2013R0231 - Summary
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)
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🇫🇷 French Version: 2013R0231_FR.0. Open the PDF. Direct link to EUR-LEX.
CHAPTER I - DEFINITIONS
Article 1 - Definitions
CHAPTER II - GENERAL PROVISIONS
SECTION 1 - Calculation of assets under management
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
SECTION 2 - Calculation of leverage
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
SECTION 3 - Additional own funds and professional indemnity insurance
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 - OPERATING CONDITIONS FOR AIFMs
SECTION 1 - General principles
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
SECTION 2 - Conflicts of interest
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
SECTION 3 - Risk management
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
SECTION 4 - Liquidity management
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
SECTION 5 - Investment in securitisation positions
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
SECTION 6 - Organisational requirements — general principles
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
SECTION 7 - Valuation
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
SECTION 8 - Delegation of AIFM functions
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 - DEPOSITARY
SECTION 1 - Particulars of the written contract
Article 83 - Contractual particulars
SECTION 2 - General criteria for assessing the prudential regulation and supervision applicable to depositaries in third countries
Article 84 - Criteria for assessing prudential regulation and supervision applicable to a depositary in a third country
SECTION 3 - Depositary functions, due diligence duties and segregation obligation
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
SECTION 4 - Loss of financial instruments, liability discharge and objective reasons
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 - TRANSPARENCY REQUIREMENTS, LEVERAGE, RULES RELATING TO THIRD COUNTRIES AND EXCHANGE OF INFORMATION ON THE POTENTIAL CONSEQUENCES OF AIFM ACTIVITY
SECTION 1 - Annual report, disclosure to investors and reporting to competent authorities
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’
SECTION 2 - AIFMs managing leveraged AIFs
Article 112 - Restrictions on the management of AIFs
SECTION 3 - Specific rules relating to third countries
Article 113 - General requirements
Article 114 - Mechanisms, instruments and procedures
Article 115 - Data protection
SECTION 4 - Exchange of information on the potential systemic consequences of AIFM activity
Article 116 - Exchange of information on the potential systemic consequences of AIFM activity
CHAPTER VI - FINAL PROVISIONS
Article 117 - Entry into force
Annex I - Methods of increasing the exposure of an AIF
Annex II - Conversion methodologies for derivative instruments
Annex III - Duration netting rules
Annex IIII - Reporting Templates: AIFM