Article 422-134-1 into force since 21 November 2022

I. Pursuant to Articles L. 214-61-1, L. 214-67-1 or L. 214-77 of the Monetary and Financial Code, redemption requests may be gated if the articles of association or the rules of the real estate collective investment undertaking so provides.

The portfolio asset management company shall inform the AMF, unitholders and the general public of the introduction of a redemption gate mechanism in the rules or articles of association of the real estate collective investment fund.

In the case only of redemption caps, as provided for in Articles L. 214-67-1 or L. 214-77 of the Monetary and Financial Code, the investment management company shall inform the AMF, the unitholders and the general public if this mechanism has not been introduced and shall declare the reasons for this to the AMF.

The articles of association or rules and the prospectus of the real estate collective investment undertaking shall provide:

1. The conditions under which the real estate collective investment undertaking may make use of this option;

2. The procedures for implementing this option;

3. The procedures for informing unitholders of a decision to apply a redemption gate.

II. The third paragraph of I does not apply to real estate collective investment undertakings governed by II of Article L. 214-35 of the Monetary and Financial Code.