DOC-2008-14 Performance Swaps on UCITS and Structured Products on Active Management

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II - Investment Products
II. 1 - Collective Investments
II. 1.1. Provisions common to UCITS and AIFs

Doctrine
UCITS

Performance Swaps, Total Return Swaps on UCITS, and Structured Products on Active Management

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Applicable as of February 16, 2023
Position DOC-2008-14

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Summary
Position DOC-2008-14 provides clarifications on UCITS that resort to performance swaps on UCITS or structured products on active management, particularly regarding investment rules, valuation, the autonomy of the Management Company (SGP), conflict of interest prevention, modification of target assets, investor information, and practical procedures for establishing these UCITS.

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Reference texts

Article L.214-20 of the Monetary and Financial Code

Article L.214-24-55 of the Monetary and Financial Code

Article R.214-19 II of the Monetary and Financial Code

Article R.214-32-28 II of the Monetary and Financial Code

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Position DOC-2008-14 provides clarifications on UCITS that resort to performance swaps on UCITS or structured products on active management, particularly regarding investment rules, valuation, the autonomy of the Management Company (SGP), conflict of interest prevention, modification of target assets, investor information, and practical procedures for establishing these UCITS.

Download the doctrine
Reference texts

Article L.214-20 of the Monetary and Financial Code

Article L.214-24-55 of the Monetary and Financial Code

Article R.214-19 II of the Monetary and Financial Code

Article R.214-32-28 II of the Monetary and Financial Code

Position DOC-2008-14 provides clarifications on UCITS that resort to performance swaps on UCITS or structured products on active management, particularly regarding investment rules, valuation, the autonomy of the Management Company (SGP), conflict of interest prevention, modification of target assets, investor information, and practical procedures for establishing these UCITS. This document has not been updated regarding texts transposing MiFID II 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 L.214-20 of the Monetary and Financial Code

Article L.214-24-55 of the Monetary and Financial Code

Article R.214-19 II of the Monetary and Financial Code

Article R.214-32-28 II of the Monetary and Financial Code

This position provides clarifications on UCITS that resort to performance swaps on UCITS or structured products on active management, particularly regarding investment rules, valuation, the autonomy of the Management Company (SGP), conflict of interest prevention, modification of target assets, investor information, and practical procedures for establishing these UCITS.

Download the doctrine
Reference texts

Article L.214-20 of the Monetary and Financial Code

Article R.214-19 II of the Monetary and Financial Code

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