Article 321-40 into force from 03 January 2018 to 08 March 2018

Asset management companies shall establish and maintain operational an effective and transparent procedure for reasonable and prompt handling of complaints received from all holders of units or shares in a UCITS if no investment service is provided to them when they subscribe.

Such holders of units or shares can file complaints free of charge with the asset management company.

Asset management companies shall respond to the complaint within a maximum of two months from the date of receipt of the complaint, except in duly justified exceptional circumstances.

They shall implement an equal and consistent procedure for handling complaints from holders of units or shares. This procedure shall be allocated the necessary resources and expertise.

Asset management companies shall record each complaint and the measures taken to handle it. They shall also implement a complaint monitoring system enabling them to identify problems and implement the appropriate corrective measures.

Information on the complaint handling procedure shall be made available to holders of units or shares free of charge.

The complaint handling procedure shall be proportionate to the size and structure of the asset management company.