Article 8
The determination of the execution price and the pro-ratio conditions where transfers are matched as referred to in Article 19(2a) of Regulation (EU) 2015/760, and the level of the fees, costs and charges, if any, related to the transfer
With respect to the requirement, laid down in Article 19(2a), point (b), of Regulation (EU) 2015/760, that where there is a mismatch between exiting and potential investors, matching is to be carried out on a pro rata basis, the policy for matching requests of the ELTIF shall specify all of the following:
where there are purchasing orders but no sale orders, or vice versa, whether the requests are cancelled or carried over;
where exit orders are lower than purchasing orders, that exit orders are carried out and that purchasing orders that are to be satisfied are selected on the basis of the criterion established by the manager of the ELTIF, and whether the excess purchasing orders are carried over and, if so, for how long;
where exit orders are higher than purchasing orders, that the manager of the ELTIF executes the exit orders on the basis of the criterion established by the manager of the ELTIF, and whether the excess exit orders are carried over and, if so, for how long.
The rules that specify how matching is to be carried out on a pro rata basis shall be based on the size of each exit order and take into account the available assets of the ELTIF and the features of the ELTIF.