Updated 05/02/2025
In force

Version from: 17/01/2025
Amendments (1)
Delegated Regulation 231/2013
Based on: Art. 18(2)
Specifies: Art. 18(1)
ESMA50/157/2403
Published: 18/12/2020
Art. 18
ESMA50/164/3342
Published: 03/06/2020
Art. 18
ESMA50/164/4285
Published: 10/05/2021
Art. 18
ESMA50/164/5210
Published: 01/09/2022
Art. 18
QA2227 - Capital requirements
Status: Final
Answered: 02/07/2024
Art. 18
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AIFMD ToolAlternative Investment Fund Managers Directive (AIFMD)
Article 18

Article 18 - Directive 2011/61/EU (AIFMD)

Attention! The current consolidated version does not take into account changes made to this Article by Directive 2022/2556. Please consult Directive 2022/2556 to review the changes made to the Article.

Article 18

General principles

1.  
Member States shall require that AIFMs use, at all times, adequate and appropriate human and technical resources that are necessary for the proper management of AIFs.

In particular, the competent authorities of the home Member State of the AIFM, having regard also to the nature of the AIFs managed by the AIFM, shall require that the AIFM has sound administrative and accounting procedures, control and safeguard arrangements for electronic data processing, including with regard to network and information systems that are set up and managed in accordance with Regulation (EU) 2022/2554 of the European Parliament and of the Council ( 8 ), as well as adequate internal control mechanisms, including, in particular, rules for personal transactions by its employees or for the holding or management of investments in order to invest on its own account and ensuring, at least, that each transaction involving the AIFs may be reconstructed according to its origin, the parties to it, its nature, and the time and place at which it was effected and that the assets of the AIFs managed by the AIFM are invested in accordance with the AIF rules or instruments of incorporation and the legal provisions in force.

2.  
The Commission shall, by means of delegated acts in accordance with Article 56 and subject to the conditions of Articles 57 and 58, adopt measures specifying the procedures and arrangements referred to in paragraph 1 of this Article, other than the procedures and arrangements concerning network and information systems.

( 8 ) Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011 (OJ L333, 27.12.2022, p.1).