Article 4
Minimum information about the redemption policy and liquidity management tools to be provided by the manager of an ELTIF to the competent authority of the ELTIF under Article 18(2), first subparagraph, point (b), of Regulation (EU) 2015/760
Where an ELTIF provides for the possibility of redemptions during the life of the ELTIF, the manager of an ELTIF shall provide the competent authority of the ELTIF, at the time of authorisation of the ELTIF, with all of the following information:
the redemption policy of the ELTIF, which shall contain and clearly indicate all of the following:
information on the periodicity and the duration of the redemptions;
a description of the available liquidity management tools, and the conditions for their activation;
the conditions and procedures for requesting redemptions and for processing the redemption requests received;
the entities responsible for managing the redemption process and how the redemptions will be documented;
a description of how the assets and liabilities of the ELTIF will be managed to meet redemption requests;
a description of the procedures, if any, to prevent redemptions causing dilution effects for investors;
a description of the valuation procedures of the ELTIF set out in accordance with Article 19(3), third subparagraph, of Directive 2011/61/EU, and Articles 72 and 74 of Commission Delegated Regulation (EU) No 231/2013 ( 1 ).
the results, assumptions and inputs used for liquidity stress tests, where such liquidity stress tests are to be carried out pursuant to Article 15(3), point (b), and Article 16(1), second subparagraph, of Directive 2011/61/EU, demonstrating whether and how, in severe but plausible scenarios, the ELTIF is able to deal with redemption requests;
the liquidity offered to investors of the ELTIF, and the liquidity profiles of the investments of the ELTIF, both under normal and stressed conditions;
information about the implementation of the liquidity management tools;
the elements referred to in Article 5(1) of this Regulation;
the approach used by the manager of the ELTIF to determine the maximum percentage referred to in Article 18(2), first subparagraph, point (d), of Regulation (EU) 2015/760 as per Article 5(5) first subparagraph, of this Regulation;
any other information that the competent authority of the ELTIF considers relevant to assess whether the redemption policy of the ELTIF and the liquidity management tools meet the requirements set out in Regulation (EU) 2015/760.
Throughout the life of the ELTIF, the manager of an ELTIF shall, upon request from the competent authority of the ELTIF, also provide all of the following information:
up-to-date and detailed information on whether the liquidity management tools of the ELTIF have been activated and used to manage redemption requests, and if so, in which circumstances and how;
up-to-date results of the liquidity stress tests and up-to-date assumptions and inputs used for the liquidity stress tests performed, both under exceptional and stressed market conditions;
up-to-date information referred to in paragraph 1 in case of material changes to that information.
( 1 ) Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision (OJ L 83, 22.3.2013, p. 1, ELI: http://data.europa.eu/eli/reg_del/2013/231/oj).