ANNEX I
Determination of the maximum percentage referred to in Article 18(2), first subparagraph, point (d), of Regulation (EU) 2015/760 as a function of the redemption frequency and the notice period of the ELTIF, including the extension of the notice period, if any (‘Notice Period’)
Option 1 – Baseline option
Notice Period / Redemption frequency | No Notice Period | 2 weeks Notice Period | 1 month Notice Period | 3 months Notice Period | 6 months Notice Period | 9 months Notice Period | 12 months Notice Period |
12 months | 100,0 % | 100,0 % | 100,0 % | 100,0 % | 100,0 % | 100,0 % | 100,0 % |
6 months | 50,0 % | 52,2 % | 54,5 % | 66,7 % | 100,0 % | 100,0 % | 100,0 % |
3 months | 25,0 % | 26,1 % | 27,3 % | 33,3 % | 50,0 % | 100,0 % | 100,0 % |
2 months | 16,7 % | 17,4 % | 18,2 % | 22,2 % | 33,3 % | 66,7 % | 100,0 % |
1 month | 8,3 % | 8,7 % | 9,1 % | 11,1 % | 16,7 % | 33,3 % | 100,0 % |
Bi-weekly | 4,2 % | 4,3 % | 4,5 % | 5,6 % | 8,3 % | 16,7 % | 100,0 % |
Weekly | 1,9 % | 2,0 % | 2,1 % | 2,6 % | 3,8 % | 7,7 % | 100,0 % |
Option 2 – Aggregation on a one-month basis
Notice Period / Redemption frequency | No Notice Period | 2 weeks Notice Period | 1 month Notice Period | 3 months Notice Period | 6 months Notice Period | 9 months Notice Period | 12 months Notice Period |
12 months | 100,0 % | 100,0 % | 100,0 % | 100,0 % | 100,0 % | 100,0 % | 100,0 % |
6 months | 50,0 % | 52,2 % | 54,5 % | 66,7 % | 100,0 % | 100,0 % | 100,0 % |
3 months | 25,0 % | 26,1 % | 27,3 % | 33,3 % | 50,0 % | 100,0 % | 100,0 % |
2 months | 16,7 % | 17,4 % | 18,2 % | 22,2 % | 33,3 % | 66,7 % | 100,0 % |
1 month or more frequent than 1 month | On an aggregate basis, during the period of one month: 8,3 % | On an aggregate basis, during the period of one month: 8,7 % | On an aggregate basis, during the period of one month: 9,1 % | On an aggregate basis, during the period of one month 11,1 % | On an aggregate basis, during the period of one month 16,7 % | On an aggregate basis, during the period of one month 33,3 % | On an aggregate basis, during the period of one month 100,0 % |
Option 3 – Aggregation on a two-months basis
Notice Period / Redemption frequency | No Notice Period | 2 weeks Notice Period | 1 month Notice Period | 3 months Notice Period | 6 months Notice Period | 9 months Notice Period | 12 months Notice Period |
12 months | 100,0 % | 100,0 % | 100,0 % | 100,0 % | 100,0 % | 100,0 % | 100,0 % |
6 months | 50,0 % | 52,2 % | 54,5 % | 66,7 % | 100,0 % | 100,0 % | 100,0 % |
3 months | 25,0 % | 26,1 % | 27,3 % | 33,3 % | 50,0 % | 100,0 % | 100,0 % |
2 months or more frequent than 2 months | On an aggregate basis, during the period of 2 months: 16,7 % | On an aggregate basis, during the period of 2 months: 17,4 % | On an aggregate basis, during the period of 2 months: 18,2 % | On an aggregate basis, during the period of 2 months: 22,2 % | On an aggregate basis, during the period of 2 months: 33,3 % | On an aggregate basis, during the period of 2 months: 66,7 % | On an aggregate basis, during the period of 2 months: 100,0 % |