Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision (Text with EEA relevance)

Version status: Applicable | Document consolidation status: Updated to reflect all known changes

Published date: 22 March 2013

Consolidation Status: Updated to reflect all known changes

Comparing proposed amendment...


	Recitals
	Chapter I Definitions (art. 1)
Applicable	Article 1 Definitions
	Chapter II General provisions (arts. 2-15)
	Section 1 Calculation of assets under management (arts. 2-5)
Applicable	Article 2 Calculation of the total value of assets under management
Applicable	Article 3 Ongoing monitoring of assets under management
Applicable	Article 4 Occasional breach of the threshold
Applicable	Article 5 Information to be provided as part of registration
	Section 2 Calculation of leverage (arts. 6-11)
Applicable	Article 6 General provisions on the calculation of leverage
Applicable	Article 7 Gross method for calculating the exposure of the AIF
Applicable	Article 8 Commitment method for calculating the exposure of an AIF
Applicable	Article 9 Methods of increasing the exposure of an AIF
Applicable	Article 10 Conversion methodologies for derivative instruments
Applicable	Article 11 Duration netting rules
	Section 3 Additional own funds and professional indemnity insurance (arts. 12-15)
Applicable	Article 12 Professional liability risks
Applicable	Article 13 Qualitative requirements addressing professional liability risks
Applicable	Article 14 Additional own funds
Applicable	Article 15 Professional indemnity insurance
	Chapter III Operating conditions for AIFMs (arts. 16-82)
	Section 1 General principles (arts. 16-29)
Applicable	Article 16 General obligations for competent authorities
Applicable	Article 17 Duty to act in the best interests of the AIF or the investors in the AIF and the integrity of the market
Applicable	Article 18 Due diligence
Applicable	Article 19 Due diligence when investing in assets of limited liquidity
Applicable	Article 20 Due diligence in the selection and appointment of counterparties and prime brokers
Applicable	Article 21 Acting honestly, fairly and with due skills
Applicable	Article 22 Resources
Applicable	Article 23 Fair treatment of investors in the AIF
Applicable	Article 24 Inducements
Applicable	Article 25 Effective employment of resources and procedures - handling of orders
Applicable	Article 26 Reporting obligations in respect of execution of subscription and redemption orders
Applicable	Article 27 Execution of decisions to deal on behalf of the managed AIF
Applicable	Article 28 Placing orders to deal on behalf of AIFs with other entities for execution
Applicable	Article 29 Aggregation and allocation of trading orders
	Section 2 Conflicts of interest (arts. 30-37)
Applicable	Article 30 Types of conflicts of interest
Applicable	Article 31 Conflicts of interest policy
Applicable	Article 32 Conflicts of interest related to the redemption of investments
Applicable	Article 33 Procedures and measures preventing or managing conflicts of interest
Applicable	Article 34 Managing conflicts of interest
Applicable	Article 35 Monitoring conflicts of interest
Applicable	Article 36 Disclosure of conflicts of interest
Applicable	Article 37 Strategies for the exercise of voting rights
	Section 3 Risk management (arts. 38-45)
Applicable	Article 38 Risk management systems
Applicable	Article 39 Permanent risk management function
Applicable	Article 40 Risk management policy
Applicable	Article 41 Assessment, monitoring and review of the risk management systems
Applicable	Article 42 Functional and hierarchical separation of the risk management function
Applicable	Article 43 Safeguards against conflicts of interest
Applicable	Article 44 Risk limits
Applicable	Article 45 Risk measurement and management
	Section 4 Liquidity management (arts. 46-49)
Applicable	Article 46 Liquidity management system and procedures
Applicable	Article 47 Monitoring and managing liquidity risk
Applicable	Article 48 Liquidity management limits and stress tests
Applicable	Article 49 Alignment of investment strategy, liquidity profile and redemption policy
	Section 5 Investment in securitisation positions (arts. 50-56)
Applicable	Article 50 Definitions
Applicable	Article 51 Requirements for retained interest
Applicable	Article 52 Qualitative requirements concerning sponsors and originators
Applicable	Article 53 Qualitative requirements concerning AIFMs exposed to securitisations
Applicable	Article 54 Corrective action
Applicable	Article 55 Grandfathering clause
Applicable	Article 56 Interpretation
	Section 6 Organisational requirements - general principles (arts. 57-66)
Applicable	Article 57 General requirements
Applicable	Article 58 Electronic data processing
Applicable	Article 59 Accounting procedures
Applicable	Article 60 Control by the governing body, senior management and supervisory function
Applicable	Article 61 Permanent compliance function
Applicable	Article 62 Permanent internal audit function
Applicable	Article 63 Personal transactions
Applicable	Article 64 Recording of portfolio transactions
Applicable	Article 65 Recording of subscription and redemption orders
Applicable	Article 66 Recordkeeping requirements
	Section 7 Valuation (arts. 67-74)
Applicable	Article 67 Policies and procedures for the valuation of the assets of the AIF
Applicable	Article 68 Use of models to value assets
Applicable	Article 69 Consistent application of valuation policies and procedures
Applicable	Article 70 Periodic review of valuation policies and procedures
Applicable	Article 71 Review of individual values of assets
Applicable	Article 72 Calculation of the net asset value per unit or share
Applicable	Article 73 Professional guarantees
Applicable	Article 74 Frequency of valuation of assets held by open-ended AIFs
	Section 8 Delegation of AIFM functions (arts. 75-82)
Applicable	Article 75 General principles
Applicable	Article 76 Objective reasons for delegation
Applicable	Article 77 Features of the delegate
Applicable	Article 78 Delegation of portfolio or risk management
Applicable	Article 79 Effective supervision
Applicable	Article 80 Conflicts of interest
Applicable	Article 81 Consent and notification of sub-delegation
Applicable	Article 82 Letter-box entity and AIFM no longer considered to be managing an AIF
	Chapter IV Depositary (arts. 83-102)
	Section 1 Particulars of the written contract (art. 83)
Applicable	Article 83 Contractual particulars
	Section 2 General criteria for assessing the prudential regulation and supervision applicable to depositaries in third countries (art. 84)
Applicable	Article 84 Criteria for assessing prudential regulation and supervision applicable to a depositary in a third country
	Section 3 Depositary functions, due diligence duties and segregation obligation (arts. 85-99)
Applicable	Article 85 Cash monitoring - general requirements
Applicable	Article 86 Monitoring of the AIF's cash flows
Applicable	Article 87 Duties regarding subscriptions
Applicable	Article 88 Financial instruments to be held in custody
Amended	Article 89 Safekeeping duties with regard to assets held in custody
Applicable	Article 90 Safekeeping duties regarding ownership verification and record keeping
Applicable	Article 91 Reporting obligations for prime brokers
Applicable	Article 92 Oversight duties - general requirements
Applicable	Article 93 Duties regarding subscription and redemptions
Applicable	Article 94 Duties regarding the valuation of shares/units
Applicable	Article 95 Duties regarding the carrying out of the AIFM's instructions
Applicable	Article 96 Duties regarding the timely settlement of transactions
Applicable	Article 97 Duties related to the AIF's income distribution
Amended	Article 98 Due diligence
Amended	Article 99 Segregation obligation
	Section 4 Loss of financial instruments, liability discharge and objective reasons (arts. 100-102)
Applicable	Article 100 Loss of a financial instrument held in custody
Applicable	Article 101 Liability discharge under Article 21(12) of Directive 2011/61/EU
Applicable	Article 102 Objective reasons for the depositary to contract a discharge of liability
	Chapter V Transparency Requirements, Leverage, Rules Relating to Third Countries and Exchange of Information on the Potential Consequences of AIFM Activity (arts. 103-116)
	Section 1 Annual report, disclosure to investors and reporting to competent authorities (arts. 103-111)
Applicable	Article 103 General principles for the annual report
Applicable	Article 104 Content and format of the balance sheet or statement of assets and liabilities and of the income and expenditure account
Applicable	Article 105 Report on the activities of the financial year
Applicable	Article 106 Material changes
Applicable	Article 107 Remuneration disclosure
Applicable	Article 108 Periodic disclosure to investors
Applicable	Article 109 Regular disclosure to investors
Applicable	Article 110 Reporting to competent authorities
Applicable	Article 111 Use of leverage on a 'substantial basis'
	Section 2 AIFMs managing leveraged AIFs (art. 112)
Applicable	Article 112 Restrictions on the management of AIFs
	Section 3 Specific rules relating to third countries (arts. 113-115)
Applicable	Article 113 General requirements
Applicable	Article 114 Mechanisms, instruments and procedures
Applicable	Article 115 Data protection
	Section 4 Exchange of information on the potential systemic consequences of AIFM activity (art. 116)
Applicable	Article 116 Exchange of information on the potential systemic consequences of AIFM activity
	Chapter VI Final provisions (art. 117)
Applicable	Article 117 Entry into force
Applicable	Annex I Methods of increasing the exposure of an AIF
Applicable	Annex II Conversion methodologies for derivative instruments
Applicable	Annex III Duration netting rules
Applicable	Annex IV Reporting templates: AIFM
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Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision (Text with EEA relevance)

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