Article 44 4.

that indication is not the most prominent feature of the communication;

the information must include appropriate performance information which covers the preceding 5 years, or the whole period for which the financial instrument has been offered, the financial index has been established, or the investment service has been provided where less than five years, or such longer period as the firm may decide, and in every case that performance information is based on complete 12-month periods;

the reference period and the source of information is clearly stated;

the information contains a prominent warning that the figures refer to the past and that past performance is not a reliable indicator of future results;

where the indication relies on figures denominated in a currency other than that of the Member State in which the retail client or potential retail client is resident, the currency is clearly stated, together with a warning that the return may increase or decrease as a result of currency fluctuations;

where the indication is based on gross performance, the effect of commissions, fees or other charges are disclosed.