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Version status: Applicable | Document consolidation status: Updated to reflect all known changes
Version date: 22 July 2013 - onwards
Version 3 of 3

Article 111 Use of leverage on a 'substantial basis'

(Article 22(2)(a) to (e) and Articles 23(4) and 24(1) of Directive 2011/61/EU)

1. Leverage shall be considered to be employed on a substantial basis for the purposes of Article 24(4) of Directive 2011/61/EU when the exposure of an AIF as calculated according to the commitment method under Article 8 of this Regulation exceeds three times its net asset value.

2. Where the requirements referred to in paragraph 1 of this Article are fulfilled, AIFMs shall provide information in accordance with Article 24(4) of Directive 2011/61/EU to the competent authorities of their home Member States in accordance with the principles laid down in Article 110(3) of this Regulation.