(a) Subject to subparagraph (b), a responsible person shall ensure that the constitutional document of the UCITS specifies, as applicable -
(i) the maximum fee that may be charged by the management company, and
(ii) the maximum fee that may be charged by an investment manager appointed by the responsible person, where that fee is paid directly out of the assets of the UCITS.
(b) In the case of a UCITS constituted as an ICAV or investment company the matters specified in subparagraph (a) may be included in either the constitutional documents of the UCITS or in the relevant management agreement.
(2) Any fee, under paragraph (1) that is specified as being payable to a management company or to an investment manager shall include any performance related fee that that management company or investment manager (as the case may be) may charge.
(a) The maximum fee that may be charged by a management company or an investment manager pursuant to paragraph (1) shall not be increased without
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