What changes on 11/04/2013
The text in force from 22/09/2012 compared with the text from 11/04/2013.
258 inserted
0 amended
0 deleted
0 moved
Read the act as of 11/04/2013 · other versions: 01/04/2020 · 01/08/2022
Chapter I
- inserted Article 1 - Definitions
Chapter II › Section 1
- inserted Article 2 - Calculation of the total value of assets under management
- inserted Article 3 - Ongoing monitoring of assets under management
- inserted Article 4 - Occasional breach of the threshold
- inserted Article 5 - Information to be provided as part of registration
Chapter II › Section 2
- inserted Article 6 - General provisions on the calculation of leverage
- inserted Article 7 - Gross method for calculating the exposure of the AIF
- inserted Article 8 - Commitment method for calculating the exposure of an AIF
- inserted Article 9 - Methods of increasing the exposure of an AIF
- inserted Article 10 - Conversion methodologies for derivative instruments
- inserted Article 11 - Duration netting rules
Chapter II › Section 3
- inserted Article 12 - Professional liability risks
- inserted Article 13 - Qualitative requirements addressing professional liability risks
- inserted Article 14 - Additional own funds
- inserted Article 15 - Professional indemnity insurance
Chapter III › Section 1
- inserted Article 16 - General obligations for competent authorities
- inserted Article 17 - Duty to act in the best interests of the AIF or the investors in the AIF and the integrity of the market
- inserted Article 18 - Due diligence
- inserted Article 19 - Due diligence when investing in assets of limited liquidity
- inserted Article 20 - Due diligence in the selection and appointment of counterparties and prime brokers
- inserted Article 21 - Acting honestly, fairly and with due skills
- inserted Article 22 - Resources
- inserted Article 23 - Fair treatment of investors in the AIF
- inserted Article 24 - Inducements
- inserted Article 25 - Effective employment of resources and procedures — handling of orders
- inserted Article 26 - Reporting obligations in respect of execution of subscription and redemption orders
- inserted Article 27 - Execution of decisions to deal on behalf of the managed AIF
- inserted Article 28 - Placing orders to deal on behalf of AIFs with other entities for execution
- inserted Article 29 - Aggregation and allocation of trading orders
Chapter III › Section 2
- inserted Article 30 - Types of conflicts of interest
- inserted Article 31 - Conflicts of interest policy
- inserted Article 32 - Conflicts of interest related to the redemption of investments
- inserted Article 33 - Procedures and measures preventing or managing conflicts of interest
- inserted Article 34 - Managing conflicts of interest
- inserted Article 35 - Monitoring conflicts of interest
- inserted Article 36 - Disclosure of conflicts of interest
- inserted Article 37 - Strategies for the exercise of voting rights
Chapter III › Section 3
- inserted Article 38 - Risk management systems
- inserted Article 39 - Permanent risk management function
- inserted Article 40 - Risk management policy
- inserted Article 41 - Assessment, monitoring and review of the risk management systems
- inserted Article 42 - Functional and hierarchical separation of the risk management function
- inserted Article 43 - Safeguards against conflicts of interest
- inserted Article 44 - Risk limits
- inserted Article 45 - Risk measurement and management
Chapter III › Section 4
- inserted Article 46 - Liquidity management system and procedures
- inserted Article 47 - Monitoring and managing liquidity risk
- inserted Article 48 - Liquidity management limits and stress tests
- inserted Article 49 - Alignment of investment strategy, liquidity profile and redemption policy
Chapter III › Section 5
- inserted Article 50 - Definitions
- inserted Article 51 - Requirements for retained interest
- inserted Article 52 - Qualitative requirements concerning sponsors and originators
- inserted Article 53 - Qualitative requirements concerning AIFMs exposed to securitisations
- inserted Article 54 - Corrective action
- inserted Article 55 - Grandfathering clause
- inserted Article 56 - Interpretation
Chapter III › Section 6
- inserted Article 57 - General requirements
- inserted Article 58 - Electronic data processing
- inserted Article 59 - Accounting procedures
- inserted Article 60 - Control by the governing body, senior management and supervisory function
- inserted Article 61 - Permanent compliance function
- inserted Article 62 - Permanent internal audit function
- inserted Article 63 - Personal transactions
- inserted Article 64 - Recording of portfolio transactions
- inserted Article 65 - Recording of subscription and redemption orders
- inserted Article 66 - Recordkeeping requirements
Chapter III › Section 7
- inserted Article 67 - Policies and procedures for the valuation of the assets of the AIF
- inserted Article 68 - Use of models to value assets
- inserted Article 69 - Consistent application of valuation policies and procedures
- inserted Article 70 - Periodic review of valuation policies and procedures
- inserted Article 71 - Review of individual values of assets
- inserted Article 72 - Calculation of the net asset value per unit or share
- inserted Article 73 - Professional guarantees
- inserted Article 74 - Frequency of valuation of assets held by open-ended AIFs
Chapter III › Section 8
- inserted Article 75 - General principles
- inserted Article 76 - Objective reasons for delegation
- inserted Article 77 - Features of the delegate
- inserted Article 78 - Delegation of portfolio or risk management
- inserted Article 79 - Effective supervision
- inserted Article 80 - Conflicts of interest
- inserted Article 81 - Consent and notification of sub-delegation
- inserted Article 82 - Letter-box entity and AIFM no longer considered to be managing an AIF
Chapter IV › Section 1
- inserted Article 83 - Contractual particulars
Chapter IV › Section 2
Chapter IV › Section 3
- inserted Article 85 - Cash monitoring — general requirements
- inserted Article 86 - Monitoring of the AIF’s cash flows
- inserted Article 87 - Duties regarding subscriptions
- inserted Article 88 - Financial instruments to be held in custody
- inserted Article 89 - Safekeeping duties with regard to assets held in custody
- inserted Article 90 - Safekeeping duties regarding ownership verification and record keeping
- inserted Article 91 - Reporting obligations for prime brokers
- inserted Article 92 - Oversight duties — general requirements
- inserted Article 93 - Duties regarding subscription and redemptions
- inserted Article 94 - Duties regarding the valuation of shares/units
- inserted Article 95 - Duties regarding the carrying out of the AIFM’s instructions
- inserted Article 96 - Duties regarding the timely settlement of transactions
- inserted Article 97 - Duties related to the AIF’s income distribution
- inserted Article 98 - Due diligence
- inserted Article 99 - Segregation obligation
Chapter IV › Section 4
- inserted Article 100 - Loss of a financial instrument held in custody
- inserted Article 101 - Liability discharge under Article 21(12) of Directive 2011/61/EU
- inserted Article 102 - Objective reasons for the depositary to contract a discharge of liability
Chapter V › Section 1
- inserted Article 103 - General principles for the annual report
- inserted Article 104 - Content and format of the balance sheet or statement of assets and liabilities and of the income and expenditure account
- inserted Article 105 - Report on the activities of the financial year
- inserted Article 106 - Material changes
- inserted Article 107 - Remuneration disclosure
- inserted Article 108 - Periodic disclosure to investors
- inserted Article 109 - Regular disclosure to investors
- inserted Article 110 - Reporting to competent authorities
- inserted Article 111 - Use of leverage on a ‘substantial basis’
Chapter V › Section 2
Chapter V › Section 3
- inserted Article 113 - General requirements
- inserted Article 114 - Mechanisms, instruments and procedures
- inserted Article 115 - Data protection
Chapter V › Section 4
- inserted Article 116 - Exchange of information on the potential systemic consequences of AIFM activity
Chapter VI
- inserted Article 117 - Entry into force
Outside any heading
- inserted Recital 1
- inserted Recital 2
- inserted Recital 3
- inserted Recital 4
- inserted Recital 5
- inserted Recital 6
- inserted Recital 7
- inserted Recital 8
- inserted Recital 9
- inserted Recital 10
- inserted Recital 11
- inserted Recital 12
- inserted Recital 13
- inserted Recital 14
- inserted Recital 15
- inserted Recital 16
- inserted Recital 17
- inserted Recital 18
- inserted Recital 19
- inserted Recital 20
- inserted Recital 21
- inserted Recital 22
- inserted Recital 23
- inserted Recital 24
- inserted Recital 25
- inserted Recital 26
- inserted Recital 27
- inserted Recital 28
- inserted Recital 29
- inserted Recital 30
- inserted Recital 31
- inserted Recital 32
- inserted Recital 33
- inserted Recital 34
- inserted Recital 35
- inserted Recital 36
- inserted Recital 37
- inserted Recital 38
- inserted Recital 39
- inserted Recital 40
- inserted Recital 41
- inserted Recital 42
- inserted Recital 43
- inserted Recital 44
- inserted Recital 45
- inserted Recital 46
- inserted Recital 47
- inserted Recital 48
- inserted Recital 49
- inserted Recital 50
- inserted Recital 51
- inserted Recital 52
- inserted Recital 53
- inserted Recital 54
- inserted Recital 55
- inserted Recital 56
- inserted Recital 57
- inserted Recital 58
- inserted Recital 59
- inserted Recital 60
- inserted Recital 61
- inserted Recital 62
- inserted Recital 63
- inserted Recital 64
- inserted Recital 65
- inserted Recital 66
- inserted Recital 67
- inserted Recital 68
- inserted Recital 69
- inserted Recital 70
- inserted Recital 71
- inserted Recital 72
- inserted Recital 73
- inserted Recital 74
- inserted Recital 75
- inserted Recital 76
- inserted Recital 77
- inserted Recital 78
- inserted Recital 79
- inserted Recital 80
- inserted Recital 81
- inserted Recital 82
- inserted Recital 83
- inserted Recital 84
- inserted Recital 85
- inserted Recital 86
- inserted Recital 87
- inserted Recital 88
- inserted Recital 89
- inserted Recital 90
- inserted Recital 91
- inserted Recital 92
- inserted Recital 93
- inserted Recital 94
- inserted Recital 95
- inserted Recital 96
- inserted Recital 97
- inserted Recital 98
- inserted Recital 99
- inserted Recital 100
- inserted Recital 101
- inserted Recital 102
- inserted Recital 103
- inserted Recital 104
- inserted Recital 105
- inserted Recital 106
- inserted Recital 107
- inserted Recital 108
- inserted Recital 109
- inserted Recital 110
- inserted Recital 111
- inserted Recital 112
- inserted Recital 113
- inserted Recital 114
- inserted Recital 115
- inserted Recital 116
- inserted Recital 117
- inserted Recital 118
- inserted Recital 119
- inserted Recital 120
- inserted Recital 121
- inserted Recital 122
- inserted Recital 123
- inserted Recital 124
- inserted Recital 125
- inserted Recital 126
- inserted Recital 127
- inserted Recital 128
- inserted Recital 129
- inserted Recital 130
- inserted Recital 131
- inserted Recital 132
- inserted Recital 133
- inserted Recital 134
- inserted Recital 135
- inserted Recital 136
- inserted Preamble
- inserted Annex I
- inserted Annex II
- inserted Annex III
- inserted Annex IV