Updated 15/01/2025
In force

Initial Legal Act
Amendments
QA1092 - Disclosures
Status: Final
Answered: 01/03/2019
Art. 19(4)
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UCITS ToolRegulation 583/2010
Article 19

Article 19 - Use of simulated data for past performance

Article 19

Use of ‘simulated’ data for past performance

1.   A simulated performance record for the period before data was available shall only be permitted in the following cases, provided that its use is fair, clear and not misleading:

(a)

a new share class of an existing UCITS or investment compartment may simulate its performance by taking the performance of another class, provided the two classes do not differ materially in the extent of their participation in the assets of the UCITS;

(b)

a feeder UCITS may simulate its performance by taking the performance of its master UCITS, provided that one of the following conditions are met:

(i)

the feeder’s strategy and objectives do not allow it to hold assets other than units of the master and ancillary liquid assets;

(ii)

the feeder’s characteristics do not differ materially from those of the master.

2.   In all cases where performance has been simulated in accordance with paragraph 1, there shall be prominent disclosure on the bar chart that the performance has been simulated.

3.   A UCITS changing its legal status but remaining established in the same Member State shall retain its performance record only where the competent authority of the Member State reasonably assesses that the change of status would not impact the UCITS’ performance.

4.   In the case of mergers referred to in Article 2(1)(p)(i) and (iii) of Directive 2009/65/EC, only the past performance of the receiving UCITS shall be maintained in the key investor information document.