ESMA_QA_966
01/07/2021
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
Original question
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)?
ESMA Answer
03-10-2024
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.
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.
Status: Answer Published
Additional Information
Level 1 Regulation
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
Topic
Costs and fees