Version status: Applicable | Document consolidation status: Updated to reflect all known changes
Published date: 22 March 2013

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)

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
Applicable
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
Applicable
Article 98 Due diligence
Applicable
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
Done at