1. In order to qualify for the exemption provided for in Article 51ZF [Article 51ZF was substituted, with articles 51ZA to 51ZG, for article 51 by S.I. 2013/1773.] of, and paragraph 2 of Schedule 8 to, the Regulated Activities Order 2001 an AIFM shall:

(a) identify all AIFs for which it is appointed as the external AIFM or the AIF for which it is the AIFM, where the legal form of the AIF permits internal management, in accordance with regulation 4(3) of the AIFM Regulations 2013;

(b) identify for each managed AIF the portfolio of assets and determine in accordance with the valuation rules laid down in the law of the country where the AIF is established and, as the case may be, or in the AIF rules or instruments of incorporation the corresponding value of assets under management, including all assets acquired through use of leverage;

(c) aggregate the determined values of assets under management for all AIFs managed and compare the resulting total value of assets under management to the relevant threshold laid down in regulation 9(1) of the AIFM Regulations 2013.