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Book III - Service providers
Title I ter - Asset management companies of UCITS
Chapter IV - Conduct of business rules
Section 3 - Inducements
Article 321-119 from 31/03/2025

Article 321-119 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/321-119/20250331/notes

All fees and commissions paid by the UCITS for transactions in portfolios under management, with the exception of subscription and redemption transactions relating to collective investment schemes or investment funds of third countries, shall be transaction fees. They include:

  1. Intermediation costs, taxes and duties included, charged directly or indirectly by third parties that provide:

    a) Order reception and transmission services and order execution services on behalf of third parties referred to in Article L. 321-1 of the Monetary and Financial Code;

    b) Investment decision aid services and order execution services;

  2. As appropriate, a transaction fee shared exclusively between the portfolio asset management company and the depositary of the UCITS.

This transaction fee may also benefit:

a) A company to which the financial management of the portfolio has been delegated;

b) Persons to which the depositary of the UCITS has delegated all or part of the responsibility for custody of portfolio assets;

c) An affiliated company conducting only UCITS management business, order reception, transmission and execution services, principally on behalf of UCITSs managed by the portfolio asset management company or by an affiliated company as part of its UCITS management activity.

As from 1 January 2026, portfolio asset management companies as well as the persons referred to in a) and, for their UCITS management activity, the companies referred to in c) may no longer benefit from transaction fees. This ban shall also apply to these same persons in respect of any commission or remuneration in connection with subscription and redemption transactions involving third-country collective investment schemes or investment funds.

Rebates of any remuneration referred to in 1° that do not exclusively and directly benefit the UCITS are prohibited. Agreements under which the portfolio asset management company shares some of the intermediation fees referred to in 1° (a), on the occasion of a transaction in a financial instrument shall be prohibited.