In Perfect Harmony? ESMA Seeks Convergence on Performance Fees

ESMA is seeking stakeholders’ feedback on proposed guidelines (the “Guidelines”) regarding performance fees in undertakings for collective investment in transferable securities (“UCITS”) with a view to finalising the Guidelines to apply to all UCITS and promote supervisory convergence in the area. ESMA is also seeking stakeholders’ feedback on whether the Guidelines should be extended to apply to performance fees in alternative investment funds (“AIFs”).