(Art. 79 and 118a para. 2 CISA)
- The fund contract or the investment regulations of an L-QIF in the legal form of a contractual investment fund or SICAV whose value is difficult to ascertain, or which has limited marketability, may provide for notice to be served only on specific dates, subject to a minimum of every five years.
- Furthermore, the fund contract or the investment regulations may permit a pro rata cutting off of redemption applications on reaching a specific percentage or threshold on a specific trading day in exceptional circumstances if this is in the interests of the remaining investors (gating). The remaining portion of redemption applications shall be considered submitted for the subsequent valuation day. Details must be disclosed in the fund contract or the investment regulations.
- If the fund management company makes a decision on gating, it must inform the audit company immediately and either publish the decision in the media of publication or notify the investors in writing.