Décret n° 2023-344 du 5 mai 2023 relatif aux modalités de fonctionnement des mécanismes de coupe-circuit applicables aux organismes de placement collectif en valeurs mobilières et aux fonds d’investissement alternatifs

Decree No. 2023-344 of 5 May 2023 amends the MTC by modifying the operating rules of the circuit breaker mechanism applicable to UCITS and AIFs.
More specifically, the decree amends the regulation governing the circuit breaker used for listed funds by setting a general principle for regulating prices that refers to the rules of the relevant regulated market:
Article 1 of the decree modifies Article D. 214-22-1 of the MFC regarding the conditions for implementing a circuit breaker mechanism. The decree replaces the requirement for UCITS to have a mechanism in place to ensure that the price of their shares or units does not significantly deviate from their net asset value with a requirement for the regulated market on which the shares or units are admitted to trading to have a mechanism in place to ensure that the price does not significantly deviate from a reference value set by the rules of the relevant regulated market.
Article 2 of the decree modifies Article D. 214-32-31 of the MFC in the same way for AIFs. The decree replaces the requirement for AIFs to have a mechanism in place to ensure that the price of their shares or units does not significantly deviate from their net asset value with a requirement for the regulated market on which the shares or units are admitted to trading to have a mechanism in place to ensure that the price does not significantly deviate from a reference value set by the rules of the relevant regulated market.
Article 3 replaces in table I with reference to D. 214-32-31 of the MFC the line „n° 2019-1296 of 4 December 2019“ with „n° 2023-344 of 5 May 2023“.
The present decree entered into force the day after its publication in the Official Journal, hence on 7 May 2023.