Subsection 2: Funds open to non-professional investors.

Unless otherwise stipulated, the provisions of articles R. 214-32-9 to D. 214-33 shall apply to AIFs covered by this paragraph.

II of article D. 214-32-31 does not apply to AIFs covered by this paragraph.

In order to prevent an imbalance between redemption requests and the assets of the fund of hedge funds or one of its sub-funds from preventing it from honouring redemption requests under conditions that protect the interests of unitholders and ensure equal treatment, the fund rules or articles of association may, pursuant to the second paragraph of Article L. 214-141, set a ceiling on redemptions of units or shares under the…

I. – A fund of hedge funds is an AIF governed by Article L. 214-140 which complies with the rules set out in II and may invest more than 10% of its assets : 1° In shares or units of AIFs or investment funds governed by foreign law which meet the conditions laid down in 5° of article R. 214-32-19, including those investing more than 10% of their assets in:…