Article 423-32-3 into force since 21 November 2022

The articles of association of the limited partnership (société de libre partenariat or SLP) may provide for 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 and the holders of the introduction of such mechanisms in the SLP's articles of association.

For SLPs other than those mentioned in Article L. 214-26-1 of the Monetary and Financial Code or money market funds governed by Regulation (EU) 2017/1131 of 14 June 2017, if no such mechanism has been introduced, the portfolio asset management company shall declare the reasons for this to the AMF.

The portfolio asset management company shall precisely define 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.