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Book IV - Collective investment products
Title II - AIFS
Chapter III - Funds open to professional investors
Section 2 - Declared funds
Sub-section 1 - Professional specialised funds
Paragraph 3 - Subscriptions, purchases, redemptions and transfers
Article 423-32-2 from 21/11/2022

Article 423-32-2 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/423-32-2/20221121/notes

I – The rules or articles of association of the specialised professional fund 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. 214-152 of the Monetary and Financial Code;

  2. In other circumstances, according to the terms and conditions they define, in accordance with I of Article L. 214-157 of the Monetary and Financial Code.

The investment management company shall inform the AMF and unitholders of the introduction of this gate mechanism in the rules or articles of association of the specialised professional fund.

For specialised professional 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 holders 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 and articles of association, the investment management company shall inform the unitholders concerned of its decision to apply a redemption gate. It shall also inform the AMF if this gate is introduced pursuant to paragraph 1.

II. Article 422-21-3 applies.

III. This article shall not apply to limited partnerships (SLPs).