Article 411-104 into force since 29 March 2024

Liquidation of a master UCITS shall lead to liquidation of the feeder UCITS, unless the AMF authorises:

a) At least 85% of the assets of the feeder UCITS to be invested in the units or shares of another master UCITS; or

b) The rules or instruments of incorporation of the feeder UCITS to be amended to allow the fund to be converted into a non-feeder UCITS.

The liquidation of a master UCITS shall take place no sooner than three months after the master UCITS has informed all of its holders and the AMF, or, if the feeder UCITS is established in another Member State of the European Union or in another State party to the European Economic Area agreement, the competent authorities of that State, of the binding decision to liquidate.

The investment management company of the feeder UCITS shall be informed within a period of fifteen working days following submission of the application whether or not authorisation has been granted for the operation referred to in a or b. If the AMF does not respond for fifteen working days following the acknowledgement of receipt of the application, authorisation is deemed to be granted.

An AMF instruction will specify the content of authorisation applications as well as the authorisation procedure.