The European Union's markets watchdog has published draft guidelines to har...
FILE PHOTO: Chair of European Securities and Markets Steven Maijoor speaks at a European Financial Forum event in Dublin, Ireland February 13, 2019. REUTERS/Clodagh Kilcoyne/File Photo
The funds, known as Undertakings for Collective Investment in Transferable Securities, or UCITS, hold around 10 trillion euros in assets. Fees are often linked to how a fund’s performance compares with a benchmark like a stock index, but many EU states impose no constraints on which benchmarks funds use, ESMA said.
ESMA said certain arrangements regarding the way performance fees are calculated “might not be in the interest of the UCITS” because they might lead to undue costs being charged on the fund or its unit holders.
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