Commission Delegated Regulation (EU) No 231/2013

Preamble

Recitals

Chapter I - DEFINITIONS

• amended Article 1 - Definitions Chapter I

Chapter II - GENERAL PROVISIONS

• amended Article 2 - Calculation of the total value of assets under management Chapter II › Section 1
• amended Article 4 - Occasional breach of the threshold Chapter II › Section 1
• amended Article 5 - Information to be provided as part of registration Chapter II › Section 1
• amended Article 6 - General provisions on the calculation of leverage Chapter II › Section 2
• amended Article 7 - Gross method for calculating the exposure of the AIF Chapter II › Section 2
• amended Article 8 - Commitment method for calculating the exposure of an AIF Chapter II › Section 2
• amended Article 11 - Duration netting rules Chapter II › Section 2
• amended Article 12 - Professional liability risks Chapter II › Section 3
• amended Article 13 - Qualitative requirements addressing professional liability risks Chapter II › Section 3
• amended Article 14 - Additional own funds Chapter II › Section 3
• amended Article 15 - Professional indemnity insurance Chapter II › Section 3

Chapter III - OPERATING CONDITIONS FOR AIFMs

• 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 Chapter III › Section 1
• amended Article 18 - Due diligence Chapter III › Section 1
• amended Article 19 - Due diligence when investing in assets of limited liquidity Chapter III › Section 1
• amended Article 20 - Due diligence in the selection and appointment of counterparties and prime brokers Chapter III › Section 1
• amended Article 21 - Acting honestly, fairly and with due skills Chapter III › Section 1
• amended Article 22 - Resources Chapter III › Section 1
• amended Article 23 - Fair treatment of investors in the AIF Chapter III › Section 1
• amended Article 24 - Inducements Chapter III › Section 1
• amended Article 25 - Effective employment of resources and procedures — handling of orders Chapter III › Section 1
• amended Article 26 - Reporting obligations in respect of execution of subscription and redemption orders Chapter III › Section 1
• amended Article 27 - Execution of decisions to deal on behalf of the managed AIF Chapter III › Section 1
• amended Article 28 - Placing orders to deal on behalf of AIFs with other entities for execution Chapter III › Section 1
• amended Article 29 - Aggregation and allocation of trading orders Chapter III › Section 1
• amended Article 30 - Types of conflicts of interest Chapter III › Section 2
• amended Article 31 - Conflicts of interest policy Chapter III › Section 2
• amended Article 33 - Procedures and measures preventing or managing conflicts of interest Chapter III › Section 2
• amended Article 35 - Monitoring conflicts of interest Chapter III › Section 2
• amended Article 36 - Disclosure of conflicts of interest Chapter III › Section 2
• amended Article 37 - Strategies for the exercise of voting rights Chapter III › Section 2
• amended Article 39 - Permanent risk management function Chapter III › Section 3
• amended Article 40 - Risk management policy Chapter III › Section 3
• amended Article 41 - Assessment, monitoring and review of the risk management systems Chapter III › Section 3
• amended Article 42 - Functional and hierarchical separation of the risk management function Chapter III › Section 3
• amended Article 43 - Safeguards against conflicts of interest Chapter III › Section 3
• amended Article 44 - Risk limits Chapter III › Section 3
• amended Article 45 - Risk measurement and management Chapter III › Section 3
• amended Article 47 - Monitoring and managing liquidity risk Chapter III › Section 4
• amended Article 48 - Liquidity management limits and stress tests Chapter III › Section 4
• amended Article 49 - Alignment of investment strategy, liquidity profile and redemption policy Chapter III › Section 4
• amended Article 50 - Definitions Chapter III › Section 5
• amended Article 51 - Requirements for retained interest Chapter III › Section 5
• amended Article 52 - Qualitative requirements concerning sponsors and originators Chapter III › Section 5
• amended Article 53 - Qualitative requirements concerning AIFMs exposed to securitisations Chapter III › Section 5
• amended Article 54 - Corrective action Chapter III › Section 5
• amended Article 56 - Interpretation Chapter III › Section 5
• amended Article 57 - General requirements Chapter III › Section 6
• amended Article 58 - Electronic data processing Chapter III › Section 6
• amended Article 59 - Accounting procedures Chapter III › Section 6
• amended Article 60 - Control by the governing body, senior management and supervisory function Chapter III › Section 6
• amended Article 61 - Permanent compliance function Chapter III › Section 6
• amended Article 62 - Permanent internal audit function Chapter III › Section 6
• amended Article 63 - Personal transactions Chapter III › Section 6
• amended Article 64 - Recording of portfolio transactions Chapter III › Section 6
• amended Article 65 - Recording of subscription and redemption orders Chapter III › Section 6
• amended Article 66 - Recordkeeping requirements Chapter III › Section 6
• amended Article 67 - Policies and procedures for the valuation of the assets of the AIF Chapter III › Section 7
• amended Article 68 - Use of models to value assets Chapter III › Section 7
• amended Article 69 - Consistent application of valuation policies and procedures Chapter III › Section 7
• amended Article 70 - Periodic review of valuation policies and procedures Chapter III › Section 7
• amended Article 71 - Review of individual values of assets Chapter III › Section 7
• amended Article 72 - Calculation of the net asset value per unit or share Chapter III › Section 7
• amended Article 73 - Professional guarantees Chapter III › Section 7
• amended Article 74 - Frequency of valuation of assets held by open-ended AIFs Chapter III › Section 7
• amended Article 75 - General principles Chapter III › Section 8
• amended Article 76 - Objective reasons for delegation Chapter III › Section 8
• amended Article 77 - Features of the delegate Chapter III › Section 8
• amended Article 78 - Delegation of portfolio or risk management Chapter III › Section 8
• amended Article 79 - Effective supervision Chapter III › Section 8
• amended Article 80 - Conflicts of interest Chapter III › Section 8
• amended Article 81 - Consent and notification of sub-delegation Chapter III › Section 8
• amended Article 82 - Letter-box entity and AIFM no longer considered to be managing an AIF Chapter III › Section 8

Chapter IV - DEPOSITARY

• amended Article 83 - Contractual particulars Chapter IV › Section 1
• amended Article 84 - Criteria for assessing prudential regulation and supervision applicable to a depositary in a third country Chapter IV › Section 2
• amended Article 85 - Cash monitoring — general requirements Chapter IV › Section 3
• amended Article 86 - Monitoring of the AIF’s cash flows Chapter IV › Section 3
• amended Article 88 - Financial instruments to be held in custody Chapter IV › Section 3
• amended Article 89 - Safekeeping duties with regard to assets held in custody Chapter IV › Section 3
• amended Article 90 - Safekeeping duties regarding ownership verification and record keeping Chapter IV › Section 3
• amended Article 91 - Reporting obligations for prime brokers Chapter IV › Section 3
• amended Article 92 - Oversight duties — general requirements Chapter IV › Section 3
• amended Article 93 - Duties regarding subscription and redemptions Chapter IV › Section 3
• amended Article 94 - Duties regarding the valuation of shares/units Chapter IV › Section 3
• amended Article 95 - Duties regarding the carrying out of the AIFM’s instructions Chapter IV › Section 3
• amended Article 96 - Duties regarding the timely settlement of transactions Chapter IV › Section 3
• amended Article 97 - Duties related to the AIF’s income distribution Chapter IV › Section 3
• amended Article 98 - Due diligence Chapter IV › Section 3
• amended Article 99 - Segregation obligation Chapter IV › Section 3
• amended Article 100 - Loss of a financial instrument held in custody Chapter IV › Section 4
• amended Article 101 - Liability discharge under Article 21(12) of Directive 2011/61/EU Chapter IV › Section 4
• amended Article 102 - Objective reasons for the depositary to contract a discharge of liability Chapter IV › Section 4

Chapter V - TRANSPARENCY REQUIREMENTS, LEVERAGE, RULES RELATING TO THIRD COUNTRIES AND EXCHANGE OF INFORMATION ON THE POTENTIAL CONSEQUENCES OF AIFM ACTIVITY

• amended Article 104 - Content and format of the balance sheet or statement of assets and liabilities and of the income and expenditure account Chapter V › Section 1
• amended Article 105 - Report on the activities of the financial year Chapter V › Section 1
• amended Article 106 - Material changes Chapter V › Section 1
• amended Article 107 - Remuneration disclosure Chapter V › Section 1
• amended Article 108 - Periodic disclosure to investors Chapter V › Section 1
• amended Article 109 - Regular disclosure to investors Chapter V › Section 1
• amended Article 110 - Reporting to competent authorities Chapter V › Section 1
• amended Article 111 - Use of leverage on a ‘substantial basis’ Chapter V › Section 1
• amended Article 112 - Restrictions on the management of AIFs Chapter V › Section 2
• amended Article 113 - General requirements Chapter V › Section 3
• amended Article 114 - Mechanisms, instruments and procedures Chapter V › Section 3
• amended Article 116 - Exchange of information on the potential systemic consequences of AIFM activity Chapter V › Section 4

Chapter VI - FINAL PROVISIONS

• amended Article 117 - Entry into force Chapter VI

Annexes

• amendedrenamed Annex I - Methods of increasing the exposure of an AIF was “Annex I”
• amendedrenamed Annex II - Conversion methodologies for derivative instruments was “Annex II”
• amendedrenamed Annex III - Duration netting rules was “Annex III”
• amendedrenamed Annex IV - Reporting Templates: AIFM was “Annex IV”