Fund Distribution Alert 2021-10

Fund Distribution Alert 2021-10



Said Fihri

Partner, ADV – Investment Services

KPMG in Luxembourg


ESMA issues country compliance table regarding performance fee guidelines

Further to the publication of the ESMA guidelines on performance fees for UCITS funds and certain AIFs (ESMA34-39-992), which aim at establishing a common European performance fee model, the ESMA released on February 10 a compliance overview table of the Member states which are complying, which intend to comply or which will not comply with the guidelines.

You will find below a summary of the compliance table

Member states which already comply with the guidelines:

Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Latvia, Luxemburg, Malta, Netherlands, Poland, Portugal, Slovakia, Slovenia.

EEA EFTA States which already comply with the guidelines:

Iceland, Liechtenstein, Norway.

Member states which will comply with the guidelines:

  • Bulgaria: By as much time needed to amend the National rules;
  • Spain: By as much time needed to amend the National rules to establish a five-year performance reference period and on a rolling basis for the HWM model (paragraphs 40 and 41 of the guidelines). National rules are compliant with the rest of the Guidelines (apart from the aforementioned paragraphs 40 and 41) and CNMV already complies with them;
  • Italy: By December 2021;
  • Hungary: By 30 June 2021.

Member states which will not comply with the guidelines:

  • Sweden: Open-ended AIFs are allowed to be marketed to retail investors on the basis of the funds being admitted to trading on a regulated market. The Swedish regulation does not provide specific rules on the fee structure of such funds. Finansinspektionen is therefore unable to comply with the guideline in respect of these funds.

The ESMA compliance table is available here (PDF, 222KB).

Please feel free to contact us should you require any additional information.

Please note that any information provided is general in nature, is based on the latest publicly available information as analyzed on a best endeavor basis and does not constitute any specific legal opinion or advice.


Said Fihri
+352 22 51 51 7892

Stephanie Zedda
+352 22 51 51 7271

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