Open-ended AIF definition

An AIF whose shares or units can, at the request of any of its shareholders or unitholders, be redeemed prior to the commencement of its liquidation phase or wind-down in accordance with the procedures and frequency set out in its rules or instruments of incorporation, prospectus or offering documents (Commission Delegated Regulation (EU) 694/2014 supplementing the AIFMD with regard to regulatory technical standards determining types of AIFMs). The corresponding UK BTS which came into force at the end of the Brexit implementation period is Technical Standards (AIFMD) (EU Exit) Instrument 2019, FCA 2019/37).