Article 70 | Delegated Regulation 231/2013

Article 70 - Periodic review of valuation policies and procedures

Article 70

Periodic review of valuation policies and procedures

Valuation policies shall provide for a periodic review of the policies and procedures, including of the valuation methodologies. The review shall be carried out at least annually and before the AIF engages with a new investment strategy or a new type of asset that is not covered by the actual valuation policy.

The valuation policies and procedures shall outline how a change to the valuation policy, including a methodology, may be effected and in what circumstances this would be appropriate. Recommendations for changes to the policies and procedures shall be made to the senior management, which shall review and approve any changes.

The risk management function referred to in Article 38 shall review and, if needed, provide appropriate support concerning the policies and procedures adopted for the valuation of assets.

CHAPTER I - DEFINITIONS (Article 1)

CHAPTER II - GENERAL PROVISIONS (Article 2-15)

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

SECTION 1 - General principles (Article 16-29)

SECTION 2 - Conflicts of interest (Article 30-37)

SECTION 3 - Risk management (Article 38-45)

SECTION 4 - Liquidity management (Article 46-49)

SECTION 5 - Investment in securitisation positions (Article 50-56)

SECTION 6 - Organisational requirements — general principles (Article 57-66)

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)

CHAPTER IV - DEPOSITARY (Article 83-102)

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

CHAPTER VI - FINAL PROVISIONS (Article 117)

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Article 70 - Periodic review of valuation policies and procedures

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