Amendments to regulations and guidelines on the organisation and code of conduct of investment fund activities and on alternative investment fund managers
Amendments have been made to FIN-FSA regulations and guidelines 3/2011: Organisation and code of conduct of investment fund activities and 4/2014: Alternative Investment Fund Managers. The amendments incorporate into the regulations and guidelines the following Guidelines of the European Securities and Markets Authority (ESMA): Guidelines on performance fees in UCITS and certain types of AIFs (ESMA34-39-992 EN).
In its regulations and guidelines, the Financial Supervisory Authority recommends that entities falling within the scope of application of the ESMA Guidelines comply with them.
The objectives of Guidelines on performance fees in UCITS and certain types of AIFs (ESMA34-39-992 EN) are
- to establish consistent, efficient and effective supervisory practices within the European System of Financial Supervision (ESFS)
- to ensure the common, uniform and consistent application of Union law
- to promote greater convergence and standardisation in the field of performance fees, and
- to promote convergent supervision by competent authorities.
They also aim to establish a common standard in relation to the disclosure of performance fees to investors.
Entry into force of the amendments
The amendments to the regulations and guidelines will enter into force on 5 January 2021.
For further information, please contact
Kristian Nihtilä, Senior Policy Advisor, +358 9 183 5294 or kristian.nihtila(at)fiva.fi