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Book IV - Collective investment products
Title II - AIFS
Chapter V - Financing vehicles
Section 3 - Provisions specific to specialised finance vehicles
Article 425-24 from 12/02/2023

Article 425-24 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/425-24/20230212/notes

Pursuant to paragraph IV of Article L. 214-190-1 and to Article D. 214-240-4 of the Monetary and Financial Code, the rules or articles of association of the specialised financing vehicle may provide that units, shares or debt securities are redeemed at the request of the holders of the units, shares or debt securities and at the net asset value, plus or minus any fees or commissions, as the case may be.

In accordance with its rules or articles of association, the specialised financing vehicle may temporarily or permanently cease to issue units, shares or debt securities, pursuant to the third paragraph of Article L. 214-190-2-1 and the third paragraph of Article L. 214-190-3-1 of the Monetary and Financial Code, in objective situations leading to the closing of subscriptions, such as a maximum number of units, shares or debt securities issued, a maximum amount of assets reached or the expiry of a determined subscription period.

If redemptions are temporarily suspended under the terms of the first paragraph of Article L. 214-190-2-1 or the first paragraph of Article L. 214-190-3-1 of the Monetary and Financial Code, the portfolio asset management company:

  1. Shall immediately disclose the reasons and the procedures for the suspension of redemptions to the AMF and to all of the authorities of the European Union Member States where the units, shares or debt securities are marketed;

  2. Shall remain obliged to establish and publish the net asset value as soon as it is able to calculate this accurately.

Redemptions may be made in cash or in kind. If the redemption in kind corresponds to a representative pro rata share of the assets in the portfolio, the written agreement signed by the outgoing holder of the units, shares or debt securities must be obtained by the asset management company. When the redemption in kind does not correspond to a representative pro rata share of the assets in the portfolio, all the holders of units, shares or debt securities must indicate in writting their agreement authorising the outgoing holder of units, shares or debt securities to redeem its units, shares or debt securities against certain particular assets, as explicitly defined in the agreement.