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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 2 - General rules
Sub-section 1 - Subscription and redemption rules
Article 411-20-3 from 21/11/2022

Article 411-20-3 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/411-20-3/20221121/notes

Pursuant to the last paragraph of Articles L. 214-7 and L. 214-8 of the Monetary and Financial Code, the UCITS prospectus may include mechanisms to offset or reduce the costs of portfolio reorganisation incurred by all unitholders in connection with subscriptions and redemptions.

The investment management company shall inform the AMF, unitholders and the public of the introduction of such mechanisms in the UCITS prospectus. For UCITS other than money market funds governed by Regulation (EU) 2017/1131 of 14 June 2017 or the UCITS mentioned in Article 411-134, if no mechanism is introduced the investment management company shall declare the reasons for this to the AMF.

The investment management company shall define precisely the conditions for applying these mechanisms, and in particular:

  1. The method for identifying, calculating and allocating portfolio rearrangement costs among unitholders;

    The investment management company shall establish this method in writing and reviews it regularly.

  2. Where applicable, the thresholds above which its application shall be triggered;

  3. The measures for detecting and managing any conflicts of interest that may arise as a result of their implementation.