Article 94
Duties regarding the valuation of shares/units
1.
In order to comply with point (b) of Article 21(9) of Directive 2011/61/EU the depositary shall:
(a)
verify on an ongoing basis that appropriate and consistent procedures are established and applied for the valuation of the assets of the AIF in compliance with Article 19 of Directive 2011/61/EU and its implementing measures and with the AIF rules and instruments of incorporation; and
(b)
ensure that the valuation policies and procedures are effectively implemented and periodically reviewed.
2.
A depositary’s procedures shall be conducted at a frequency consistent with the frequency of the AIF’s valuation policy as defined in Article 19 of Directive 2011/61/EU and its implementing measures.
3.
Where a depositary considers that the calculation of the value of the shares or units of the AIF has not been performed in compliance with applicable law or the AIF rules or with Article 19 of Directive 2011/61/EU, it shall notify the AIFM and, as the case may be, or the AIF and ensure that timely remedial action is taken in the best interest of the investors in the AIF.
4.
Where an external valuer has been appointed, a depositary shall check that the external valuer’s appointment is in accordance with Article 19 of Directive 2011/61/EU and its implementing measures.