Article L.214-9 of the Code monétaire et financier stipulates that order centralization can be entrusted to the depositary, a portfolio management company, or another authorized investment services provider. In practice, the depositary performs this function in the vast majority of cases, thus ensuring consistency with its other supervisory duties.

The net asset value (NAV) represents the ratio between the fund's total net assets and the number of outstanding units. It is crucial because it determines the value at which subscription and redemption orders are executed. According to the fund prospectus, its frequency may be daily, weekly, or biweekly. The 'unknown price' system in France means that investors place their orders without knowing the NAV in advance, as it is calculated after the centralization of all orders for the day.

The AMF oversees redemption gating mechanisms ('gates') to allow funds to smooth out massive redemption requests that could compromise their liquidity. The trigger threshold is calculated at the end of the centralization process, by comparing net redemptions minus subscriptions to the fund's net assets.

AMF instruction DOC-2017-05 requires clear information to unitholders whose orders are not fully executed. The management company must explicitly state on its website the activation of the mechanism and the conditions for processing pending orders. These provisions aim to reconcile the protection of investors wishing to exit with the preservation of interests of unitholders remaining in the fund.

The unknown price system is predominant in France. It means that the investor places their order without knowing the net asset value (NAV) at which it will be executed, as the NAV is only calculated after the centralization of all orders for the day. This ensures equal treatment of investors.

The liabilities manager is often the depositary acting by delegation. It maintains securities accounting that distinguishes between different types of accounts: subscription account, issuance account, bearer accounts, and administered registered accounts. This accounting structure enables precise tracking of unit creation and destruction as well as movements between holding categories.

The elements can be classified into key concepts (such as net asset value), actors (such as the depositary), rules (such as order irrevocability), and mechanisms (such as 'gates' for liquidity management).

Article L.214-8 of the Code monétaire et financier establishes the principle of irrevocability: a subscription or redemption order transmitted to the centralizer can no longer be modified or cancelled after the centralization deadline. This rule aims to prevent 'late trading' practices, which involve placing or modifying an order after the deadline based on information obtained about market developments.