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Version status: Applicable | Document consolidation status: Updated to reflect all known changes
Version date: 22 July 2013 - onwards
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Article 24 Inducements

(Article 12(1) of Directive 2011/61/EU)

1. AIFMs shall not be regarded as acting honestly, fairly and in accordance with the best interests of the AIFs they manage or the investors in these AIFs if, in relation to the activities performed when carrying out the functions referred to in Annex I to Directive 2011/61/EU, they pay or are paid any fee or commission, or provide or are provided with any nonmonetary benefit, other than the following:

(a) a fee, commission or non-monetary benefit paid or provided to or by the AIF or a person on behalf of the AIF;

(b) a fee, commission or non-monetary benefit paid or provided to or by a third party or a person acting on behalf of a third party, where the AIFM can demonstrate that the following conditions are satisfied:

(i) the existence, nature and amount of the fee, commission or benefit, or, where the amount cannot be ascertained, the method of calculating that amount, is clearly disclosed to the investors in the AIF in a manner that is compreh

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