{
  "url": "https://openlegislation.uk/eu-regulation-2013-231/article-19",
  "json_url": "https://openlegislation.uk/eu-regulation-2013-231/article-19.json",
  "legislation": "eur/2013/231",
  "legislation_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)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2013-231",
  "path": "article/19",
  "kind": "article",
  "number": "19",
  "heading": "Due diligence when investing in assets of limited liquidity",
  "text": "1. Where AIFMs invest in assets of limited liquidity and where such investment is preceded by a negotiation phase, they shall, in relation to the negotiation phase, in addition to the requirements laid down in Article 18:\n(a) set out and regularly update a business plan consistent with the duration of the AIF and market conditions;\n(b) seek and select possible transactions consistent with the business plan referred to in point (a);\n(c) assess the selected transactions in consideration of opportunities, if any, and overall related risks, all relevant legal, tax-related, financial or other value affecting factors, human and material resources, and strategies, including exit strategies;\n(d) perform due diligence activities related to the transactions prior to arranging execution;\n(e) monitor the performance of the AIF with respect to the business plan referred to in point (a).\n2. AIFMs shall retain records of the activities carried out pursuant to paragraph 1 for at least five years.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2013/231/article/19",
    "retrieved_at": "2026-11-01T14:48:47.465765+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}