(2)To protect existing investors and manage the flow of new investments into a UCITS, a UCITS should be able to restrict subscriptions, while continuing to allow repurchases and redemptions by existing investors (‘soft closure’). However, such soft closure of a UCITS should not qualify as a liquidity management tool referred to in Annex IIA to Directive 2009/65/EC, as it does not serve the purpose of managing liquidity risks or addressing redemption pressure under stressed market conditions.