(Article 9(7) and Article 15 of Directive 2011/61/EU)
1. The professional liability risks to be covered pursuant to Article 9(7) of Directive 2011/61/EU shall be risks of loss or damage caused by a relevant person through the negligent performance of activities for which the AIFM has legal responsibility.
2. Professional liability risks as defined in paragraph 1 shall include, without being limited to, risks of:
(a) loss of documents evidencing title of assets of the AIF;
(b) misrepresentations or misleading statements made to the AIF or its investors;
(c) acts, errors or omissions resulting in a breach of:
(i) legal and regulatory obligations;
(ii) duty of skill and care towards the AIF and its investors;
(iii) fiduciary duties;
(iv) obligations of confidentiality;
(v) AIF rules or instruments of incorporation;
(vi) terms of appointment of the AIFM by the AIF;
(d) failure to establish, implement and maintain appropriate procedures to prevent dishonest, fraudulent or malicious acts;
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