How should the
performance reference period be set for the first time in light of the application date of the
guidelines?

Section XV: ESMA’s guidelines on performance fees in UCITS and certain types of AIFs Question 1 [last update 30 March 2021]: Based on paragraphs 40 and 41 of the guidelines on performance fees in UCITS and certain types of AIFs (“Guidelines on performance fees”),
should performance fees be paid only at the end of the performance reference period of 5 years?

Question 3 [last update 16 December 2022]: Are managers of special purpose
acquisition companies (“SPACs”) subject to the AIFMD?

Question 16 [last update 20 July 2022]: According to Article 89(1)(c) of Commission
Delegated Regulation (EU) No 231/2013 as modified by Commission Delegated Regulation
(EU) 2018/1618 and Article 13(1)(c) of Commission Delegated Regulation (EU) 2016/438 as
modified by Commission Delegated Regulation (EU) 2018/1619 reconciliations are conducted
as frequently as necessary between the depositary’s internal accounts and records and those
of any third party to whom safekeeping has been delegated. What does this mean in case of
use of a tri-party collateral manager, which is not the depositary?

What is the requirement on a CCP for the recording of financial instruments posted to it as margins, default fund contributions or contributions to other financial resources? Is it possible for a CCP to record the value assigned to financial instruments post-haircut?