+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 17 1.
---------+Article 17 2.
------+Article 18 Due diligence
---------+Article 18 1.
---------+Article 18 2.
---------+Article 18 3.
---------+Article 18 4.
---------+Article 18 5.
---------+Article 18 6.
------+Article 19 Due diligence when investing in assets of limited liquidity
---------+Article 19 1.
---------+Article 19 2.
------+Article 20 Due diligence in the selection and appointment of counterparties and prime brokers
---------+Article 20 1.
---------+Article 20 2.
---------+Article 20 3.
---------+Article 20 4.
------+Article 21 Acting honestly, fairly and with due skills
------+Article 22 Resources
---------+Article 22 1.
---------+Article 22 2.
---------+Article 22 3.
------+Article 23 Fair treatment of investors in the AIF
---------+Article 23 1.
---------+Article 23 2.
------+Article 24 Inducements
---------+Article 24 1.
---------+Article 24 2.
------+Article 25 Effective employment of resources and procedures — handling of orders
---------+Article 25 1.
---------+Article 25 2.
---------+Article 25 3.
---------+Article 25 4.
------+Article 26 Reporting obligations in respect of execution of subscription and redemption orders
---------+Article 26 1.
---------+Article 26 2.
---------+Article 26 3.
---------+Article 26 4.
------+Article 27 Execution of decisions to deal on behalf of the managed AIF
---------+Article 27 1.
---------+Article 27 2.
---------+Article 27 3.
---------+Article 27 4.
---------+Article 27 5.
---------+Article 27 6.
---------+Article 27 7.
------+Article 28 Placing orders to deal on behalf of AIFs with other entities for execution
---------+Article 28 1.
---------+Article 28 2.
---------+Article 28 3.
---------+Article 28 4.
---------+Article 28 5.
------+Article 29 Aggregation and allocation of trading orders
---------+Article 29 1.
---------+Article 29 2.
---------+Article 29 3.
---------+Article 29 4.
---+SECTION 2 Conflicts of interest
------+Article 30 Types of conflicts of interest
------+Article 31 Conflicts of interest policy
---------+Article 31 1.
---------+Article 31 2.
------+Article 32 Conflicts of interest related to the redemption of investments
------+Article 33 Procedures and measures preventing or managing conflicts of interest
---------+Article 33 1.
---------+Article 33 2.
------+Article 34 Managing conflicts of interest
------+Article 35 Monitoring conflicts of interest
---------+Article 35 1.
---------+Article 35 2.
------+Article 36 Disclosure of conflicts of interest
---------+Article 36 1.
---------+Article 36 2.
------+Article 37 Strategies for the exercise of voting rights
---------+Article 37 1.
---------+Article 37 2.
---------+Article 37 3.
---+SECTION 3 Risk management
------+Article 38 Risk management systems
------+Article 39 Permanent risk management function
---------+Article 39 1.
---------+Article 39 2.
------+Article 40 Risk management policy
---------+Article 40 1.
---------+Article 40 2.
---------+Article 40 3.
---------+Article 40 4.
---------+Article 40 5.
------+Article 41 Assessment, monitoring and review of the risk management systems
---------+Article 41 1.
---------+Article 41 2.
---------+Article 41 3.
---------+Article 41 4.
------+Article 42 Functional and hierarchical separation of the risk management function
---------+Article 42 1.
---------+Article 42 2.
---------+Article 42 3.
------+Article 43 Safeguards against conflicts of interest
---------+Article 43 1.
---------+Article 43 2.
---------+Article 43 3.
------+Article 44 Risk limits
---------+Article 44 1.
---------+Article 44 2.
---------+Article 44 3.
------+Article 45 Risk measurement and management
---------+Article 45 1.
---------+Article 45 2.
---------+Article 45 3.
---+SECTION 4 Liquidity management
------+Article 46 Liquidity management system and procedures
------+Article 47 Monitoring and managing liquidity risk
---------+Article 47 1.
---------+Article 47 2.
---------+Article 47 3.
---------+Article 47 4.
------+Article 48 Liquidity management limits and stress tests
---------+Article 48 1.
---------+Article 48 2.
---------+Article 48 3.
------+Article 49 Alignment of investment strategy, liquidity profile and redemption policy
---------+Article 49 1.
---------+Article 49 2.
---+SECTION 5 Investment in securitisation positions
------+Article 50 Definitions
------+Article 51 Requirements for retained interest
---------+Article 51 1.
---------+Article 51 2.
------+Article 52 Qualitative requirements concerning sponsors and originators
------+Article 53 Qualitative requirements concerning AIFMs exposed to securitisations
---------+Article 53 1.
---------+Article 53 2.
---------+Article 53 3.
---------+Article 53 4.
---------+Article 53 5.
------+Article 54 Corrective action
---------+Article 54 1.
---------+Article 54 2.
------+Article 55 Grandfathering clause
------+Article 56 Interpretation
---+SECTION 6 Organisational requirements — general principles
------+Article 57 General requirements
---------+Article 57 1.
---------+Article 57 2.
---------+Article 57 3.
---------+Article 57 4.
---------+Article 57 5.
---------+Article 57 6.
------+Article 58 Electronic data processing
---------+Article 58 1.
---------+Article 58 2.
------+Article 59 Accounting procedures
---------+Article 59 1.
---------+Article 59 2.
------+Article 60 Control by the governing body, senior management and supervisory function
---------+Article 60 1.
---------+Article 60 2.
---------+Article 60 3.
---------+Article 60 4.
---------+Article 60 5.
---------+Article 60 6.
------+Article 61 Permanent compliance function
---------+Article 61 1.
---------+Article 61 2.
---------+Article 61 3.
------+Article 62 Permanent internal audit function
---------+Article 62 1.
---------+Article 62 2.
------+Article 63 Personal transactions
---------+Article 63 1.
---------+Article 63 2.
---------+Article 63 3.
---------+Article 63 4.
------+Article 64 Recording of portfolio transactions
---------+Article 64 1.
---------+Article 64 2.
---------+Article 64 3.
---------+Article 64 4.
------+Article 65 Recording of subscription and redemption orders
---------+Article 65 1.
---------+Article 65 2.
------+Article 66 Recordkeeping requirements
---------+Article 66 1.
---------+Article 66 2.
---------+Article 66 3.
---+SECTION 7 Valuation
------+Article 67 Policies and procedures for the valuation of the assets of the AIF
---------+Article 67 1.
---------+Article 67 2.
---------+Article 67 3.
---------+Article 67 4.
------+Article 68 Use of models to value assets
---------+Article 68 1.
---------+Article 68 2.
---------+Article 68 3.
------+Article 69 Consistent application of valuation policies and procedures
---------+Article 69 1.
---------+Article 69 2.
---------+Article 69 3.
---------+Article 69 4.
------+Article 70 Periodic review of valuation policies and procedures
---------+Article 70 1.
---------+Article 70 2.
---------+Article 70 3.
------+Article 71 Review of individual values of assets
---------+Article 71 1.
---------+Article 71 2.
---------+Article 71 3.
---------+Article 71 4.
------+Article 72 Calculation of the net asset value per unit or share
---------+Article 72 1.
---------+Article 72 2.
---------+Article 72 3.
---------+Article 72 4.
------+Article 73 Professional guarantees
---------+Article 73 1.
---------+Article 73 2.
---------+Article 73 3.
------+Article 74 Frequency of valuation of assets held by open-ended AIFs
---------+Article 74 1.
---------+Article 74 2.
---+SECTION 8 Delegation of AIFM functions
------+Article 75 General principles
------+Article 76 Objective reasons for delegation
---------+Article 76 1.
---------+Article 76 2.
------+Article 77 Features of the delegate
---------+Article 77 1.
---------+Article 77 2.
---------+Article 77 3.
------+Article 78 Delegation of portfolio or risk management
---------+Article 78 1.
---------+Article 78 2.
---------+Article 78 3.
------+Article 79 Effective supervision
------+Article 80 Conflicts of interest
---------+Article 80 1.
---------+Article 80 2.
---------+Article 80 3.
------+Article 81 Consent and notification of sub-delegation
---------+Article 81 1.
---------+Article 81 2.
------+Article 82 Letter-box entity and AIFM no longer considered to be managing an AIF
---------+Article 82 1.
---------+Article 82 2.
---------+Article 82 3.

CHAPTER III OPERATING CONDITIONS FOR AIFMs

CHAPTER III OPERATING CONDITIONS FOR AIFMs

1. Overview

,
SECTION 1 General principles SECTION 1 General principles
SECTION 2 Conflicts of interest SECTION 2 Conflicts of interest
SECTION 3 Risk management SECTION 3 Risk management
SECTION 4 Liquidity management SECTION 4 Liquidity management
SECTION 5 Investment in securitisation positions SECTION 5 Investment in securitisation positions
SECTION 6 Organisational requirements — general principles SECTION 6 Organisational requirements — general principles
SECTION 7 Valuation SECTION 7 Valuation
SECTION 8 Delegation of AIFM functions SECTION 8 Delegation of AIFM functions

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

Requirements

3. Related Standards

Standards
  • Builddate: 12.02.2024 00:00:00 -Doknr: CELEX:32013R0231
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