What changes on 01/04/2020
The text in force from 11/04/2013 compared with the text from 01/04/2020, which includes the changes made by Commission Delegated Regulation (EU) 2018/1618.
0 inserted
109 amended
0 deleted
0 moved
Read the act as of 01/04/2020 · other versions: 01/08/2022
Chapter I
- amended Article 1 - Definitions
Chapter II › Section 1
- amended Article 2 - Calculation of the total value of assets under management
- amended Article 4 - Occasional breach of the threshold
- amended Article 5 - Information to be provided as part of registration
Chapter II › Section 2
- amended Article 6 - General provisions on the calculation of leverage
- amended Article 7 - Gross method for calculating the exposure of the AIF
- amended Article 8 - Commitment method for calculating the exposure of an AIF
- amended Article 11 - Duration netting rules
Chapter II › Section 3
- amended Article 12 - Professional liability risks
- amended Article 13 - Qualitative requirements addressing professional liability risks
- amended Article 14 - Additional own funds
- amended Article 15 - Professional indemnity insurance
Chapter III › Section 1
- amended Article 17 - Duty to act in the best interests of the AIF or the investors in the AIF and the integrity of the market
- amended Article 18 - Due diligence
- amended Article 19 - Due diligence when investing in assets of limited liquidity
- amended Article 20 - Due diligence in the selection and appointment of counterparties and prime brokers
- amended Article 21 - Acting honestly, fairly and with due skills
- amended Article 22 - Resources
- amended Article 23 - Fair treatment of investors in the AIF
- amended Article 24 - Inducements
- amended Article 25 - Effective employment of resources and procedures — handling of orders
- amended Article 26 - Reporting obligations in respect of execution of subscription and redemption orders
- amended Article 27 - Execution of decisions to deal on behalf of the managed AIF
- amended Article 28 - Placing orders to deal on behalf of AIFs with other entities for execution
- amended Article 29 - Aggregation and allocation of trading orders
Chapter III › Section 2
- amended Article 30 - Types of conflicts of interest
- amended Article 31 - Conflicts of interest policy
- amended Article 33 - Procedures and measures preventing or managing conflicts of interest
- amended Article 35 - Monitoring conflicts of interest
- amended Article 36 - Disclosure of conflicts of interest
- amended Article 37 - Strategies for the exercise of voting rights
Chapter III › Section 3
- amended Article 39 - Permanent risk management function
- amended Article 40 - Risk management policy
- amended Article 41 - Assessment, monitoring and review of the risk management systems
- amended Article 42 - Functional and hierarchical separation of the risk management function
- amended Article 43 - Safeguards against conflicts of interest
- amended Article 44 - Risk limits
- amended Article 45 - Risk measurement and management
Chapter III › Section 4
- amended Article 47 - Monitoring and managing liquidity risk
- amended Article 48 - Liquidity management limits and stress tests
- amended Article 49 - Alignment of investment strategy, liquidity profile and redemption policy
Chapter III › Section 5
- amended Article 50 - Definitions
- amended Article 51 - Requirements for retained interest
- amended Article 52 - Qualitative requirements concerning sponsors and originators
- amended Article 53 - Qualitative requirements concerning AIFMs exposed to securitisations
- amended Article 54 - Corrective action
- amended Article 56 - Interpretation
Chapter III › Section 6
- amended Article 57 - General requirements
- amended Article 58 - Electronic data processing
- amended Article 59 - Accounting procedures
- amended Article 60 - Control by the governing body, senior management and supervisory function
- amended Article 61 - Permanent compliance function
- amended Article 62 - Permanent internal audit function
- amended Article 63 - Personal transactions
- amended Article 64 - Recording of portfolio transactions
- amended Article 65 - Recording of subscription and redemption orders
- amended Article 66 - Recordkeeping requirements
Chapter III › Section 7
- amended Article 67 - Policies and procedures for the valuation of the assets of the AIF
- amended Article 68 - Use of models to value assets
- amended Article 69 - Consistent application of valuation policies and procedures
- amended Article 70 - Periodic review of valuation policies and procedures
- amended Article 71 - Review of individual values of assets
- amended Article 72 - Calculation of the net asset value per unit or share
- amended Article 73 - Professional guarantees
- amended Article 74 - Frequency of valuation of assets held by open-ended AIFs
Chapter III › Section 8
- amended Article 75 - General principles
- amended Article 76 - Objective reasons for delegation
- amended Article 77 - Features of the delegate
- amended Article 78 - Delegation of portfolio or risk management
- amended Article 79 - Effective supervision
- amended Article 80 - Conflicts of interest
- amended Article 81 - Consent and notification of sub-delegation
- amended Article 82 - Letter-box entity and AIFM no longer considered to be managing an AIF
Chapter IV › Section 1
Chapter IV › Section 2
Chapter IV › Section 3
- amended Article 85 - Cash monitoring — general requirements
- amended Article 86 - Monitoring of the AIF’s cash flows
- amended Article 88 - Financial instruments to be held in custody
- amended Article 89 - Safekeeping duties with regard to assets held in custody
- amended Article 90 - Safekeeping duties regarding ownership verification and record keeping
- amended Article 91 - Reporting obligations for prime brokers
- amended Article 92 - Oversight duties — general requirements
- amended Article 93 - Duties regarding subscription and redemptions
- amended Article 94 - Duties regarding the valuation of shares/units
- amended Article 95 - Duties regarding the carrying out of the AIFM’s instructions
- amended Article 96 - Duties regarding the timely settlement of transactions
- amended Article 97 - Duties related to the AIF’s income distribution
- amended Article 98 - Due diligence
- amended Article 99 - Segregation obligation
Chapter IV › Section 4
- amended Article 100 - Loss of a financial instrument held in custody
- amended Article 101 - Liability discharge under Article 21(12) of Directive 2011/61/EU
- amended Article 102 - Objective reasons for the depositary to contract a discharge of liability
Chapter V › Section 1
- amended Article 104 - Content and format of the balance sheet or statement of assets and liabilities and of the income and expenditure account
- amended Article 105 - Report on the activities of the financial year
- amended Article 106 - Material changes
- amended Article 107 - Remuneration disclosure
- amended Article 108 - Periodic disclosure to investors
- amended Article 109 - Regular disclosure to investors
- amended Article 110 - Reporting to competent authorities
- amended Article 111 - Use of leverage on a ‘substantial basis’
Chapter V › Section 2
Chapter V › Section 3
- amended Article 113 - General requirements
- amended Article 114 - Mechanisms, instruments and procedures
Chapter V › Section 4
- amended Article 116 - Exchange of information on the potential systemic consequences of AIFM activity
Chapter VI
- amended Article 117 - Entry into force