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By Enrique HERCE-MARCHESI, Partner, Sergio VENTI, Partner Serena PICARIELLO, Manager, Deloitte Luxembourg
A LIRE OU A RELIRE - Article publié dans le mensuel de FEVRIER 2023
Costs, whether annual management fees or operating and administrative expen-ses, are critical to assessing the benefits of an investment fund. However, while the UCITS and AIFMD frameworks require that investors are not charged with undue cost, they do not unequivocally define this concept.
From mid-2020, regulators began providing harmonized guidance on assessing undue costs and related obligations, the latest of which was the Commission de Surveillance du Secteur Financier’s (CSSF) 20 October 2022 publication (hereinafter the “Feedback...
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