# 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), Article 21: Acting honestly, fairly and with due skills

Extent: E+W+S+N.I.

In order to establish whether an AIFM conducts its activities honestly, fairly and with due skills, the FCA shall assess, at least, whether the following conditions are met:
(a)the governing body of the AIFM possesses adequate collective knowledge, skills and experience to be able to understand the AIFM’s activities, in particular the main risks involved in those activities and the assets in which the AIF is invested;
(b)the members of the governing body commit sufficient time to properly perform their functions in the AIFM;
(c)each member of the governing body acts with honesty, integrity and independence of mind;
(d)the AIFM devotes adequate resources to the induction and training of members of the governing body.

---
Source: https://www.legislation.gov.uk/eur/2013/231/article/21 (the official version)
Page: https://openlegislation.uk/eu-regulation-2013-231/article-21
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.