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Book IV - Collective investment products
Title I - Undertakings for Collective Investment in Transferable Securities (UCITS)
Chapter unique - Undertakings for collective investment in transferable securities (UCITS)
Section 7 - marketing of CIS in france
Sub-section 1 - General rules
Article 411-130 from 03/01/2018

Article 411-130 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/411-130/20180103/notes

I. - Rebates of management fees or subscription or redemption commissions that arise on investments made by the management company in shares or units of a French or foreign collective investment or a non-EU investment fund on behalf of a UCITS marketed in the territory of the French Republic, are prohibited, with the exception of the following:

  1. Fees and commissions referred to in the eighth paragraph of Article 321-119;

  2. Rebates that exclusively benefit the UCITS;

  3. Rebates paid by the management company of a master UCITS in order to remunerate a third party in charge of marketing the feeder UCITS of this master UCITS;

  4. Rebates remunerating a third party in charge of marketing of a collective investment governed by French law or foreign law or a third country investment fund where this third party acts independently of the management company investing in these UCITS or investment funds.

II. - The receipt by the management company of the following rebates in particular is prohibited:

  1. Subscription or redemption fees resulting from investment by the portfolio in a UCITS managed in a collective investment governed by French law or foreign law or a third country investment fund;

  2. Management fees arising from investment by the portfolio in a UCITS managed in a collective investment governed by French law or foreign law or a third country investment fund.