(2)To protect existing investors and manage the flow of new investments into an AIF, an AIFM should be able to restrict subscriptions, while continuing to allow repurchases and redemptions by existing investors (‘soft closure’). However, such soft closure of an AIF should not qualify as a liquidity management tool referred to in Annex V to Directive 2011/61/EU, as it does not serve the purpose of managing liquidity risks or addressing redemption pressure under stressed market conditions.