In the following cases, the FSMA considers that there is a continuity in the financial product:
- transfer of all the assets of a single existing UCI1 to a single new UCI;
- absorption of a single existing UCI by a single new UCI.
In these cases, the FSMA considers therefore that the guidelines set out in point 3 of the Annex to Circular FSMA 2015_16 of 27/10/2015 (French or Dutch) on the rules governing advertising when distributing financial products to retail clients also apply to graphics showing changes in net asset value, and may also be applied to asset classes, both as regards historical returns and for graphics showing changes in net asset value.
The graphics presenting changes in net asset value must, in any case, comply with the rules laid down in Article 20 of the Royal Decree of 25 April 2014 imposing certain information obligations when distributing financial products to retail clients.