Directive 2011/61/EU is amended as follows:
(1) Article 12 is amended as follows:
(a) the following paragraphs 1a to 1f are inserted:
"1a. For the purposes of paragraph 1, Member States shall require AIFMs to act in such a way as to prevent undue costs from being charged to the AIFs and their unitholders.
The costs which comply with the following conditions shall be regarded as due:
(a) The costs are in line with disclosures in the prospectus referred to in Article 23(3), the fund rules or instruments of incorporation as referred to in Article 23(1) and the key information document referred to in Article 5(1) of Regulation (EU) No 1286/2014;
(b) The costs are necessary for the AIF to operate in line with its investment strategy and objective or to fulfil regulatory requirements;
(c) The costs are borne by investors in a way that ensures fair treatment of investors, except for cases mentioned in Article 12(1) where AIF rules or instruments of incorporation provide for a preferential tre
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