Article 422-21-3 into force since 21 November 2022

Pursuant to the last paragraph of Articles L. 214-24-29 and L. 214-24-34 of the Monetary and Financial Code, the prospectus of the retail investment fund 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 retail investment fund's prospectus.

For retail investment funds other than those mentioned in Article L. 214-26-1 of the Monetary and Financial Code, money market funds governed by Regulation (EU) 2017/1131 of 14 June 2017 or the AIFs mentioned in Article 421-27-2, 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.