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🔗 Back to Summary. 🇫🇷 French Version: 2013R0231_FR.42. Back to Summary of LVL1. Open the PDF. Direct link to EUR-LEX.
Article 41 – Assessment, monitoring and review of the risk management systems ⬅️ | ➡️ Article 43 – Safeguards against conflicts of interest
Références LVL1 <=> LVL2
Level 1 reference(s): 2011L0061_EN.15
Article 42 - Functional and hierarchical separation of the risk management function
1.
The risk management function shall be considered as functionally and hierarchically separated from the operating units, including the portfolio management function, only where all the following conditions are satisfied:
(a)
persons engaged in the performance of the risk management function are not supervised by those responsible for the performance of the operating units, including the portfolio management function, of the AIFM;
(b)
persons engaged in the performance of the risk management function are not engaged in the performance of activities within the operating units, including the portfolio management function;
(c)
persons engaged in the performance of the risk management function are compensated in accordance with the achievement of the objectives linked to that function, independently of the performance of the operating units, including the portfolio management function;
(d)
the remuneration of senior officers in the risk management function is directly overseen by the remuneration committee, where such a committee has been established.
2.
The functional and hierarchical separation of the risk management function in accordance with paragraph 1 shall be ensured throughout the whole hierarchical structure of the AIFM, up to its governing body. It shall be reviewed by the governing body and, where it exists, the supervisory function of the AIFM.
3.
The competent authorities of the home Member State of the AIFM shall review the way in which the AIFM has applied paragraphs 1 and 2 on the basis of the criteria laid down in the second subparagraph of EU.