In order to establish whether an AIFM conducts its activities honestly, fairly and with due skills, competent authorities shall assess, at least, whether the following conditions are met:
(a)
the governing body of the AIFM possesses adequate collective knowledge, skills and experience to be able to understand the AIFM’s activities, in particular the main risks involved in those activities and the assets in which the AIF is invested;
(b)
the members of the governing body commit sufficient time to properly perform their functions in the AIFM;
(c)
each member of the governing body acts with honesty, integrity and independence of mind;
(d)
the AIFM devotes adequate resources to the induction and training of members of the governing body.