{
  "url": "https://openlegislation.uk/eu-regulation-2013-231/article-29",
  "json_url": "https://openlegislation.uk/eu-regulation-2013-231/article-29.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/29",
  "kind": "article",
  "number": "29",
  "heading": "Aggregation and allocation of trading orders",
  "text": "1. AIFMs can only carry out an AIF order in aggregate with an order of another AIF, a UK UCITS or a client or with an order made when investing their own funds where:\n(a) it can be reasonably expected that the aggregation of orders will not work overall to the disadvantage of any AIF, UK UCITS or clients whose order is to be aggregated;\n(b) an order allocation policy is established and implemented, providing in sufficiently precise terms for the fair allocation of aggregated orders, including how the volume and price of orders determines allocations and the treatment of partial executions.\n2. Where an AIFM aggregates an AIF order with one or more orders of other AIFs, UK UCITS or clients and the aggregated order is partially executed, it shall allocate the related trades in accordance with its order allocation policy.\n3. Where an AIFM aggregates transactions for its own account with one or more orders of AIFs, UK UCITS or clients, it shall not allocate the related trades in a way that is detrimental to the AIF, UK UCITS or a client.\n4. Where an AIFM aggregates an order of an AIF, UK UCITS or another client with a transaction for its own account and the aggregated order is partially executed, it shall allocate the related trades to the AIF, UK UCITS or to clients in priority over those for own account.\nHowever, if the AIFM is able to demonstrate to the AIF or to the client on reasonable grounds that it would not have been able to carry out the order on such advantageous terms without aggregation, or at all, it may allocate the transaction for its own account proportionally, in accordance with the policy referred to in point (b) of paragraph 1.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Art. 29 substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 24(5) (as amended by S.I. 2019/325, regs. 1(3), 58); 2020 c. 1, Sch. 5 para. 1(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2013/231/article/29",
    "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."
}