Matching of transfer requests as referred to in Article 19(2a) of Regulation (EU) 2015/760
Article 7
1. Where an ELTIF provides for the possibility, during the life of the ELTIF, of full or partial matching of transfer requests of units or shares of the ELTIF by exiting investors with transfer requests by potential investors, the policy for matching requests shall contain all of the following: (a) the format, process, and the timing of the matching; (b) the frequency or periodicity of the matching window, and the duration of that window; (c) the dealing dates; (d) the requirements for the submission of purchase and exit requests, including the deadlines for submitting such requests; (e) the settlement and pay-out periods; (f) any safeguards to avoid any potential arbitrage against investors’ interest due to the asymmetry of information inherent to the matching of transfer requests; (g) where the manager of the ELTIF imposes a notice period for receiving purchase and exit requests, the details regarding such a notice period. Where an ELTIF provides for the possibility of redemptions during the life of the ELTIF as referred to in Article 18(2) of Regulation (EU) 2015/760, the policy for matching requests shall clearly set out the differences between such redemptions and the matching referred to in Article 19(2a) of that Regulation, in particular as regards the frequency, periods, execution price, and notice period for such matching, and shall contain the specific criteria for the determination of the execution price in case of matching. 2. The rules and procedures for matching requests shall be sound, appropriate for the ELTIF and its investors, and shall aim at preventing, managing, and monitoring conflicts of interest.