7,3,3,10. Deductible expenses
For the determination of net yield, the following expenses will be deducted from the full income:
Administrative COSTS AND DEBIT OF NEGOTIABLE VALUES
For these purposes, administration and deposit expenses are considered as those amounts that investment service companies, credit institutions charge or other financial institutions that, in accordance with Law 24/1988 of July 28, on the Securities Market, are intended to pay the benefit derived from the performance on behalf of its holders of the securities deposit service represented in the form of securities or the administration of securities represented in account entries.
Amounts that involve the consideration of discretionary and individualised management of investment portfolios will not be deductible, where there is a drawdown of the investments made on behalf of the holders in accordance with the mandates conferred by them.