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Book IV - Collective investment products
Title II - AIFS
Chapter V - Financing vehicles
Section 3 - Provisions specific to specialised finance vehicles
Article 425-26 from 21/11/2022

Article 425-26 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/425-26/20221121/notes

Pursuant to the third paragraph of I of Article L. 214-190-1 of the Monetary and Financial Code, the prospectus of the specialised finance vehicle may include mechanisms to offset or reduce the costs of portfolio reorganisation incurred by all unitholders, shareholders or holders of debt securities during subscriptions and redemptions.

The investment management company shall inform the AMF, unitholders, shareholders and holders of debt securities and the public of the introduction of such mechanisms in the prospectus of the specialised finance vehicle.

For specialised finance vehicles other than those mentioned in  IX of Article L. 214-190-1 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 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, shareholders and holders of debt securities;

    The investment 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.