A responsible person may apply an anti-dilution levy to a UCITS only if the constitutional document of the relevant UCITS provides that -
(a) in calculating the redemption price for the UCITS the responsible person may, on any dealing day on which there are net redemptions, adjust the redemption price by deducting an anti-dilution levy to cover dealing costs and to preserve the value of the underlying assets of the UCITS, and
(b) in calculating the subscription price for the UCITS the responsible person may, on any dealing day on which there are net subscriptions, adjust the subscriptions price by adding an anti-dilution levy to cover dealing costs and to preserve the value of the underlying assets of the UCITS.