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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 4 - Calculating global exposure
Paragraph 1 - Measuring the global exposure of CIS to financial derivative instruments
Sub-paragraph 1 - General provisions
Article 411-72 from 03/01/2018

Article 411-72 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/411-72/20180103/notes

I. - The management company shall calculate the global exposure of CIS under its management at least once daily. If necessary, and depending on the investment strategy of the scheme, the management company may calculate the global exposure of a CIS several times daily.

The limits placed on global exposure shall be complied with on an ongoing basis.

II. - The global exposure of CIS shall be one of the following values:

  1. Total exposure and leverage obtained by the managed CIS via financial derivative instruments. This total shall not exceed the scheme's net assets;

  2. The market risk of the CIS portfolio, as defined in defined in Article 321-76.