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Updated 16/09/2024

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In force since 11/04/2013

Version from: 12/02/2024

References (70)

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23/01/2024

Amendment: Delegated Regulation 2024/382 published in OJ

02/08/2021

Amendment: Delegated Regulation 2021/1255 published in OJ

30/10/2018

Amendment: Delegated Regulation 2018/1618 published in OJ

22/03/2013

Delegated Regulation 231/2013 published in OJ

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Synchronised with EUR-Lex on 16/09/2024

AIFMD Tool Delegated Regulation 231/2013

Delegated Regulation 231/2013

Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision (Text with EEA relevance)

CHAPTER I - DEFINITIONS (Article 1)Article 1 - Definitions

CHAPTER II - GENERAL PROVISIONS (Article 2-15)

SECTION 1 - Calculation of assets under management (Article 2-5)Article 2 - Calculation of the total value of assets under management Q&A Article 3 - Ongoing monitoring of assets under management Q&A Article 4 - Occasional breach of the threshold Q&A Article 5 - Information to be provided as part of registration Q&A

SECTION 2 - Calculation of leverage (Article 6-11)Article 6 - General provisions on the calculation of leverage Q&A Article 7 - Gross method for calculating the exposure of the AIF Q&A Article 8 - Commitment method for calculating the exposure of an AIF Q&A Article 9 - Methods of increasing the exposure of an AIF Article 10 - Conversion methodologies for derivative instruments Q&A Article 11 - Duration netting rules

SECTION 3 - Additional own funds and professional indemnity insurance (Article 12-15)Article 12 - Professional liability risks Article 13 - Qualitative requirements addressing professional liability risks GL Article 14 - Additional own funds Article 15 - Professional indemnity insurance

CHAPTER III - OPERATING CONDITIONS FOR AIFMs (Article 16-82)

SECTION 1 - General principles (Article 16-29)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 18 - Due diligence Q&A Article 19 - Due diligence when investing in assets of limited liquidity Article 20 - Due diligence in the selection and appointment of counterparties and prime brokers Article 21 - Acting honestly, fairly and with due skills Article 22 - Resources GL Article 23 - Fair treatment of investors in the AIF Article 24 - Inducements Article 25 - Effective employment of resources and procedures — handling of orders Article 26 - Reporting obligations in respect of execution of subscription and redemption orders Article 27 - Execution of decisions to deal on behalf of the managed AIF Article 28 - Placing orders to deal on behalf of AIFs with other entities for execution Article 29 - Aggregation and allocation of trading orders

SECTION 2 - Conflicts of interest (Article 30-37)Article 30 - Types of conflicts of interest Article 31 - Conflicts of interest policy Article 32 - Conflicts of interest related to the redemption of investments Article 33 - Procedures and measures preventing or managing conflicts of interest Article 34 - Managing conflicts of interest Article 35 - Monitoring conflicts of interest Article 36 - Disclosure of conflicts of interest Article 37 - Strategies for the exercise of voting rights

SECTION 3 - Risk management (Article 38-45)Article 38 - Risk management systems GL Article 39 - Permanent risk management function GL Article 40 - Risk management policy GL Article 41 - Assessment, monitoring and review of the risk management systems Article 42 - Functional and hierarchical separation of the risk management function Article 43 - Safeguards against conflicts of interest Article 44 - Risk limits GL Article 45 - Risk measurement and management GL

SECTION 4 - Liquidity management (Article 46-49)Article 46 - Liquidity management system and procedures Q&A Article 47 - Monitoring and managing liquidity risk GL Article 48 - Liquidity management limits and stress tests GL Article 49 - Alignment of investment strategy, liquidity profile and redemption policy

SECTION 5 - Investment in securitisation positions (Article 50-56)Article 50 - Definitions Article 51 - Requirements for retained interest Article 52 - Qualitative requirements concerning sponsors and originators Article 53 - Qualitative requirements concerning AIFMs exposed to securitisations Article 54 - Corrective action Article 55 - Grandfathering clause Article 56 - Interpretation

SECTION 6 - Organisational requirements — general principles (Article 57-66)Article 57 - General requirements GL Article 58 - Electronic data processing GL Article 59 - Accounting procedures Article 60 - Control by the governing body, senior management and supervisory function Article 61 - Permanent compliance function Article 62 - Permanent internal audit function Article 63 - Personal transactions Article 64 - Recording of portfolio transactions Article 65 - Recording of subscription and redemption orders Article 66 - Recordkeeping requirements

SECTION 7 - Valuation (Article 67-74)Article 67 - Policies and procedures for the valuation of the assets of the AIF Article 68 - Use of models to value assets Article 69 - Consistent application of valuation policies and procedures Article 70 - Periodic review of valuation policies and procedures Article 71 - Review of individual values of assets Article 72 - Calculation of the net asset value per unit or share Q&A Article 73 - Professional guarantees Q&A Article 74 - Frequency of valuation of assets held by open-ended AIFs

SECTION 8 - Delegation of AIFM functions (Article 75-82)Article 75 - General principles Q&AGL Article 76 - Objective reasons for delegation Q&AGL Article 77 - Features of the delegate Q&AGL Article 78 - Delegation of portfolio or risk management Q&A Article 79 - Effective supervision Q&AGL Article 80 - Conflicts of interest Q&A Article 81 - Consent and notification of sub-delegation Q&AGL Article 82 - Letter-box entity and AIFM no longer considered to be managing an AIF Q&AGL

CHAPTER IV - DEPOSITARY (Article 83-102)

SECTION 1 - Particulars of the written contract (Article 83)Article 83 - Contractual particulars Q&A

SECTION 2 - General criteria for assessing the prudential regulation and supervision applicable to depositaries in third countries (Article 84)Article 84 - Criteria for assessing prudential regulation and supervision applicable to a depositary in a third country

SECTION 3 - Depositary functions, due diligence duties and segregation obligation (Article 85-99)Article 85 - Cash monitoring — general requirements Q&A Article 86 - Monitoring of the AIF’s cash flows Q&A Article 87 - Duties regarding subscriptions Q&A Article 88 - Financial instruments to be held in custody Q&A Article 89 - Safekeeping duties with regard to assets held in custody Q&A Article 90 - Safekeeping duties regarding ownership verification and record keeping Q&A Article 91 - Reporting obligations for prime brokers Q&A Article 92 - Oversight duties — general requirements GL Article 93 - Duties regarding subscription and redemptions Article 94 - Duties regarding the valuation of shares/units Article 95 - Duties regarding the carrying out of the AIFM’s instructions Q&AGL Article 96 - Duties regarding the timely settlement of transactions Article 97 - Duties related to the AIF’s income distribution Article 98 - Due diligence Q&AGL Article 99 - Segregation obligation GL

SECTION 4 - Loss of financial instruments, liability discharge and objective reasons (Article 100-102)Article 100 - Loss of a financial instrument held in custody Article 101 - Liability discharge under Article 21(12) of Directive 2011/61/EU Article 102 - Objective reasons for the depositary to contract a discharge of liability

CHAPTER V - TRANSPARENCY REQUIREMENTS, LEVERAGE, RULES RELATING TO THIRD COUNTRIES AND EXCHANGE OF INFORMATION ON THE POTENTIAL CONSEQUENCES OF AIFM ACTIVITY (Article 103-116)

SECTION 1 - Annual report, disclosure to investors and reporting to competent authorities (Article 103-111)Article 103 - General principles for the annual report Q&A Article 104 - Content and format of the balance sheet or statement of assets and liabilities and of the income and expenditure account Article 105 - Report on the activities of the financial year Article 106 - Material changes Article 107 - Remuneration disclosure Q&A Article 108 - Periodic disclosure to investors Q&A Article 109 - Regular disclosure to investors Q&A Article 110 - Reporting to competent authorities Q&A Article 111 - Use of leverage on a substantial basis Q&A

SECTION 2 - AIFMs managing leveraged AIFs (Article 112)Article 112 - Restrictions on the management of AIFs

SECTION 3 - Specific rules relating to third countries (Article 113-115)Article 113 - General requirements Article 114 - Mechanisms, instruments and procedures Article 115 - Data protection

SECTION 4 - Exchange of information on the potential systemic consequences of AIFM activity (Article 116)Article 116 - Exchange of information on the potential systemic consequences of AIFM activity

CHAPTER VI - FINAL PROVISIONS (Article 117)Article 117 - Entry into force Q&A

ANNEX I Q&A ANNEX II Q&A ANNEX III ANNEX IV Q&A

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