Supervising Costs in UCITS and AIFs – in for a Penny, in for a Pound!

Earlier this month, ESMA published a supervisory briefing on the supervision of costs in UCITS and AIFs (here) (the “Briefing”) in order to provide guidance to National Competent Authorities (“NCAs”) on the supervision of costs charged to investors by UCITS and/or AIFs and their management companies. The Briefing is also intended to give market participants indications of NCAs’ expectations and compliant practices regarding the cost-related provisions of the UCITS Directive and AIFMD. 

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