Paragraph 3: Assessment

The AIF or its management company is responsible for correctly valuing the assets of the AIF and for calculating and publishing its net asset value. The appointment of an external valuation expert by the AIF or the management company does not exonerate them from their respective responsibilities. The external valuation expert is liable to the AIF or its management company for any loss suffered by the latter and resulting from…

The AIF or its management company shall ensure that procedures are in place for the appropriate and independent valuation of the assets of the AIF and the calculation of the net asset value of its units or shares, in accordance with legislative and regulatory provisions. The General Regulation of the Autorité des marchés financiers specifies the rules for valuing assets and calculating the net asset value of AIF units or…

Under the conditions laid down in the general regulations of the Autorité des marchés financiers, AIFs or their management companies shall ensure that the valuation function is performed by : 1° An external valuation expert, who is either a natural person or a legal entity independent of the AIF or its management company and of any other person with close links to the AIF or the management company; 2° The…

I. – Where the AIF or its management company delegates the valuation function to an external valuation expert, the AIF or its management company must be able to demonstrate to the Autorité des marchés financiers that: 1° This expert is the subject of a compulsory professional registration recognised by legislative provisions or is subject to legislative or regulatory provisions or professional rules of conduct; 2° This expert offers sufficient professional…

The valuation is carried out impartially and with the necessary skill, care and diligence.

When the valuation is carried out in accordance with 2° of Article L. 214-24-15, the AMF may require that the valuation procedures implemented by the AIF or its management company, as well as the valuations carried out, be verified by an external valuation expert or, where applicable, by a statutory auditor.