(1) An AIFM shall ensure that, for each AIF that it manages, appropriate and consistent procedures are established so that a proper and independent valuation of the assets of the AIF can be performed in accordance with this Regulation and the AIF rules or instruments of incorporation.
(2) The AIF rules or instruments of incorporation shall set out the rules applicable to the valuation of assets and the calculation of the net asset value per unit or share of the AIF.
(3) An AIFM shall also ensure that the net asset value per unit or share of each AIF is calculated and disclosed to the investors in accordance with this Regulation and the AIF rules or instruments of incorporation.
(4) The valuation procedures used shall ensure that the assets are valued and the net asset value per unit or share is calculated at least once a year.
(5) If the AIF is of the open-ended type, such valuations and calculations shall also be carried out at a frequency which is both appropriate to the assets held
…