AMF Guide on Fees

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II - Investment Products
II. 1 - Collective Investments
II. 1.1. Provisions common to UCITS and AIFs
Doctrine
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Guide on Fees

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Applicable as of March 16, 2021
Position - Recommendation DOC-2012-12

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Summary
Fee retrocessions for subscription/redemption and management in fund-of-funds can only be carried out under certain conditions detailed in this guide. Clarifications are also provided regarding the performance fee as well as the calculation methods for variable management fees with equalization claims for general-purpose professional funds, alternative fund-of-funds, professional collective real estate investment undertakings, and specialized professional funds.

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Reference texts

Article 319-13 of the General Regulation

Article 321-118 of the General Regulation

Article 411-129-1 of the General Regulation

Article 411-130 of the General Regulation

Article 422-90 of the General Regulation

Article 422-91 of the General Regulation

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Fee retrocessions for subscription/redemption and management in fund-of-funds can only be carried out under certain conditions detailed in this guide. Clarifications are also provided regarding the performance fee as well as the calculation methods for variable management fees with equalization claims for general-purpose professional funds, alternative fund-of-funds, professional collective real estate investment undertakings, and specialized professional funds.

Download the doctrine
Reference texts

Article 319-13 of the General Regulation

Article 321-18 of the General Regulation

Article 411-129-1 of the General Regulation

Article 411-130 of the General Regulation

Article 422-90 of the General Regulation

Article 422-91 of the General Regulation

Fee retrocessions for subscription/redemption and management in fund-of-funds can only be carried out under certain conditions detailed in this guide. Clarifications are also provided regarding the performance fee as well as the calculation methods for variable management fees with equalization claims for general-purpose professional funds, alternative fund-of-funds, professional collective real estate investment undertakings, and specialized professional funds. This document has not been updated with regard to texts transposing MIF 2 and/or separating the legal regime of investment firms and portfolio management companies. This update will be carried out shortly.

Download the doctrine
Reference texts

Article 314-78 of the General Regulation

Article 319-13 of the General Regulation

Article 411-129-1 of the General Regulation

Article 411-130 of the General Regulation

Article 422-90 of the General Regulation

Article 422-91 of the General Regulation

Fee retrocessions for subscription/redemption and management in fund-of-funds can only be carried out under certain conditions detailed in this guide. Clarifications are also provided regarding the performance fee as well as the calculation methods for variable management fees with equalization claims for ARIA UCITS, alternative UCITS, and contractual UCITS.

Download the doctrine
Reference texts

Article 314-78 of the General Regulation

Article 411-129-1 of the General Regulation

Article 411-130 of the General Regulation

Download the doctrine

UCITS - Variable management fees with equalization claims and deferred subscription fees

Modifications to the General Regulation regarding the prohibition of management fee retrocessions in fund-of-funds

Retrocessions of subscription/redemption fees and management fees in fund-of-funds: practical modalities for allocating these retrocessions to the fund-of-funds and conditions for informing subscribers Legal notices:
Publisher: The Director of the Communication Department of the AMF. Contact: Communication Department, Autorité des marchés financiers - 17, place de la Bourse - 75082 Paris Cedex 02