1. A UCITS must re-purchase or redeem its 'units at the request of any unit-holder.
2. By way of derogation from paragraph 1:
(a) a UCITS may, in the cases and according to the procedures provided for by law, the fund rules or the investment company's instruments of incorporation, temporarily suspend the re-purchase or redemption of its units. Suspension may be provided for only in exceptional cases where circumstances so require, and suspension is justified having regard to the interests of the unit-holders;
(b) the Member States may allow the competent authorities to require the suspension of the re-purchase or redemption of units in the interest of the unit-holders or of the public.
3. In the cases mentioned in paragraph 2(a), a UCITS must without delay communicate its decision to the competent authorities and to the authorities of all Member States in which it markets its units.