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DOC-2017-05 Modalities for Introducing Liquidity Management Mechanisms

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The French Autorité des Marchés Financiers (AMF) issued Instruction DOC-2017-05 to define the procedures for implementing redemption suspension mechanisms and cost-compensation tools within UCITS, AIFs, and various specialized investment funds. These measures are designed to mitigate portfolio restructuring costs borne by shareholders during subscription and redemption periods, thereby ensuring fair treatment of all investors. The instruction aligns with specific articles of the French Monetary and Financial Code and the AMF's General Regulation.

FranceAutorite des Marches Financiers

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II - Investment Products

II. 1 - Collective Investments

II. 1.1. Provisions common to UCITS and AIFs

Doctrine

UCITS

Modalities for Introducing Liquidity Management Mechanisms

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Applicable from December 18, 2025

Instruction DOC-2017-05

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Summary

Instruction DOC-2017-05 specifies the modalities for introducing redemption cap mechanisms and mechanisms aimed at compensating or reducing the portfolio restructuring costs borne by all holders during subscriptions and redemptions within UCITS, general-purpose investment funds, venture capital funds, general-purpose professional funds, alternative fund-of-funds funds, OPCI and OPPCI, professional venture capital funds, employee savings funds, specialized professional funds, free partnership companies, and specialized financing entities.

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Reference texts

Articles L. 214-7, L. 214-8, L. 214-7-4, L. 214-8-7, L. 214-24-29, L. 214-24-33, L. 214-24-34, L. 214-24-41, L. 214-27, L. 214-48, L. 214-61-1, L. 214-67-1, L. 214-77, L. 214-139, L. 214-141, L. 214-143, L. 214-146, L. 214-148, L. 214-152, L. 214-159, L. 214-163, L. 214-190-1, D. 214-184 and D. 214-188 of the Monetary and Financial Code

Articles 411-20-1, 411-20-3, 422-21-1, 422-21-3, 422-120-1, 422-129-1, 422-134-1, 422-250, 422-253, 423-1, 423-9-1, 423-12, 423-32-2, 423-32-3, 423-55, 424-1 and 425-26 of the General Regulation

Archives

Instruction DOC-2017-05 specifies the modalities for introducing redemption cap mechanisms and mechanisms aimed at compensating or reducing the portfolio restructuring costs borne by all holders during subscriptions and redemptions within UCITS, general-purpose investment funds, venture capital funds, general-purpose professional funds, alternative fund-of-funds funds, OPCI and OPPCI, professional venture capital funds, employee savings funds, specialized professional funds, free partnership companies, and specialized financing entities.

[Download the doctrine]

Reference texts

Articles L. 214-7, L. 214-8, L. 214-7-4, L. 214-8-7, L. 214-24-29, L. 214-24-33, L. 214-24-34, L. 214-24-41, L. 214-27, L. 214-48, L. 214-61-1, L. 214-67-1, L. 214-77, L. 214-139, L. 214-141, L. 214-143, L. 214-146, L. 214-148, L. 214-152, L. 214-159, L. 214-163, L. 214-190-1, D. 214-184 and D. 214-188 of the Monetary and Financial Code

Articles 411-20-1, 411-20-3, 422-21-1, 422-21-3, 422-120-1, 422-129-1, 422-134-1, 422-250, 422-253, 423-1, 423-9-1, 423-12, 423-32-2, 423-32-3, 423-55, 424-1 and 425-26 of the General Regulation

Instruction DOC-2017-05 specifies the modalities for introducing redemption cap mechanisms and mechanisms aimed at compensating or reducing the portfolio restructuring costs borne by all holders during subscriptions and redemptions within UCITS, general-purpose investment funds, venture capital funds, general-purpose professional funds, alternative fund-of-funds funds, OPCI and OPPCI, professional venture capital funds, employee savings funds, specialized professional funds, free partnership companies, and specialized financing entities.

[Download the doctrine]

Reference texts

Articles L. 214-7, L. 214-8, L. 214-7-4, L. 214-8-7, L. 214-24-29, L. 214-24-33, L. 214-24-34, L. 214-24-41, L. 214-27, L. 214-48, L. 214-61-1, L. 214-67-1, L. 214-77, L. 214-139, L. 214-141, L. 214-143, L. 214-146, L. 214-148, L. 214-152, L. 214-159, L. 214-163, L. 214-190-1, D. 214-184 and D. 214-188 of the Monetary and Financial Code

Articles 411-20-1, 411-20-3, 422-21-1, 422-21-3, 422-120-1, 422-129-1, 422-134-1, 422-250, 422-253, 423-1, 423-9-1, 423-12, 423-32-2, 423-32-3, 423-55, 424-1 and 425-26 of the General Regulation

Instruction DOC-2017-05 specifies the modalities for introducing redemption cap mechanisms and mechanisms aimed at compensating or reducing the portfolio restructuring costs borne by all holders during subscriptions and redemptions within UCITS, general-purpose investment funds, venture capital funds, general-purpose professional funds, alternative fund-of-funds funds, OPCI and OPPCI, professional venture capital funds, employee savings funds, specialized professional funds, free partnership companies, and specialized financing entities.

[Download the doctrine]

Reference texts

Articles L. 214-7, L. 214-8, L. 214-7-4, L. 214-8-7, L. 214-24-29, L. 214-24-33, L. 214-24-34, L. 214-24-41, L. 214-27, L. 214-48, L. 214-61-1, L. 214-67-1, L. 214-77, L. 214-139, L. 214-141, L. 214-143, L. 214-146, L. 214-148, L. 214-152, L. 214-159, L. 214-163, L. 214-190-1, D. 214-184 and D. 214-188 of the Monetary and Financial Code

Articles 411-20-1, 411-20-3, 422-21-1, 422-21-3, 422-120-1, 422-129-1, 422-134-1, 422-250, 422-253, 423-1, 423-9-1, 423-12, 423-32-2, 423-32-3, 423-55, 424-1 and 425-26 of the General Regulation

Instruction DOC-2017-05 specifies the modalities for implementing redemption cap mechanisms within UCITS, general-purpose investment funds, venture capital funds, general-purpose professional funds, alternative fund-of-funds funds, OPCI and OPPCI, professional venture capital funds, and employee savings funds.

[Download the doctrine]

Reference texts

Articles L. 214-7-4, L. 214-8-7, L. 214-24-33, and L. 214-24-41, L. 214-27, L. 214-61-1, L. 214-67-1, L. 214-77, L. 214-139, L. 214-141, L. 214-143, L. 214-146, L. 214-148, L. 214-152, L. 214-159, L. 214-163, D. 214-184 and D. 214-188 of the Monetary and Financial Code

Articles 411-20-1, and 422-21-1, 422-120-1, 422-134-1, 423-12, 423-55 and 424-1 of the General Regulation

Instruction DOC-2017-05 specifies the modalities for implementing redemption cap mechanisms within UCITS, general-purpose investment funds, venture capital funds, professional venture capital funds, and employee savings funds.

[Download the doctrine]

Reference texts

Article L. 214-7-4 of the Monetary and Financial Code

Article L.214-8-7 of the Monetary and Financial Code

Article L.214-24-33 of the Monetary and Financial Code

Article L.214-24-41 of the Monetary and Financial Code

Article 411-20-1 of the AMF General Regulation

Article 422-21-1 of the AMF General Regulation

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Publisher: The Director of the Communication Department of the AMF. Contact: Communication Department, Autorité des Marchés Financiers - 17, place de la Bourse - 75082 Paris Cedex 02

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