{
  "url": "https://openlegislation.uk/eu-regulation-2013-231",
  "json_url": "https://openlegislation.uk/eu-regulation-2013-231.json",
  "id": "eur/2013/231",
  "title": "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)",
  "short_title": "Regulation (EU) No 231/2013 supplementing Directive 2011/61/EU of the European Parliament and of the Council…",
  "long_title": "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)",
  "citation": "EU Regulation No 231/2013",
  "type": "eur",
  "year": "2013",
  "number": "231",
  "version": "current",
  "date": "2012-12-19",
  "revised": false,
  "valid_from": null,
  "extent": "E+W+S+N.I.",
  "unapplied_effects": 1,
  "provisions": [
    {
      "path": "introduction",
      "kind": "introduction",
      "number": null,
      "heading": "Introductory text",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/introduction",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "chapter/I",
      "kind": "chapter",
      "number": "I",
      "heading": "DEFINITIONS",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/1",
      "kind": "article",
      "number": "1",
      "heading": "Definitions",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/I"
    },
    {
      "path": "article/1A",
      "kind": "article",
      "number": "1A",
      "heading": "Application of Articles 2, 7 and 8 to small AIFMs",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-1A",
      "extent": null,
      "status": null,
      "parent": "chapter/I"
    },
    {
      "path": "chapter/II",
      "kind": "chapter",
      "number": "II",
      "heading": "GENERAL PROVISIONS",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "chapter/II/section/1",
      "kind": "section",
      "number": "1",
      "heading": "Calculation of assets under management",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II"
    },
    {
      "path": "article/2",
      "kind": "article",
      "number": "2",
      "heading": "Calculation of the total value of assets under management",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/1"
    },
    {
      "path": "article/3",
      "kind": "article",
      "number": "3",
      "heading": "Ongoing monitoring of assets under management",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/1"
    },
    {
      "path": "article/4",
      "kind": "article",
      "number": "4",
      "heading": "Occasional breach of the threshold",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/1"
    },
    {
      "path": "article/5",
      "kind": "article",
      "number": "5",
      "heading": "Information to be provided as part of registration",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-5",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/1"
    },
    {
      "path": "chapter/II/section/2",
      "kind": "section",
      "number": "2",
      "heading": "Calculation of leverage",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II"
    },
    {
      "path": "article/6",
      "kind": "article",
      "number": "6",
      "heading": "General provisions on the calculation of leverage",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-6",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/2"
    },
    {
      "path": "article/7",
      "kind": "article",
      "number": "7",
      "heading": "Gross method for calculating the exposure of the AIF",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-7",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/2"
    },
    {
      "path": "article/8",
      "kind": "article",
      "number": "8",
      "heading": "Commitment method for calculating the exposure of an AIF",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-8",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/2"
    },
    {
      "path": "article/9",
      "kind": "article",
      "number": "9",
      "heading": "Methods of increasing the exposure of an AIF",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-9",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/2"
    },
    {
      "path": "article/10",
      "kind": "article",
      "number": "10",
      "heading": "Conversion methodologies for derivative instruments",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-10",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/2"
    },
    {
      "path": "article/11",
      "kind": "article",
      "number": "11",
      "heading": "Duration netting rules",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-11",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/2"
    },
    {
      "path": "chapter/II/section/3",
      "kind": "section",
      "number": "3",
      "heading": "Additional own funds and professional indemnity insurance",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II"
    },
    {
      "path": "article/12",
      "kind": "article",
      "number": "12",
      "heading": "Professional liability risks",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-12",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/3"
    },
    {
      "path": "article/13",
      "kind": "article",
      "number": "13",
      "heading": "Qualitative requirements addressing professional liability risks",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-13",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/3"
    },
    {
      "path": "article/14",
      "kind": "article",
      "number": "14",
      "heading": "Additional own funds",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-14",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/3"
    },
    {
      "path": "article/15",
      "kind": "article",
      "number": "15",
      "heading": "Professional indemnity insurance",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-15",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II/section/3"
    },
    {
      "path": "chapter/III",
      "kind": "chapter",
      "number": "III",
      "heading": "OPERATING CONDITIONS FOR AIFMs",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "chapter/III/section/1",
      "kind": "section",
      "number": "1",
      "heading": "General principles",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/16",
      "kind": "article",
      "number": "16",
      "heading": "General obligations of the FCA",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-16",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/1"
    },
    {
      "path": "article/17",
      "kind": "article",
      "number": "17",
      "heading": "Duty to act in the best interests of the AIF or the investors in the AIF and the integrity of the market",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-17",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/1"
    },
    {
      "path": "article/18",
      "kind": "article",
      "number": "18",
      "heading": "Due diligence",
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      "status": null,
      "parent": "chapter/III/section/1"
    },
    {
      "path": "article/19",
      "kind": "article",
      "number": "19",
      "heading": "Due diligence when investing in assets of limited liquidity",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-19",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/1"
    },
    {
      "path": "article/20",
      "kind": "article",
      "number": "20",
      "heading": "Due diligence in the selection and appointment of counterparties and prime brokers",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-20",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/1"
    },
    {
      "path": "article/21",
      "kind": "article",
      "number": "21",
      "heading": "Acting honestly, fairly and with due skills",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-21",
      "extent": "E+W+S+N.I.",
      "status": null,
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    },
    {
      "path": "article/22",
      "kind": "article",
      "number": "22",
      "heading": "Resources",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-22",
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    },
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      "path": "article/23",
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      "heading": "Fair treatment of investors in the AIF",
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    },
    {
      "path": "article/24",
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      "number": "24",
      "heading": "Inducements",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-24",
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    },
    {
      "path": "article/25",
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      "number": "25",
      "heading": "Effective employment of resources and procedures — handling of orders",
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    },
    {
      "path": "article/26",
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      "heading": "Reporting obligations in respect of execution of subscription and redemption orders",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-26",
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    },
    {
      "path": "article/27",
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      "heading": "Execution of decisions to deal on behalf of the managed AIF",
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      "extent": "E+W+S+N.I.",
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    },
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      "path": "article/28",
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      "heading": "Placing orders to deal on behalf of AIFs with other entities for execution",
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      "heading": "Aggregation and allocation of trading orders",
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      "status": null,
      "parent": "chapter/III/section/1"
    },
    {
      "path": "chapter/III/section/2",
      "kind": "section",
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      "heading": "Conflicts of interest",
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      "status": null,
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      "heading": "Types of conflicts of interest",
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      "heading": "Conflicts of interest policy",
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      "heading": "Conflicts of interest related to the redemption of investments",
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      "heading": "Disclosure of conflicts of interest",
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      "heading": "Strategies for the exercise of voting rights",
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      "status": null,
      "parent": "chapter/III/section/2"
    },
    {
      "path": "chapter/III/section/3",
      "kind": "section",
      "number": "3",
      "heading": "Risk management",
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      "status": null,
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    },
    {
      "path": "article/38",
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      "heading": "Risk management systems",
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      "path": "article/39",
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      "heading": "Permanent risk management function",
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      "heading": "Risk management policy",
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      "heading": "Assessment, monitoring and review of the risk management systems",
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      "heading": "Functional and hierarchical separation of the risk management function",
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      "heading": "Safeguards against conflicts of interest",
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      "heading": "Risk limits",
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      "heading": "Risk measurement and management",
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    {
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      "heading": "Liquidity management",
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      "status": null,
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      "heading": "Liquidity management system and procedures",
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      "heading": "Monitoring and managing liquidity risk",
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      "status": null,
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      "path": "article/48",
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      "heading": "Liquidity management limits and stress tests",
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      "heading": "Alignment of investment strategy, liquidity profile and redemption policy",
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      "status": null,
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    },
    {
      "path": "chapter/III/section/5",
      "kind": "section",
      "number": "5",
      "heading": "Investment in securitisation positions",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/50",
      "kind": "article",
      "number": "50",
      "heading": "Definitions",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-50",
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      "status": null,
      "parent": "chapter/III/section/5"
    },
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      "path": "article/51",
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      "number": "51",
      "heading": "Requirements for retained interest",
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      "status": null,
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    },
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      "heading": "Qualitative requirements concerning sponsors and originators",
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    },
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      "heading": "Qualitative requirements concerning AIFMs exposed to securitisations",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-53",
      "extent": "E+W+S+N.I.",
      "status": null,
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    },
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      "path": "article/54",
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      "number": "54",
      "heading": "Corrective action",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-54",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/5"
    },
    {
      "path": "article/55",
      "kind": "article",
      "number": "55",
      "heading": "Grandfathering clause",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-55",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/5"
    },
    {
      "path": "article/56",
      "kind": "article",
      "number": "56",
      "heading": "Interpretation",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-56",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/5"
    },
    {
      "path": "chapter/III/section/6",
      "kind": "section",
      "number": "6",
      "heading": "Organisational requirements — general principles",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/57",
      "kind": "article",
      "number": "57",
      "heading": "General requirements",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-57",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/6"
    },
    {
      "path": "article/58",
      "kind": "article",
      "number": "58",
      "heading": "Electronic data processing",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-58",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/6"
    },
    {
      "path": "article/59",
      "kind": "article",
      "number": "59",
      "heading": "Accounting procedures",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-59",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/6"
    },
    {
      "path": "article/60",
      "kind": "article",
      "number": "60",
      "heading": "Control by the governing body, senior management and supervisory function",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-60",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/6"
    },
    {
      "path": "article/61",
      "kind": "article",
      "number": "61",
      "heading": "Permanent compliance function",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-61",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/6"
    },
    {
      "path": "article/62",
      "kind": "article",
      "number": "62",
      "heading": "Permanent internal audit function",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-62",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/6"
    },
    {
      "path": "article/63",
      "kind": "article",
      "number": "63",
      "heading": "Personal transactions",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-63",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/6"
    },
    {
      "path": "article/64",
      "kind": "article",
      "number": "64",
      "heading": "Recording of portfolio transactions",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-64",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/6"
    },
    {
      "path": "article/65",
      "kind": "article",
      "number": "65",
      "heading": "Recording of subscription and redemption orders",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-65",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/6"
    },
    {
      "path": "article/66",
      "kind": "article",
      "number": "66",
      "heading": "Recordkeeping requirements",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-66",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/6"
    },
    {
      "path": "chapter/III/section/7",
      "kind": "section",
      "number": "7",
      "heading": "Valuation",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/67",
      "kind": "article",
      "number": "67",
      "heading": "Policies and procedures for the valuation of the assets of the AIF",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-67",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/7"
    },
    {
      "path": "article/68",
      "kind": "article",
      "number": "68",
      "heading": "Use of models to value assets",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-68",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/7"
    },
    {
      "path": "article/69",
      "kind": "article",
      "number": "69",
      "heading": "Consistent application of valuation policies and procedures",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-69",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/7"
    },
    {
      "path": "article/70",
      "kind": "article",
      "number": "70",
      "heading": "Periodic review of valuation policies and procedures",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-70",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/7"
    },
    {
      "path": "article/71",
      "kind": "article",
      "number": "71",
      "heading": "Review of individual values of assets",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-71",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/7"
    },
    {
      "path": "article/72",
      "kind": "article",
      "number": "72",
      "heading": "Calculation of the net asset value per unit or share",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-72",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/7"
    },
    {
      "path": "article/73",
      "kind": "article",
      "number": "73",
      "heading": "Professional guarantees",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-73",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/7"
    },
    {
      "path": "article/74",
      "kind": "article",
      "number": "74",
      "heading": "Frequency of valuation of assets held by open-ended AIFs",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-74",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/7"
    },
    {
      "path": "chapter/III/section/8",
      "kind": "section",
      "number": "8",
      "heading": "Delegation of AIFM functions",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/75",
      "kind": "article",
      "number": "75",
      "heading": "General principles",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-75",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/8"
    },
    {
      "path": "article/76",
      "kind": "article",
      "number": "76",
      "heading": "Objective reasons for delegation",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-76",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/8"
    },
    {
      "path": "article/77",
      "kind": "article",
      "number": "77",
      "heading": "Features of the delegate",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-77",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/8"
    },
    {
      "path": "article/78",
      "kind": "article",
      "number": "78",
      "heading": "Delegation of portfolio or risk management",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-78",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/8"
    },
    {
      "path": "article/79",
      "kind": "article",
      "number": "79",
      "heading": "Effective supervision",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-79",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/8"
    },
    {
      "path": "article/80",
      "kind": "article",
      "number": "80",
      "heading": "Conflicts of interest",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-80",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/8"
    },
    {
      "path": "article/81",
      "kind": "article",
      "number": "81",
      "heading": "Consent and notification of sub-delegation",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-81",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/8"
    },
    {
      "path": "article/82",
      "kind": "article",
      "number": "82",
      "heading": "Letter-box entity and AIFM no longer considered to be managing an AIF",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-82",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III/section/8"
    },
    {
      "path": "chapter/IV",
      "kind": "chapter",
      "number": "IV",
      "heading": "DEPOSITARY",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "chapter/IV/section/1",
      "kind": "section",
      "number": "1",
      "heading": "Particulars of the written contract",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV"
    },
    {
      "path": "article/83",
      "kind": "article",
      "number": "83",
      "heading": "Contractual particulars",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-83",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/1"
    },
    {
      "path": "chapter/IV/section/2",
      "kind": "section",
      "number": "2",
      "heading": "General criteria for assessing the prudential regulation and supervision applicable to depositaries in third countries",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV"
    },
    {
      "path": "article/84",
      "kind": "article",
      "number": "84",
      "heading": "Criteria for assessing prudential regulation and supervision applicable to a depositary in a third country",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-84",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/2"
    },
    {
      "path": "chapter/IV/section/3",
      "kind": "section",
      "number": "3",
      "heading": "Depositary functions, due diligence duties and segregation obligation",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV"
    },
    {
      "path": "article/85",
      "kind": "article",
      "number": "85",
      "heading": "Cash monitoring — general requirements",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-85",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/3"
    },
    {
      "path": "article/86",
      "kind": "article",
      "number": "86",
      "heading": "Monitoring of the AIF’s cash flows",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-86",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/3"
    },
    {
      "path": "article/87",
      "kind": "article",
      "number": "87",
      "heading": "Duties regarding subscriptions",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-87",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/3"
    },
    {
      "path": "article/88",
      "kind": "article",
      "number": "88",
      "heading": "Financial instruments to be held in custody",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-88",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/3"
    },
    {
      "path": "article/89",
      "kind": "article",
      "number": "89",
      "heading": "Safekeeping duties with regard to assets held in custody",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-89",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/3"
    },
    {
      "path": "article/90",
      "kind": "article",
      "number": "90",
      "heading": "Safekeeping duties regarding ownership verification and record keeping",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-90",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/3"
    },
    {
      "path": "article/91",
      "kind": "article",
      "number": "91",
      "heading": "Reporting obligations for prime brokers",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-91",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/3"
    },
    {
      "path": "article/92",
      "kind": "article",
      "number": "92",
      "heading": "Oversight duties — general requirements",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-92",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/3"
    },
    {
      "path": "article/93",
      "kind": "article",
      "number": "93",
      "heading": "Duties regarding subscription and redemptions",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-93",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/3"
    },
    {
      "path": "article/94",
      "kind": "article",
      "number": "94",
      "heading": "Duties regarding the valuation of shares/units",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-94",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/3"
    },
    {
      "path": "article/95",
      "kind": "article",
      "number": "95",
      "heading": "Duties regarding the carrying out of the AIFM’s instructions",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-95",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/3"
    },
    {
      "path": "article/96",
      "kind": "article",
      "number": "96",
      "heading": "Duties regarding the timely settlement of transactions",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-96",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/3"
    },
    {
      "path": "article/97",
      "kind": "article",
      "number": "97",
      "heading": "Duties related to the AIF’s income distribution",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-97",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/3"
    },
    {
      "path": "article/98",
      "kind": "article",
      "number": "98",
      "heading": "Due diligence",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-98",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/3"
    },
    {
      "path": "article/99",
      "kind": "article",
      "number": "99",
      "heading": "Segregation obligation",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-99",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/3"
    },
    {
      "path": "chapter/IV/section/4",
      "kind": "section",
      "number": "4",
      "heading": "Loss of financial instruments, liability discharge and objective reasons",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV"
    },
    {
      "path": "article/100",
      "kind": "article",
      "number": "100",
      "heading": "Loss of a financial instrument held in custody",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-100",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/4"
    },
    {
      "path": "article/101",
      "kind": "article",
      "number": "101",
      "heading": "Liability discharge ...",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-101",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/4"
    },
    {
      "path": "article/102",
      "kind": "article",
      "number": "102",
      "heading": "Objective reasons for the depositary to contract a discharge of liability",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-102",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV/section/4"
    },
    {
      "path": "chapter/V",
      "kind": "chapter",
      "number": "V",
      "heading": "TRANSPARENCY REQUIREMENTS, LEVERAGE, RULES RELATING TO THIRD COUNTRIES AND EXCHANGE OF INFORMATION ON THE POTENTIAL CONSEQUENCES OF AIFM ACTIVITY",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "chapter/V/section/1",
      "kind": "section",
      "number": "1",
      "heading": "Annual report, disclosure to investors and reporting to competent authorities",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/V"
    },
    {
      "path": "article/103",
      "kind": "article",
      "number": "103",
      "heading": "General principles for the annual report",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-103",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/V/section/1"
    },
    {
      "path": "article/104",
      "kind": "article",
      "number": "104",
      "heading": "Content and format of the balance sheet or statement of assets and liabilities and of the income and expenditure account",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-104",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/V/section/1"
    },
    {
      "path": "article/105",
      "kind": "article",
      "number": "105",
      "heading": "Report on the activities of the financial year",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-105",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/V/section/1"
    },
    {
      "path": "article/106",
      "kind": "article",
      "number": "106",
      "heading": "Material changes",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-106",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/V/section/1"
    },
    {
      "path": "article/107",
      "kind": "article",
      "number": "107",
      "heading": "Remuneration disclosure",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-107",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/V/section/1"
    },
    {
      "path": "article/108",
      "kind": "article",
      "number": "108",
      "heading": "Periodic disclosure to investors",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-108",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/V/section/1"
    },
    {
      "path": "article/109",
      "kind": "article",
      "number": "109",
      "heading": "Regular disclosure to investors",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-109",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/V/section/1"
    },
    {
      "path": "article/110",
      "kind": "article",
      "number": "110",
      "heading": "Reporting to the FCA",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-110",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/V/section/1"
    },
    {
      "path": "article/111",
      "kind": "article",
      "number": "111",
      "heading": "Use of leverage on a ‘substantial basis’",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-111",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/V/section/1"
    },
    {
      "path": "chapter/V/section/2",
      "kind": "section",
      "number": "2",
      "heading": "AIFMs managing leveraged AIFs",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/V"
    },
    {
      "path": "article/112",
      "kind": "article",
      "number": "112",
      "heading": "Restrictions on the management of AIFs",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/article-112",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/V/section/2"
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      "path": "chapter/V/section/3",
      "kind": "section",
      "number": "3",
      "heading": "Specific rules relating to third countries",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/V"
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      "path": "article/113",
      "kind": "article",
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      "status": null,
      "parent": null
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      "status": null,
      "parent": null
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      "heading": "Methods of increasing the exposure of an AIF",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
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      "number": "1",
      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2013-231/annex-I/division-1",
      "extent": "E+W+S+N.I.",
      "status": null,
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I"
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      "heading": null,
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      "extent": "E+W+S+N.I.",
      "status": null,
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      "status": null,
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      "heading": null,
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I"
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      "heading": null,
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I"
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      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2013-231/annex-I/division-7",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I"
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      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2013-231/annex-I/division-8",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I"
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      "number": "9",
      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2013-231/annex-I/division-9",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I"
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      "number": "10",
      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2013-231/annex-I/division-10",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I"
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      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2013-231/annex-I/division-11",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I"
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      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2013-231/annex-I/division-12",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I"
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      "heading": null,
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I"
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      "path": "annex/I/division/14",
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      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2013-231/annex-I/division-14",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I"
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      "number": "II",
      "heading": "Conversion methodologies for derivative instruments",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
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      "path": "annex/II/division/1",
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      "number": "1",
      "heading": "The following conversion methods shall be applied to the non-exhaustive list below of standard derivatives:",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II"
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      "kind": "division",
      "number": "2",
      "heading": "The following conversion methods shall be applied to the non-exhaustive list below of financial instruments which embed derivatives:",
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II"
    },
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      "number": "3",
      "heading": "List of examples of non-standard derivatives with the related commitment methodology being used:",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/annex-II/division-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II"
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      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II"
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      "path": "annex/III",
      "kind": "annex",
      "number": "III",
      "heading": "Duration netting rules",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
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      "path": "annex/III/division/1",
      "kind": "division",
      "number": "1",
      "heading": "An interest rate derivative shall be converted into its equivalent underlying asset position in accordance with the following methodology:",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/annex-III/division-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/III"
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      "path": "annex/III/division/2",
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      "number": "2",
      "heading": "The equivalent underlying asset positions calculated in accordance with to paragraph 1 shall be netted as follows:",
      "url": "https://openlegislation.uk/eu-regulation-2013-231/annex-III/division-2",
      "extent": "E+W+S+N.I.",
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      "heading": "The AIF shall calculate its exposures as the sum of absolute values:",
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      "status": null,
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      "extent": "E+W+S+N.I.",
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      "heading": "(Articles 3(3)(d) and 24 of Directive 2011/61/EU)",
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      "extent": "E+W+S+N.I.",
      "status": null,
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