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🔗 Back to Summary. 🇫🇷 French Version: 2013R0231_FR.68. Back to Summary of LVL1. Open the PDF. Direct link to EUR-LEX.
Article 67 – Policies and procedures for the valuation of the assets of the AIF ⬅️ | ➡️ Article 69 – Consistent application of valuation policies and procedures
Références LVL1 <=> LVL2
Level 1 reference(s): 2011L0061_EN.19
Article 68 - Use of models to value assets
1.
If a model is used to value the assets of an AIF, the model and its main features shall be explained and justified in the valuation policies and procedures. The reason for the choice of the model, the underlying data, the assumptions used in the model and the rationale for using them, and the limitations of the model-based valuation shall be appropriately documented.
2.
The valuation policies and procedures shall ensure that before being used a model is validated by a person with sufficient expertise who has not been involved in the process of building that model. The validation process shall be appropriately documented.
3.
The model shall be subject to prior approval by the senior management of the AIFM. Where the model is used by an AIFM that performs the valuation function itself, the approval by the senior management shall be without prejudice to the competent authority’s right to require under EU that the model be verified by an external valuer or an auditor.