Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementin... (32013R0231)
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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
- 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)
- CHAPTER I
- Article 1
- Definitions
- CHAPTER II
- (Article 3(2) of Directive 2011/61/EU)
- 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
- (Article 4(3) of Directive 2011/61/EU)
- 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
- (Article 9(7) and Article 15 of Directive 2011/61/EU)
- 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
- (Article 12(1) of Directive 2011/61/EU)
- 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
- (Article 14 of Directive 2011/61/EU)
- 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
- (Article 15 of Directive 2011/61/EU)
- 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
- (Article 16 of Directive 2011/61/EU)
- 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
- (Article 17 of Directive 2011/61/EU)
- 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
- (Articles 12 and 18 of Directive 2011/61/EU)
- 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
- (Article 19 of Directive 2011/61/EU)
- 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
- (Article 20(1), (2), (4) and (5) of Directive 2011/61/EU)
- 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
- (Article 21(2) of Directive 2011/61/EU)
- Article 83
- Contractual particulars
- (Article 21(6)(b) of Directive 2011/61/EU)
- Article 84
- Criteria for assessing prudential regulation and supervision applicable to a depositary in a third country
- (Articles 21(7)-(9) and 21(11)(c) and (d)(iii) of Directive 2011/61/EU)
- 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
- (Article 21(12) and (13) of Directive 2011/61/EU)
- 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
- (Article 22(2)(a) to (e) and Articles 23(4) and 24(1)of Directive 2011/61/EU)
- 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’
- (Article 25(3) of Directive 2011/61/EU)
- Article 112
- Restrictions on the management of AIFs
- (Articles 34(1), 35(2) 36(1), Articles 37(7)(d), 40(2)(a) and Article 42(1) of Directive 2011/61/EU)
- Article 113
- General requirements
- Article 114
- Mechanisms, instruments and procedures
- Article 115
- Data protection
- (Article 53(1) of Directive 2011/61/EU)
- Article 116
- Exchange of information on the potential systemic consequences of AIFM activity
- CHAPTER VI
- Article 117
- Entry into force
- ANNEX I
- ANNEX II
- ANNEX III
- ANNEX IV
- (Articles 3(3)(d) and 24 of Directive 2011/61/EU)
- (Articles 3(3)(d) and 24 of Directive 2011/61/EU)
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