Independent valuation

1. The valuation referred to in Article 5(8) shall be performed by a valuer who is independent of the covered undertaking, of the Reserve and of any party to the liquidity event, appointed by the Commission from a list established after an open call. The Commission shall establish the list and make appointments by means of implementing acts, adopted in accordance with the examination procedure referred to in Article 16(2).

2. The valuation shall determine the fully diluted capital of the covered undertaking immediately before the liquidity event, in accordance with internationally accepted valuation standards and, where the event itself establishes a price, on the basis of that price.

3. The valuer shall deliver the valuation within 20 working days of the completion of the liquidity event. The costs of the valuation shall be borne by the covered undertaking.

4. Where a court finds, pursuant to Article 7, that the valuation overstated the fully diluted capital, the Reserve shall transfer back to the covered undertaking, or cancel, the shares subscribed in excess of the percentage laid down in Article 5(2). Where a court finds that the valuation understated it, the covered undertaking shall issue the missing shares to the Reserve.

5. A challenge to the valuation shall not suspend the liquidity event or the subscription.