Updated 05/02/2025
In force

Version from: 25/10/2024
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ELTIF ToolDelegated Regulation 2024/2759
Article 12

Article 12 - Delegated Regulation 2024/2759

Article 12

Common definitions, and calculation methodologies and presentation formats of costs

1.  
The costs of setting up the ELTIF as referred to in Article 25(1), point (a), of Regulation (EU) 2015/760 shall comprise all administrative, regulatory, depositary, custodial, professional service, audit costs and other costs related to the setting up of the ELTIF, irrespective of whether those costs are paid to the manager of the ELTIF or to a third party.
2.  
The costs related to the acquisition of assets as referred to in Article 25(1), point (b), of Regulation (EU) 2015/760 shall comprise all administrative, regulatory, depositary, custodial, professional service, audit costs, and other costs related to the acquisition of the assets of the ELTIF, irrespective of whether those costs are paid to the manager of the ELTIF or to a third party.
3.  
The management and performance related fees referred to in Article 25(1), point (c), of Regulation (EU) 2015/760 shall comprise all payments to the manager of the ELTIF, including payments to any person to whom the corresponding function has been delegated, except any fees that are related to the acquisition of the assets referred to in paragraph 2 of this Article.
4.  
The distribution costs referred to in Article 25(1), point (d), of Regulation (EU) 2015/760 shall comprise all administrative, regulatory, professional service and audit costs related to distribution.
5.  

Other costs, as referred to in Article 25(1), point (e), of Regulation (EU) 2015/760, shall comprise all of the following items if those costs are not classified under paragraphs 1 to 4 of this Article:

(a) 

payments to the following persons or entities, including any person to whom those persons or entities have delegated any function;

(i) 

the depositary;

(ii) 

the custodians;

(iii) 

any investment adviser;

(iv) 

providers of valuation, fund accounting services, and fund administration;

(v) 

providers of property management and of similar services;

(vi) 

other providers that trigger transaction costs;

(vii) 

prime-brokerage service providers;

(viii) 

providers of collateral management services;

(ix) 

securities lending agents;

(x) 

legal and professional advisers;

(b) 

provisioned fees for specific treatment of gains and losses;

(c) 

operating costs under a fee-sharing arrangement with a third party;

(d) 

audit, registration and regulatory fees.

The costs referred to in the first subparagraph shall not include the costs related to the setting up of the ELTIF referred to in paragraph 1, the up-front part of the costs related to the acquisition of assets referred to in paragraph 2, the up-front part of the distribution costs referred to in paragraph 4 and the management and performance related fees referred to in paragraph 3.

6.  
The costs referred to in paragraph 5 shall be expressed as a percentage of the net asset value of the ELTIF over a one-year period.
7.  

The overall cost ratio of the ELTIF referred to in Article 25(2) of Regulation (EU) 2015/760 shall be the ratio of the total costs to the net asset value per annum of the ELTIF and shall be calculated as follows:

(a) 

the overall cost ratio of the ELTIF shall be expressed as a percentage to two decimal places;

(b) 

the overall cost ratio of the ELTIF shall be based on the most recent cost calculations by the manager of the ELTIF and they shall be calculated and updated on an annual basis;

(c) 

the costs shall be assessed on an ‘all taxes included’ basis.