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Article 422-253 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/422-253/20221121/notes

The rules or the articles of association of the fund of alternative funds may provide for the application of a gate mechanism for the redemption of units or shares:

  1. Provisionally, when exceptional circumstances so require and when this is in the interest of the unitholders or the public, pursuant to the last paragraph of Articles L. 214-24-33 and L. 214-24-41 and Article L. 214-139 of the Monetary and Financial Code;

  2. In other circumstances, under the conditions set out in Articles L. 214-141 and D. 214-184 of the Monetary and Financial Code.

The investment management company shall inform the AMF, unitholders and the public of the introduction of this gate mechanism in the rules or articles of association of the fund of alternative funds.

For funds of alternative funds other than those mentioned in Article L. 214-26-1 of the Monetary and Financial Code or money market funds governed by Regulation (EU) 2017/1131 of 14 June 2017, the investment management company shall inform the AMF, the unitholders and the public if this mechanism has not been introduced and declare the reasons for this to the AMF.

Where this mechanism has been introduced in the rules or articles of association, the investment management company shall inform the unitholders concerned individually of its decision to apply a redemption gate. It shall also inform the AMF if this gate is introduced pursuant to paragraph 1. It shall also notify the public, by any means under the conditions set out in the prospectus and, at least, on its website.