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Section 1 General principles (arts. 16-29) |
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Article 16 General obligations for competent authorities |
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Article 17 Duty to act in the best interests of the AIF or the investors in the AIF and the integrity of the market |
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Article 18 Due diligence |
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Article 19 Due diligence when investing in assets of limited liquidity |
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Article 20 Due diligence in the selection and appointment of counterparties and prime brokers |
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Article 21 Acting honestly, fairly and with due skills |
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Article 22 Resources |
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Article 23 Fair treatment of investors in the AIF |
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Article 24 Inducements |
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Article 25 Effective employment of resources and procedures - handling of orders |
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Article 26 Reporting obligations in respect of execution of subscription and redemption orders |
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Article 27 Execution of decisions to deal on behalf of the managed AIF |
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Article 28 Placing orders to deal on behalf of AIFs with other entities for execution |
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Article 29 Aggregation and allocation of trading orders |
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Section 2 Conflicts of interest (arts. 30-37) |
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Article 30 Types of conflicts of interest |
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Article 31 Conflicts of interest policy |
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Article 32 Conflicts of interest related to the redemption of investments |
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Article 33 Procedures and measures preventing or managing conflicts of interest |
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Article 34 Managing conflicts of interest |
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Article 35 Monitoring conflicts of interest |
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Article 36 Disclosure of conflicts of interest |
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Article 37 Strategies for the exercise of voting rights |
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Section 3 Risk management (arts. 38-45) |
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Article 38 Risk management systems |
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Article 39 Permanent risk management function |
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Article 40 Risk management policy |
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Article 41 Assessment, monitoring and review of the risk management systems |
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Article 42 Functional and hierarchical separation of the risk management function |
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Article 43 Safeguards against conflicts of interest |
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Article 44 Risk limits |
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Article 45 Risk measurement and management |
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Section 4 Liquidity management (arts. 46-49) |
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Article 46 Liquidity management system and procedures |
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Article 47 Monitoring and managing liquidity risk |
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Article 48 Liquidity management limits and stress tests |
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Article 49 Alignment of investment strategy, liquidity profile and redemption policy |
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Section 5 Investment in securitisation positions (arts. 50-56) |
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Article 50 Definitions |
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Article 51 Requirements for retained interest |
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Article 52 Qualitative requirements concerning sponsors and originators |
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Article 53 Qualitative requirements concerning AIFMs exposed to securitisations |
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Article 54 Corrective action |
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Article 55 Grandfathering clause |
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Article 56 Interpretation |
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Section 6 Organisational requirements - general principles (arts. 57-66) |
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Article 57 General requirements |
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Article 58 Electronic data processing |
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Article 59 Accounting procedures |
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Article 60 Control by the governing body, senior management and supervisory function |
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Article 61 Permanent compliance function |
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Article 62 Permanent internal audit function |
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Article 63 Personal transactions |
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Article 64 Recording of portfolio transactions |
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Article 65 Recording of subscription and redemption orders |
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Article 66 Recordkeeping requirements |
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Section 7 Valuation (arts. 67-74) |
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Article 67 Policies and procedures for the valuation of the assets of the AIF |
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Article 68 Use of models to value assets |
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Article 69 Consistent application of valuation policies and procedures |
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Article 70 Periodic review of valuation policies and procedures |
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Article 71 Review of individual values of assets |
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Article 72 Calculation of the net asset value per unit or share |
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Article 73 Professional guarantees |
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Article 74 Frequency of valuation of assets held by open-ended AIFs |
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Section 8 Delegation of AIFM functions (arts. 75-82) |
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Article 75 General principles |
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Article 76 Objective reasons for delegation |
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Article 77 Features of the delegate |
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Article 78 Delegation of portfolio or risk management |
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Article 79 Effective supervision |
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Article 80 Conflicts of interest |
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Article 81 Consent and notification of sub-delegation |
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Article 82 Letter-box entity and AIFM no longer considered to be managing an AIF |
