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Article 18
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The beneficial ownership of beneficial certificatesis deemed excessively concentrated as in Article 10under any of the following circumstances:
- The number of beneficiaries holding not more than 100,000 beneficial units is less than 1,000.
- The number, as entered in the beneficiary register, of units of beneficial rights held by beneficiaries whose beneficial rights holding exceeds 5% of the total amount of the fund exceeds 80% of the total amount of the fund.
- Other circumstances wherethe beneficial ownership may be deemed excessively concentrated.
The preceding paragraph does not apply to ETF beneficial certificates, offshore ETF beneficial certificates, and futures ETF beneficial certificates.
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