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Article 319-18 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/319-18/20180309/notes

The intermediation fees referred to in Article 319-14 shall pay for services that are of direct interest to the AIF.

These fees shall be assessed periodically by the asset management company.

If the asset management company uses investment decision aid and order execution services and if the intermediation fees for the previous year came to more than EUR 500,000, it shall compile a document entitled "Report on Intermediation Fees" that shall be updated as needed. The report shall specify the terms and conditions on which the asset management company used such investment decision aid and order execution services, along with the breakdown between:

  1. Intermediation fees related to order reception, transmission and execution services;

  2. Intermediation fees related to investment decision aid and order execution services.

The breakdown of costs shall be expressed as a percentage and based on an established method using relevant and objective criteria. It may be applied to:

  1. Either all the assets in a single category of AIF;

  2. Or any other procedure suited to the method used for applying costs.

If applicable, the "Report on Intermediation Fees" shall specify the percentage of all intermediation fees in the previous year paid to third parties under the terms of the commission sharing agreements referred to in Article 319-17 for the fees referred to in Article 319-14, 1, b.

It shall also give an account of the measures implemented to prevent or deal with any potential conflicts of interest in the selection of service providers.

This document shall be posted to the asset management company's website, if it has one. The management report of each AIF shall refer expressly to this document. If the asset management company does not have a website, the document shall be included in the management report for each AIF.