Date: 27th April 2020

On 3 April the European Securities and Markets Authority (ESMA) published its final guidelines on performance fees in investment funds, applicable to Undertakings for Collective Investment in Transferable Securities (UCITS) and certain types of Alternative Investment Funds (AIFs).

These guidelines aim to provide rules for fund managers when charging performance fees to retail investors as well as for National Competent Authorities (NCAs) when supervising performance fees models and disclosure across the European Union (EU).

BETTER FINANCE, as the dedicated representative of European individual investors, was the only user-side organisation to provide extensive feedback to EMSA on the matter and is pleased to see that many of its proposals have been taken on board as part of the Guidelines:

download EN version (pdf - 297.60KB)
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download DE version (docx - 417.45KB)
download ES version (docx - 471.76KB)
download IT version (docx - 470.27KB)