Points 7 to 23 of Annex VI to be amended as follows:
Calculation of specific types of costs of investments funds
Transaction costs
7. Transaction costs shall be calculated on an annualised basis, based on an average of the transaction costs incurred by the PRIIP over the previous three years. Where the PRIIP has been operating for less than three years, transaction costs shall be calculated using the methodology set out in point 25 21 of this Annex.
8. The aggregate transaction costs for a PRIIP shall be calculated as the sum of the transaction costs as calculated in accordance with points 9 to 29 9 to 23 of this Annex in the base currency of the PRIIP for all individual transactions undertaken by the PRIIP in the specified period. This sum shall be converted into a percentage by dividing by the average net assets of the PRIIP over the same period.
9.Where implicit transaction costs are negative, a minimum of explicit transaction costs shall be disclosed.
10. When calculating the trans
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