(1) Unit-holders of both the merging UCITS and the receiving UCITS shall have the right to request, without any charge other than those retained by the UCITS to meet disinvestment costs, the repurchase or redemption of their units or, where possible, to convert them into units in another UCITS with similar investment policies and managed by the same management company or by any other company with which the management company is linked by common management or control, or by a substantial direct or indirect holding. That right shall become effective from the moment that the unit-holders of the merging UCITS and those of the receiving UCITS have been informed of the proposed merger in accordance with Regulation 61 and shall cease to exist 5 working days before the date for calculating the exchange ratio referred to in Regulation 65(1).
(2) Without prejudice to paragraph (1), for mergers between UCITS and by way of derogation from Regulation 104(1), the Bank may require or allow the tempor
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