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Should the calculation of liquid assets be performed before the start of the notice period, or at another point in time, and if so, which point of time?

Should the minimum percentage of liquid assets referred to in Annex II of the ELTIF Delegated Regulation solely comprise, as per Article 5(5) point b) of the ELTIF Delegated Regulation, the UCITS eligible assets, or should it also include, as it is the case for the purpose of the denominator of the percentage referred to in Article 18(2) point (d), the expected cash flow, forecasted on a prudent basis over 12 months?

Pursuant to Article 23(4) point (d) of the ELTIF Regulation, shall the ELTIF disclose in its rules or instruments of incorporation a minimum (and not only a maximum, as per the requirements of Article 18(2) point d) of the ELTIF Regulation) percentage of liquid assets referred to in article 9(1) point (b) to be used for redemption requests?

a) Do the requirements of Articles 16(4) and 17(1)(c) of the ELTIF Regulation only apply to closed-ended ELTIFs?

b) If not, how may an open-ended ELTIF reconcile its obligation to comply with the portfolio composition and diversification requirements with the borrowing limits of the ELTIF Regulation if the suspension referred to in Article 17(1)(c) is to apply at each subscription/redemption?

a) Can investments in non-EU AIFs be considered as eligible investments under Article 9 of the ELTIF Regulation, noting that Article 10(1)(d) limits eligible investment assets to units or shares in EU funds?

b) Where an ELTIF, in line with Article 10(1)(d) of the ELTIF Regulation invests in ELTIFs, EuVECAs, EuSEFs, UCITS and/or EU AIFs managed by EU AIFMs should such funds, in turn, invest in “eligible investments” referred to in Article 9(1) and (2) of the ELTIF Regulation?