Article 422-129-1 into force since 21 November 2022

Pursuant to Article L. 214-48 of the Monetary and Financial Code, and notwithstanding Article 422-129, the real estate collective investment undertaking prospectus may include mechanisms to offset or reduce the costs of portfolio reorganisation incurred by all unitholders in connection with subscriptions and redemptions.

The portfolio asset management company shall inform the AMF, unitholders and the public of the introduction of such mechanisms in the prospectus of the real estate collective investment undertaking.

It 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 portfolio asset management company shall establish this method in writing and shall review 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.