Knowledge Base

Which entities can perform order centralization according to Article L.214-9 of the Code monétaire et financier?

The depositary

The portfolio management company

An authorized investment services provider

The Banque de France

What is the primary role of the net asset value (NAV) in the fund liabilities management process?

Determine the purchase and sale price of fund units for investors

Calculate the fund's annual return

Set the fund's management fees

Evaluate the portfolio manager's performance

What is the primary objective of the redemption gating mechanism ('gates') according to the AMF?

Ensure equal treatment of investors

Prevent abuses and protect the fund's liquidity

Increase management fees for investors

Simplify the subscription process

What information must the management company provide to unitholders when the redemption gating mechanism is activated?

Activation of the mechanism on its website

The conditions for processing pending orders

The detailed reasons for triggering the mechanism

The exact date of full resumption of redemptions

Unknown price system ('cours inconnu')

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The liabilities manager is always a separate entity from the depositary.

True

False

Categorize items by dragging them to the appropriate zones

Items to categorize:

Net Asset Value (NAV)

Depositary

Centralization deadline (cut-off)

'Gates' for redemption capping

Categories:

Key concepts

Actors

Rules

Mechanisms

A subscription or redemption order transmitted to the centralizer can be modified after the centralization deadline.

True

False