Article 25 — Cost disclosure
- The prospectus shall prominently inform investors of the level of the different costs borne directly or indirectly by the investors. The different costs shall be grouped according to the following headings:
- costs of setting up the ELTIF;
- costs related to the acquisition of assets;
- management and performance related fees;
- distribution costs;
- other costs, including administrative, regulatory, depositary, custodial, professional service and audit costs.
- The prospectus shall disclose an overall ratio of the costs to the capital of the ELTIF.
- ESMA shall develop draft regulatory technical standards to specify the common definitions, calculation methodologies and presentation formats of the costs referred to in paragraph 1 and the overall ratio referred to in paragraph 2.
When developing these draft regulatory technical standards, ESMA shall take into account the regulatory technical standards referred to in points (a) and (c) of Article 8(5) of Regulation (EU) No 1286/2014.
ESMA shall submit those draft regulatory technical standards to the Commission by 9 September 2015.