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Article 425-25 into force since

  • Version into force since
ELI : /en/eli/fr/aai/amf/rg/article/425-25/20200426/notes

In accordance with the final paragraph of Article L. 214-190-2-1 and the final paragraph of Article L. 214-190-3-1 of the Monetary and Financial Code, the management company of the specialised financing vehicle may provide for the temporarily gating of the redemption of units, shares or debt securities, when necessary, owing to exceptional circumstances and in order to protect the interests of the holders of units, shares or debt securities or those of the public. Such conditions may be met in particular where, irrespective of the normal carrying out of the management strategy, the level of redemption orders is such that, in view of the liquidity conditions of the assets of the specialised financing vehicle or of one of its sub-funds, these orders cannot be executed on terms that protect the interests of holders of units, shares or debt securities and ensure their equitable treatment, or where redemption orders arise in circumstances that may undermine market integrity.

In these cases, redemptions may then be gated in the same proportions for all the relevant holders of units, shares or debt securities, who must be specifically informed. The portion of orders that is not executed and that is resubmitted shall not have any priority, on the next centralisation dates, over new redemption orders submitted for execution on those dates.

The asset management company shall notify the AMF of its decision to apply a redemption gate. It shall also notify the public, by any means under the conditions set forth in the prospectus and, at least, by a notice on its website.

The rules or articles of association of the specialised financing vehicle shall precisely define the conditions under which a redemption gate may be applied, and in particular:

  1. Set the threshold above which the asset management company may decide to apply a redemption gate to redemption orders received in respect of a single centralisation date may be decided;

    This threshold shall be justified based on the frequency of calculation of the net asset value, on the management strategy and on the liquidity of the assets held by the vehicle; it corresponds to the ratio between:

    • the difference registered, on the same centralisation date, between the amount or number of redemption orders for units, shares or debt securities of the vehicle, and the amount or number of subscription orders for units, shares or debt securities of the same vehicle; and

    • the net assets or total number of units, shares or debt securities of the vehicle or sub-fund in question.

    This threshold is determined on the basis of the most recent published net asset value or of the most recent indicative net asset value calculated by the asset management company, or of the number of units, shares or debt securities outstanding on the valuation date;

  2. State the procedures according to which the vehicle may decide either to cancel the unexecuted part of redemption orders or to carry them forward until the next centralisation date. However, where the vehicle calculates its net asset value more than once a week, the portion of redemption orders that have not been executed shall automatically be carried forward to the next centralisation date;

  3. Specify whether, and under what conditions, the holder of units, shares or debt securities may oppose the postponement of the portion of the redemption order that has not been executed;

  4. Limit the gating of redemption requests to a maximum number of net asset value calculations for a given period; this maximum number must be justified with regard to the frequency of net asset value calculation, the management strategy and the liquidity of the assets held by the vehicle.