Furthermore, it should also be noted that, in line with the Guidelines, a temporary deviation from the applicable threshold and exclusions should be treated as a passive breach and corrected in the best interest of the investors, provided that the deviation is not due to a deliberate choice by the fund manager.
The Guidelines will be translated into all EU languages and will subsequently be published on ESMA's website. They will start applying three months after that publication. The transitional period for funds existing before the application date will be six months after that date. Any new funds created after the application date should apply the Guidelines immediately in respect of those funds.
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