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)
	Article 1 Definitions
	Chapter II General provisions (arts. 2-15)
	Section 1 Calculation of assets under management (arts. 2-5)
	Article 2 Calculation of the total value of assets under management
	Article 3 Ongoing monitoring of assets under management
	Article 4 Occasional breach of the threshold
	Article 5 Information to be provided as part of registration
	Section 2 Calculation of leverage (arts. 6-11)
	Article 6 General provisions on the calculation of leverage
	Article 7 Gross method for calculating the exposure of the AIF
	Article 8 Commitment method for calculating the exposure of an AIF
	Article 9 Methods of increasing the exposure of an AIF
	Article 10 Conversion methodologies for derivative instruments
	Article 11 Duration netting rules
	Section 3 Additional own funds and professional indemnity insurance (arts. 12-15)
	Article 12 Professional liability risks
	Article 13 Qualitative requirements addressing professional liability risks
	Article 14 Additional own funds
	Article 15 Professional indemnity insurance
	Chapter III Operating conditions for AIFMs (arts. 16-82)
	Section 1 General principles (arts. 16-29)
	Article 16 General obligations for competent authorities
	Article 17 Duty to act in the best interests of the AIF or the investors in the AIF and the integrity of the market
	Article 18 Due diligence
	Article 19 Due diligence when investing in assets of limited liquidity
	Article 20 Due diligence in the selection and appointment of counterparties and prime brokers
	Article 21 Acting honestly, fairly and with due skills
	Article 22 Resources
	Article 23 Fair treatment of investors in the AIF
	Article 24 Inducements
	Article 25 Effective employment of resources and procedures - handling of orders
	Article 26 Reporting obligations in respect of execution of subscription and redemption orders
	Article 27 Execution of decisions to deal on behalf of the managed AIF
	Article 28 Placing orders to deal on behalf of AIFs with other entities for execution
	Article 29 Aggregation and allocation of trading orders
	Section 2 Conflicts of interest (arts. 30-37)
	Article 30 Types of conflicts of interest
	Article 31 Conflicts of interest policy
	Article 32 Conflicts of interest related to the redemption of investments
	Article 33 Procedures and measures preventing or managing conflicts of interest
	Article 34 Managing conflicts of interest
	Article 35 Monitoring conflicts of interest
	Article 36 Disclosure of conflicts of interest
	Article 37 Strategies for the exercise of voting rights
	Section 3 Risk management (arts. 38-45)
	Article 38 Risk management systems
	Article 39 Permanent risk management function
	Article 40 Risk management policy
	Article 41 Assessment, monitoring and review of the risk management systems
	Article 42 Functional and hierarchical separation of the risk management function
	Article 43 Safeguards against conflicts of interest
	Article 44 Risk limits
	Article 45 Risk measurement and management
	Section 4 Liquidity management (arts. 46-49)
	Article 46 Liquidity management system and procedures
	Article 47 Monitoring and managing liquidity risk
	Article 48 Liquidity management limits and stress tests
	Article 49 Alignment of investment strategy, liquidity profile and redemption policy
	Section 5 Investment in securitisation positions (arts. 50-56)
	Article 50 Definitions
	Article 51 Requirements for retained interest
	Article 52 Qualitative requirements concerning sponsors and originators
	Article 53 Qualitative requirements concerning AIFMs exposed to securitisations
	Article 54 Corrective action
	Article 55 Grandfathering clause
	Article 56 Interpretation
	Section 6 Organisational requirements - general principles (arts. 57-66)
	Article 57 General requirements
	Article 58 Electronic data processing
	Article 59 Accounting procedures
	Article 60 Control by the governing body, senior management and supervisory function
	Article 61 Permanent compliance function
	Article 62 Permanent internal audit function
	Article 63 Personal transactions
	Article 64 Recording of portfolio transactions
	Article 65 Recording of subscription and redemption orders
	Article 66 Recordkeeping requirements
	Section 7 Valuation (arts. 67-74)
	Article 67 Policies and procedures for the valuation of the assets of the AIF
	Article 68 Use of models to value assets
	Article 69 Consistent application of valuation policies and procedures
	Article 70 Periodic review of valuation policies and procedures
	Article 71 Review of individual values of assets
	Article 72 Calculation of the net asset value per unit or share
	Article 73 Professional guarantees
	Article 74 Frequency of valuation of assets held by open-ended AIFs
	Section 8 Delegation of AIFM functions (arts. 75-82)
	Article 75 General principles
	Article 76 Objective reasons for delegation
	Article 77 Features of the delegate
	Article 78 Delegation of portfolio or risk management
	Article 79 Effective supervision
	Article 80 Conflicts of interest
	Article 81 Consent and notification of sub-delegation
	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)
	Article 83 Contractual particulars
	Section 2 General criteria for assessing the prudential regulation and supervision applicable to depositaries in third countries (art. 84)
	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)
	Article 85 Cash monitoring - general requirements
	Article 86 Monitoring of the AIF's cash flows
	Article 87 Duties regarding subscriptions
	Article 88 Financial instruments to be held in custody
	Article 89 Safekeeping duties with regard to assets held in custody
	Article 90 Safekeeping duties regarding ownership verification and record keeping
	Article 91 Reporting obligations for prime brokers
	Article 92 Oversight duties - general requirements
	Article 93 Duties regarding subscription and redemptions
	Article 94 Duties regarding the valuation of shares/units
	Article 95 Duties regarding the carrying out of the AIFM's instructions
	Article 96 Duties regarding the timely settlement of transactions
	Article 97 Duties related to the AIF's income distribution
	Article 98 Due diligence
	Article 99 Segregation obligation
	Section 4 Loss of financial instruments, liability discharge and objective reasons (arts. 100-102)
	Article 100 Loss of a financial instrument held in custody
	Article 101 Liability discharge under Article 21(12) of Directive 2011/61/EU
	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)
	Article 103 General principles for the annual report
	Article 104 Content and format of the balance sheet or statement of assets and liabilities and of the income and expenditure account
	Article 105 Report on the activities of the financial year
	Article 106 Material changes
	Article 107 Remuneration disclosure
	Article 108 Periodic disclosure to investors
	Article 109 Regular disclosure to investors
	Article 110 Reporting to competent authorities
	Article 111 Use of leverage on a 'substantial basis'
	Section 2 AIFMs managing leveraged AIFs (art. 112)
	Article 112 Restrictions on the management of AIFs
	Section 3 Specific rules relating to third countries (arts. 113-115)
	Article 113 General requirements
	Article 114 Mechanisms, instruments and procedures
	Article 115 Data protection
	Section 4 Exchange of information on the potential systemic consequences of AIFM activity (art. 116)
	Article 116 Exchange of information on the potential systemic consequences of AIFM activity
	Chapter VI Final provisions (art. 117)
	Article 117 Entry into force
	Annex I Methods of increasing the exposure of an AIF
	Annex II Conversion methodologies for derivative instruments
	Annex III Duration netting rules
	Annex IV Reporting templates: AIFM
	Done at