1. A UCITS that decides to activate redemption gates shall apply those redemption gates uniformly to all investors.
2. A redemption gate shall have an activation threshold below which the redemption gate cannot be activated. The activation threshold shall be set at the level of the UCITS and shall apply equally to all investors of the UCITS.
3. The activation threshold shall be:
based on the total net or gross redemption orders of the UCITS received for a given dealing date or over a specified period;
expressed as a proportion to the net asset value of the UCITS.
4. A UCITS that decides to activate a redemption gate shall execute on a pro rata basis the redemption orders from all investors for a given dealing date for an amount that corresponds to at least the level of the activation threshold.