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Version status: Entered into force | Document consolidation status: No known changes
Version date: 14 July 2014 - onwards
Version 2 of 2

Article 1 Types of AIFMs

1. An AIFM may be either or both of the following:

- an AIFM of open-ended AIF(s);

- an AIFM of closed-ended AIF(s).

2. An AIFM of an open-ended AIF shall be considered to be an AIFM which manages an AIF the shares or units of which are, at the request of any of its shareholders or unitholders, repurchased or redeemed prior to the commencement of its liquidation phase or wind-down, directly or indirectly, out of the assets of the AIF and in accordance with the procedures and frequency set out in its rules or instruments of incorporation, prospectus or offering documents.

A decrease in the capital of the AIF in connection with distributions according to the rules or instruments of incorporation of the AIF, its prospectus or offering documents, including one that has been authorised by a resolution of the shareholders or unitholders passed in accordance with those rules or instruments of incorporation, prospectus or offering documents, shall not be taken into account for the purpose of determining whether or not the AIF is of the open-ended type.

Whether an AIF's shares or units can be negotiated on the secondary market and are not repurchased or redeemed by the AIF shall not be taken into account for the purpose of determining whether or not the AIF is of the open-ended type.

3. An AIFM of a closed-ended AIF shall be an AIFM which manages an AIF other than of the type described in paragraph 2.