LD Pensions' tender for an Agreement concerning Investment Management of EUR High Yield Bonds

The object of the tender is to select an Investment Manager to provide investment management services for LD Pensions' assets within EUR High Yield Bonds. LD Pensions is acting on behalf of its fully owned subsidiary Kapitalforeningen LD (KLD). The contract will be signed by KLD. The expected size of …

CPV: 66140000 Portefeuillebeheer
Deadline:
24 november 2025 22:59
Soort termijn:
Indiening van een bod
Plaats van uitvoering:
LD Pensions' tender for an Agreement concerning Investment Management of EUR High Yield Bonds
Toekennende instantie:
LD Fonde ('LD Pensions')
Gunningsnummer:
1080686

1. Buyer

1.1 Buyer

Official name : LD Fonde ('LD Pensions')
Legal type of the buyer : Body governed by public law
Activity of the contracting authority : Economic affairs

2. Procedure

2.1 Procedure

Title : LD Pensions' tender for an Agreement concerning Investment Management of EUR High Yield Bonds
Description : The object of the tender is to select an Investment Manager to provide investment management services for LD Pensions' assets within EUR High Yield Bonds. LD Pensions is acting on behalf of its fully owned subsidiary Kapitalforeningen LD (KLD). The contract will be signed by KLD. The expected size of the mandate is DKK 500 million, approximately EUR 67 million. The investment objective is to outperform the index in net terms (i.e. after deduction of all costs) over a full market cycle. A more detailed description of the characteristics of the mandate can be found in the Investment Guidelines (Investment Guidelines can be found in Schedule 1 of the Agreement).
Procedure identifier : 5b341b4b-8679-4dfe-ad5d-35bb11f256f2
Internal identifier : 1080686
Type of procedure : Open
The procedure is accelerated : no
Main features of the procedure : This tender is an open procedure where all interested economic operators are invited to submit tenders.

2.1.1 Purpose

Main nature of the contract : Services
Main classification ( cpv ): 66140000 Portfolio management services

2.1.2 Place of performance

Anywhere

2.1.3 Value

Estimated value excluding VAT : 9 800 000 Danish krone

2.1.4 General information

Legal basis :
Directive 2014/24/EU

2.1.6 Grounds for exclusion

Sources of grounds for exclusion : Notice
Corruption : Pursuant to Section 135(1)(2) of the Danish Public Procurement Act, an applicant or tenderer will be excluded if the applicant or tenderer has been convicted or fined by final judgement for corruption as defined in Article 3 of convention on combating of corruption involving officials of the European Union and of the EU member states and Article 2(1) of Council Framework Decision 2003 /568/JHA of 22 July 2003 on combating of corruption in the private sector (Official Journal of the European Union 2003, No. L 192, page 54) and corruption as defined by national law in the member state or home country of the applicant or tenderer or in the country in which the applicant or tenderer is established. The same applies where a person who has been convicted by final judgement or who has been fined for such an action is a member of the board, management or supervisory committee of the applicant or tenderer. Further, the applicant or tenderer must be excluded if the convicted person is authorised to represent, monitor or make decisions in the board, management or supervisory committee of the applicant or tenderer. Please refer to "Additional information" below for the required documentation.
Fraud : Pursuant to Section 135(1)(3) of the Danish Public Procurement Act, an applicant or tenderer will be excluded if the applicant or tenderer has been convicted or fined by final judgement for fraud within the meaning of Article 1 of the Convention relating to the protection of the financial interests of the European Communities. The same applies where a person who has been convicted by final judgement or who has been fined for such an action is a member of the board, management or supervisory committee of the applicant or tenderer. Further, the applicant or tenderer must be excluded if the convicted person is authorised to represent, monitor or make decisions in the board, management or supervisory committee of the applicant or tenderer. Please refer to "Additional information" below for the required documentation.
Money laundering or terrorist financing : Pursuant to Section 135(1)(5) of the Danish Public Procurement Act, an applicant or tenderer will be excluded if the applicant or tenderer has been convicted or fined by final judgement for money laundering or financing of terrorism as defined in Article 1 of Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on prevention of the use of the financial system for the purpose of money laundering or financing of terrorism (Official Journal of the European Union 2005, No. L 309, page 15). The same applies where a person who has been convicted by final judgement or who has been fined for such an action is a member of the board, management or supervisory committee of the applicant or tenderer. Further, the applicant or tenderer must be excluded if the convicted person is authorised to represent, monitor or make decisions in the board, management or supervisory committee of the applicant or tenderer. Please refer to "Additional information" below for the required documentation.
Participation in a criminal organisation : Pursuant to Section 135(1)(1) of the Danish Public Procurement Act, an applicant or tenderer will be excluded if the applicant or tenderer has been convicted or fined by final judgement for actions committed as part of a criminal organisation as defined in Article 2 of Council Framework Decision 2008/841/JHA of 24 October 2008 (Official Journal of the European Union 2008, No. L 300, page 42). The same applies where a person who has been convicted by final judgement or who has been fined for such an action is a member of the board, management or supervisory committee of the applicant or tenderer. Further, the applicant or tenderer must be excluded if the convicted person is authorised to represent, monitor or make decisions in the board, management or supervisory committee of the applicant or tenderer. Please refer to "Additional information" below for the required documentation.
Terrorist offences or offences linked to terrorist activities : Pursuant to Section 135(1)(4) of the Danish Public Procurement Act, an applicant or tenderer will be excluded if the applicant or tenderer has been convicted or fined by final judgement for acts of terror or criminal acts related to terrorist activities within the meaning of Article 1, 3 and 4, respectively, of Council Framework Decision 2002/475/JHA of 13 June 2002 on combating terrorism (Official Journal of the European Union 2002, No. L 164, page 3) and amending Council Framework Decision 2008/919/JHA of 28 November 2008 amending Framework Decision 2002/475/JHA on combating terrorism (Official Journal of the European Union 2008, No. L 330, page 21). The same applies where a person who has been convicted by final judgement or who has been fined for such an action is a member of the board, management or supervisory committee of the applicant or tenderer. Further, the applicant or tenderer must be excluded if the convicted person is authorised to represent, monitor or make decisions in the board, management or supervisory committee of the applicant or tenderer. Please refer to "Additional information" below for the required documentation.
Child labour and including other forms of trafficking in human beings : Pursuant to Section 135(1)(6) of the Danish Public Procurement Act, an applicant or tenderer will be excluded if the applicant or tenderer has been convicted or fined by final judgement for breach of section 262 a of the Danish Penal Code or as regards a judgement issued in another country concerning child labour or other types of human trafficking as defined in Article 2 of Directive 2011/36/EU of the European Parliament and of the Council of 5 April 2011 on preventing and combating trafficking in human beings and protecting its victims, and replacing Council Framework Decision 2002/629/HJA (Official Journal of the European Union 2011, No. L 101, page 1). The same applies where a person who has been convicted by final judgement or who has been fined for such an action is a member of the board, management or supervisory commit-tee of the applicant or tenderer. Further, the applicant or tenderer must be excluded if the convicted person is authorised to represent, monitor or make decisions in the board, management or supervisory committee of the applicant or tenderer. Please refer to "Additional information" below for the required documentation.
Breaching of obligations in the fields of environmental law : Pursuant to Section 137(1)(1) of the Danish Public Procurement Act, an applicant or tenderer will be excluded if the applicant or tenderer has ignored obligations in force in the fields of environmental, social or labour law under EU law, national law, collective agreements or the obligations under environmental, social or labour law deriving from the conventions stated in Annex X to Directive 2014/24/EU of the European Parliament and of the Council of 26 February 2014 on public procurement and repealing Directive 2004/18/EC (the Official Journal of the European Union 2014, No. L 94, page 65) or subject to acts adopted by the European Commission under Article 57(4), cf. Article 88, of the Directive. Please refer to "Additional information" below for the required documentation.
Breaching of obligations in the fields of labour law : Pursuant to Section 137(1)(1) of the Danish Public Procurement Act, an applicant or tenderer will be excluded if the applicant or tenderer has ignored obligations in force in the fields of environmental, social or labour law under EU law, national law, collective agreements or the obligations under environmental, social or labour law deriving from the conventions stated in Annex X to Directive 2014/24/EU of the European Parliament and of the Council of 26 February 2014 on public procurement and repealing Directive 2004/18/EC (the Official Journal of the European Union 2014, No. L 94, page 65) or subject to acts adopted by the European Commission under Article 57(4), cf. Article 88, of the Directive. Please refer to "Additional information" below for the required documentation.
Breaching of obligations in the fields of social law : Pursuant to Section 137(1)(1) of the Danish Public Procurement Act, an applicant or tenderer will be excluded if the applicant or tenderer has ignored obligations in force in the fields of environmental, social or labour law under EU law, national law, collective agreements or the obligations under environmental, social or labour law deriving from the conventions stated in Annex X to Directive 2014/24/EU of the European Parliament and of the Council of 26 February 2014 on public procurement and repealing Directive 2004/18/EC (the Official Journal of the European Union 2014, No. L 94, page 65) or subject to acts adopted by the European Commission under Article 57(4), cf. Article 88, of the Directive. Please refer to "Additional information" below for the required documentation.
Agreements with other economic operators aimed at distorting competition : Pursuant to Section 137(1)(3) of the Danish Public Procurement Act, an applicant or tenderer will be excluded if the contracting authority has sufficient plausible indications to conclude that the applicant or tenderer has concluded agreements with other economic operators for the purpose of distorting competition.
Grave professional misconduct : Pursuant to Section 136(4) of the Danish Public Procurement Act, an applicant or tenderer will be excluded if the applicant or tenderer has in the exercise of its business committed serious neglect which gives rise to doubt as to the integrity of the candidate or tenderer.
Misrepresentation, withheld information, unable to provide required documents and obtained confidential information of this procedure : Pursuant to Section 136(3) of the Danish Public Procurement Act, an applicant or tenderer will be excluded if the applicant or tenderer of the procurement procedure referred to has provided incorrect information, retained information or is unable to submit additional documents in relation to the grounds for exclusion stated in section 135(1 or 3), and, if relevant, in section 137(1)(2 or 7) the fixed minimum requirements for suitability stipulated in sections 140-144 or selection in section 145. In addition, pursuant to Section 137(1)(5), an applicant or tenderer will be excluded if the applicant or tenderer has attempted to interfere with the decision-making process of the contracting authority, where the candidate or tenderer has obtained confidential information which may have resulted in wrongful advantages in relation to the procurement procedure, or where the candidate or tenderer by gross negligence has provided misleading information which may have material influence on decisions on exclusion, assessment of the minimum requirements for suitability, selection or award of contract.
Conflict of interest due to its participation in the procurement procedure : Pursuant to Section 136(1) of the Danish Public procurement Act, an applicant or tenderer will be excluded if the contracting authority can prove that in relation to the procurement procedure referred to, a conflict of interest, cf. Section 24(18), cannot be removed effectively by less radical means.
Direct or indirect involvement in the preparation of this procurement procedure : Pursuant to Section 136(2) of the Danish Public Procurement Act, an applicant or tenderer will be excluded if the inclusion will entail a distortion of competition as discussed in section 39 as a result of the prior involvement of economic operators in the preparation of the procurement procedure in relation to the procurement procedure referred to which cannot be removed by less radical means.
Early termination, damages, or other comparable sanctions : Pursuant to Section 137(1)(4) of the Danish Public Procurement Act, an applicant or tenderer will be excluded if the applicant or tenderer has committed previous material breach of a public contract, a utility contract or a public works concession, and such breach has resulted in cancellation of the contract referred to or a similar sanction.
Breaching of obligations set under purely national exclusion grounds : Pursuant to Section 134a of the Danish Public Procurement Act, an applicant or tenderer will be excluded if the applicant or tenderer is established in a country that is included on the EU list of non-cooperative tax jurisdictions and has not acceded to the WTO's Government Procurement Agreement or other trade agreements that require Denmark to open the market for public contracts for bids.
Breaching obligation relating to payment of social security contributions : Pursuant to Section 135(3) of the Danish Public Procurement Act, an applicant or tenderer will be excluded if it has unpaid overdue debt of DKK 100,000 or more to public authorities in relation to tax or duties under Danish law or under the law of the country in which the applicant or tenderer is established, unless the exceptions in Sections 135(4) and (5) apply. Please refer to "Additional information" below for the required documentation.
Breaching obligation relating to payment of taxes : Pursuant to Section 135(3) of the Danish Public Procurement Act, an applicant or tenderer will be excluded if it has unpaid overdue debt of DKK 100,000 or more to public authorities in relation to tax or duties under Danish law or under the law of the country in which the applicant or tenderer is established, unless the exceptions in Sections 135(4) and (5) apply. Please refer to "Additional information" below for the required documentation.
Business activities are suspended : Pursuant to Section 137(1)(2) of the Danish Public Procurement Act, an applicant or tenderer will be excluded if the applicant or tenderer has been declared bankrupt or is undergoing insolvency or winding-up proceedings, where the assets of the applicant or tenderer is being administered by a receiver or by court if the applicant or tenderer has entered an arrangement with creditors, where the commercial activities of the candidate or tenderer has been discontinued, or where the applicant or tenderer is in a similar situation under a similar procedure under national law in the jurisdiction in which the candidate or tenderer is registered. Please refer to "Additional information" below for the required documentation.
Bankruptcy : Pursuant to Section 137(1)(2) of the Danish Public Procurement Act, an applicant or tenderer will be excluded if the applicant or tenderer has been declared bankrupt or is undergoing insolvency or winding-up proceedings, where the assets of the applicant or tenderer is being administered by a receiver or by court if the applicant or tenderer has entered an arrangement with creditors, where the commercial activities of the candidate or tenderer has been discontinued, or where the applicant or tenderer is in a similar situation under a similar procedure under national law in the jurisdiction in which the candidate or tenderer is registered. Please refer to "Additional information" below for the required documentation.
Arrangement with creditors : Pursuant to Section 137(1)(2) of the Danish Public Procurement Act, an applicant or tenderer will be excluded if the applicant or tenderer has been declared bankrupt or is undergoing insolvency or winding-up proceedings, where the assets of the applicant or tenderer is being administered by a receiver or by court if the applicant or tenderer has entered an arrangement with creditors, where the commercial activities of the candidate or tenderer has been discontinued, or where the applicant or tenderer is in a similar situation under a similar procedure under national law in the jurisdiction in which the candidate or tenderer is registered. Please refer to "Additional information" below for the required documentation.
Insolvency : Pursuant to Section 137(1)(2) of the Danish Public Procurement Act, an applicant or tenderer will be excluded if the applicant or tenderer has been declared bankrupt or is undergoing insolvency or winding-up proceedings, where the assets of the applicant or tenderer is being administered by a receiver or by court if the applicant or tenderer has entered an arrangement with creditors, where the commercial activities of the candidate or tenderer has been discontinued, or where the applicant or tenderer is in a similar situation under a similar procedure under national law in the jurisdiction in which the candidate or tenderer is registered. Please refer to "Additional information" below for the required documentation.
Assets being administered by liquidator : Pursuant to Section 137(1)(2) of the Danish Public Procurement Act, an applicant or tenderer will be excluded if the applicant or tenderer has been declared bankrupt or is undergoing insolvency or winding-up proceedings, where the assets of the applicant or tenderer is being administered by a receiver or by court if the applicant or tenderer has entered an arrangement with creditors, where the commercial activities of the candidate or tenderer has been discontinued, or where the applicant or tenderer is in a similar situation under a similar procedure under national law in the jurisdiction in which the candidate or tenderer is registered. Please refer to "Additional information" below for the required documentation.
Analogous situation like bankruptcy, insolvency or arrangement with creditors under national law : Pursuant to Section 137(1)(2) of the Danish Public Procurement Act, an applicant or tenderer will be excluded if the applicant or tenderer has been declared bankrupt or is undergoing insolvency or winding-up proceedings, where the assets of the applicant or tenderer is being administered by a receiver or by court if the applicant or tenderer has entered an arrangement with creditors, where the commercial activities of the candidate or tenderer has been discontinued, or where the applicant or tenderer is in a similar situation under a similar procedure under national law in the jurisdiction in which the candidate or tenderer is registered. Please refer to "Additional information" below for the required documentation.

5. Lot

5.1 Lot technical ID : LOT-0000

Title : LD Pensions' tender for an Agreement concerning Investment Management of EUR High Yield Bonds
Description : The object of the tender is to select an Investment Manager to provide investment management services for LD Pensions' assets within EUR High Yield Bonds. LD Pensions is acting on behalf of its fully owned subsidiary Kapitalforeningen LD (KLD). The contract will be signed by KLD. The expected size of the mandate is DKK 500 million, approximately EUR 67 million. The investment objective is to outperform the index in net terms (i.e. after deduction of all costs) over a full market cycle. A more detailed description of the characteristics of the mandate can be found in the Investment Guidelines (Investment Guidelines can be found in Schedule 1 of the Agreement).
Internal identifier : 1080686

5.1.1 Purpose

Main nature of the contract : Services
Main classification ( cpv ): 66140000 Portfolio management services

5.1.2 Place of performance

Anywhere
Additional information :

5.1.3 Estimated duration

Duration : 4 Year

5.1.4 Renewal

Maximum renewals : 3
Other information about renewals : The duration of the Agreement will be for a fixed period of four (4) years from the entry into force of the contract with option for LD Pensions to renew the Agreement in three further extensions of one (1) year each. Thus, the overall term of agreement could be seven (7) years.

5.1.5 Value

Estimated value excluding VAT : 9 800 000 Danish krone

5.1.6 General information

Reserved participation : Participation is not reserved.
Procurement Project not financed with EU Funds.
The procurement is covered by the Government Procurement Agreement (GPA) : yes

5.1.9 Selection criteria

Sources of selection criteria : Notice
Criterion : Authorisation or membership of a particular organisation needed for service contracts
Description : The tenderer (contracting entity) shall be authorised by a competent financial supervisory authority to provide discretionary portfolio management services in accordance with the provisions set out in the IMA, if such authorisation is required in the tenderer's country of domicile.
Criterion : References on specified services
Description : The tenderer must present three different references in segregated mandates for European High Yield Bonds (including Loans) with assets under management at group level for governmental authorities, pension funds, insurance firms, treasury departments, central banks, or supranational entities of at least DKK 500 million that are currently active.
Criterion : Other economic or financial requirements
Description : The tenderer shall have a live (not simulated) continuous track record of at least ten (10) years in EUR High Yield Bonds* as of 30 June 2025. *“Carve-out” portfolios of broader mandates are acceptable if the composite fulfils GIPS (Global Investment Performance Standards) or similar requirements and disclosures regarding “carve-outs”.

5.1.10 Award criteria

Criterion :
Type : Price
Name : Pricing and costs
Description : The award criterion “Pricing and costs” with a weight of 10% will be evaluated on the basis of the following sub-criterion: * Fee Offer (10%), chapter 10 of the RFP Additional information can be found in the RFP.
Category of award threshold criterion : Weight (percentage, exact)
Award criterion number : 10
Criterion :
Type : Quality
Name : Quality of Services
Description : The award criterion “Quality of Services” with a weight of 90% will be evaluated on the basis of the following sub-criteria (noting that the percentage for each sub-criteria refers to the weight in the total score and not the weight of the award criterion): * Experience (10%), Chapter 3 of the RFP * Organisation and Human Resources (10%), Chapter 4 of the RFP * Investment Approach (25%), Chapter 5 of the RFP * Performance (15%), Chapter 6 of the RFP * Risk Management and Compliance (10%), Chapter 7 of the RFP * Trade Execution (10%), Chapter 8 of the RFP * Operational Aspects (10%), Chapter 9 of the RFP Additional information can be found in the RFP.
Category of award threshold criterion : Weight (percentage, exact)
Award criterion number : 90

5.1.11 Procurement documents

Languages in which the procurement documents are officially available : English

5.1.12 Terms of procurement

Terms of submission :
Electronic submission : Required
Languages in which tenders or requests to participate may be submitted : English
Electronic catalogue : Not allowed
Variants : Not allowed
Tenderers may submit more than one tender : Not allowed
Deadline for receipt of tenders : 24/11/2025 22:59 +00:00
Deadline until which the tender must remain valid : 8 Month
Information that can be supplemented after the submission deadline :
At the discretion of the buyer, some missing tenderer-related documents may be submitted later.
Additional information : LD Pensions reserves the right to request an applicant/tenderer to supplement, clarify or complete the application/tender, cf. the Danish Public Procurement Act, Section 159(5).
Information about public opening :
Opening date : 24/11/2025 23:00 +00:00
Place : Online
Terms of contract :
The execution of the contract must be performed within the framework of sheltered employment programmes : No
A non-disclosure agreement is required : no
Electronic invoicing : Required
Electronic ordering will be used : yes
Electronic payment will be used : yes

5.1.15 Techniques

Framework agreement :
No framework agreement
Information about the dynamic purchasing system :
No dynamic purchase system

5.1.16 Further information, mediation and review

Review organisation : Klagenævnet for Udbud
Information about review deadlines : In accordance with Act no. 953 2.6.2016 (Lov om Klagenævnet for Udbud m.v.), the deadlines for sub-mitting a complaint are the following: Complaints about a candidate not being selected must be filed within 20 calendar days starting the day after the Contracting Authority sent notification to the candidates involved, cf. Section 171 of the Danish Public Procurement Act or Section 2, 1) no. 1 of the same Act, provided that the notification includes a short account of the relevant reasons of the decision. Complaints about the award procedure must be lodged with the Danish Complaints Board for Public Procurement before the expiry of: 1) 45 calendar days after the Contracting Authority has published a notice in the official Journal of the European Union (with effect from the day following the publication date); 2) 30 calendar days from the day following the day on which the contracting authority has informed the tenderers that the contracting authority has entered into a contract based on a Framework Agreement with reopening of competition or a dynamic purchasing system if the notification includes a sort account of the relevant reasons for the decision. 3) 6 months after the Contracting Authority has signed a Framework Agreement from the day following the day that the Contracting Authority has notified the tenderers, cf. Section 2, 2) of the Act or Section 171, 4) of the Danish Public Procurement Act. 4) 20 calendar days from the day after the day the Contracting Authority has announced its decision see Section 185, 2) of the Danish Public Procurement Act. The complainant must inform the Contracting Authority of the complaint in writing and not later than simultaneously with the lodging of the complaint to the Danish Board of Public Procurement. The complaint must state whether the complaint was lodged in the stand still period. If the complaint has not been lodged in the stand still period, the complaint must also state whether the complaint is requested to be given suspensive effect.
Organisation providing additional information about the procurement procedure : LD Fonde ('LD Pensions')
Organisation providing offline access to the procurement documents : LD Fonde ('LD Pensions')
Organisation providing more information on the review procedures : Konkurrence- og Forbrugerstyrelsen

8. Organisations

8.1 ORG-0001

Official name : LD Fonde ('LD Pensions')
Registration number : 61552812
Postal address : Dirch Passers Allé 27, 2
Town : Frederiksberg
Postcode : 2000
Country subdivision (NUTS) : Byen København ( DK011 )
Country : Denmark
Contact point : Michael Kjærbye-Thygesen
Email : mkt@ld.dk
Telephone : +45 29 69 52 55
Internet address : https://www.ld.dk/
Roles of this organisation :
Buyer
Organisation providing additional information about the procurement procedure
Organisation providing offline access to the procurement documents

8.1 ORG-0002

Official name : Klagenævnet for Udbud
Registration number : 37795526
Postal address : Nævnenes Hus, Toldboden 2
Town : Viborg
Postcode : 8800
Country subdivision (NUTS) : Vestjylland ( DK041 )
Country : Denmark
Telephone : +45 35291000
Roles of this organisation :
Review organisation

8.1 ORG-0003

Official name : Konkurrence- og Forbrugerstyrelsen
Registration number : 10294819
Postal address : Carl Jacobsens Vej 35
Town : Valby
Postcode : 2500
Country subdivision (NUTS) : Byen København ( DK011 )
Country : Denmark
Telephone : +45 41715000
Internet address : http://www.kfst.dk
Roles of this organisation :
Organisation providing more information on the review procedures

8.1 ORG-0004

Official name : Mercell Holding ASA
Registration number : 980921565
Postal address : Askekroken 11
Town : Oslo
Postcode : 0277
Country subdivision (NUTS) : Oslo ( NO081 )
Country : Norway
Contact point : eSender
Telephone : +47 21018800
Fax : +47 21018801
Internet address : http://mercell.com/
Roles of this organisation :
TED eSender

Notice information

Notice identifier/version : ffd8c042-55db-446d-a2cf-d7718f3e672f - 01
Form type : Competition
Notice type : Contract or concession notice – standard regime
Notice dispatch date : 20/10/2025 15:00 +00:00
Notice dispatch date (eSender) : 20/10/2025 15:00 +00:00
Languages in which this notice is officially available : English
Notice publication number : 00694881-2025
OJ S issue number : 203/2025
Publication date : 22/10/2025