Article 9
1.
Member States shall require that an AIFM which is an internally managed AIF has an initial capital of at least EUR 300 000 .
2.
Where an AIFM is appointed as external manager of AIFs, the AIFM shall have an initial capital of at least EUR 125 000 .
3.
Where the value of the portfolios of AIFs managed by the AIFM exceeds EUR 250 million, the AIFM shall provide an additional amount of own funds. That additional amount of own funds shall be equal to 0,02 % of the amount by which the value of the portfolios of the AIFM exceeds EUR 250 million but the required total of the initial capital and the additional amount shall not, however, exceed EUR 10 million.
4.
5.
Irrespective of paragraph 3, the own funds of the AIFM shall never be less than the amount required under Article 13 of Regulation (EU) 2019/2033 of the European Parliament and of the Council (
4
).
6.
Member States may authorise AIFMs not to provide up to 50 % of the additional amount of own funds referred to in paragraph 3 if they benefit from a guarantee of the same amount given by a credit institution or an insurance undertaking which has its registered office in a Member State, or in a third country where it is subject to prudential rules considered by the competent authorities as equivalent to those laid down in Union law.
7.
To cover potential professional liability risks resulting from activities AIFMs may carry out pursuant to this Directive, both internally managed AIFs and external AIFMs shall either:
(a)
have additional own funds which are appropriate to cover potential liability risks arising from professional negligence; or
(b)
hold a professional indemnity insurance against liability arising from professional negligence which is appropriate to the risks covered.
8.
9.
The Commission shall adopt, by means of delegated acts in accordance with Article 56 and subject to the conditions of Articles 57 and 58, measures in relation to paragraph 7 of this Article specifying:
(a)
the risks the additional own funds or the professional indemnity insurance must cover;
(b)
the conditions for determining the appropriateness of additional own funds or the coverage of the professional indemnity insurance; and
(c)
the manner of determining ongoing adjustments of the additional own funds or of the coverage of the professional indemnity insurance.
10.
( 4 ) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1).