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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 27 May 2019 - onwards
    Version 1 of 1    

Regulation 40 Performance fees

(1) A responsible person shall ensure that performance fees are only payable by the UCITS on -

(a) achieving a new high net asset value over the life of the UCITS, or,

(b) the out-performance of an index.

(2) Where performance fees are payable on achieving a new high net asset value, the responsible person shall ensure that -

(a) no performance fee is accrued or paid until the net asset value per share exceeds -

(i) the previous highest net asset value per share on which the performance fee was paid or accrued, or

(ii) the initial offer price, if higher. The initial offer price shall be taken as the starting price for this calculation.

(b) the performance fee is only payable or paid on the increase of the net asset value per share over the amount in subparagraph (a)(i) or (a)(ii), whichever is higher.

(3) Where performance fees are payable on the basis of out-performance of an index, the responsible person shall ensure that -

(a) the index is consistent with the UCITS investment policy

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