Redemption gates
Article 2
1. An AIFM that decides to activate redemption gates shall apply those redemption gates uniformly to all investors of the AIF. 2. A redemption gate shall have an activation threshold below which the redemption gate cannot be activated. The activation threshold shall be set at one of the following levels: (a) at the level of the AIF (‘fund-level gate’); (b) at the level of the investors (‘investor-level gate’); (c) as a combination of both. 3. Where the activation threshold is set in accordance with paragraph 2, second subparagraph, point (a), it shall be based on the total net or gross redemption orders of the AIF received for a given dealing date or over a specified period and it shall be expressed as one of the following: (a) as a proportion to the net asset value of the AIF; (b) as a monetary value; (c) as a percentage of the liquid assets referred to in Article 50(1) of Directive 2009/65/EC; (d) as a combination of points (a), (b) or (c). 4. Where the activation threshold is set at investor level in accordance with paragraph 2, second subparagraph, point (b), it shall be based on the individual gross redemption orders submitted by each unit-holder or shareholder for a given dealing date or over a specified period and it shall be expressed as one of the following: (a) as a percentage of a unit-holder’s or shareholder’s holdings in the AIF; (b) as a proportion to the net asset value of the AIF. 5. An AIFM that decides to activate a redemption gate shall execute on a pro rata basis the redemption orders from all investors of the AIF for a given dealing date for an amount that corresponds to at least the level of the activation threshold.