Valuer

(1) The valuation of assets must be carried out
1. either by an external valuer, being a natural or legal person or a partnership that is independent of the open-ended retail AIF, of the AIF capital management company, and of other persons with close links to the retail AIF or the AIF capital management company, or
2. by the AIF capital management company itself, provided that the valuation function is functionally independent of portfolio management and the remuneration policy, and the remuneration policy and other measures ensure that conflicts of interest are mitigated and undue influence upon employees is prevented. The depositary appointed for a retail AIF may not be appointed as the external valuer of that retail AIF, unless a functional and hierarchical separation exists between the performance of its custody functions and its tasks as external valuer, and the potential conflicts of interest are properly identified, managed, monitored, and disclosed to the investors of the retail AIF.
(2) Where an external valuer is engaged for the valuation, the AIF capital management company must demonstrate that
1. the external valuer is subject to a legally recognised mandatory professional registration, or to legal and administrative provisions, or to professional rules of conduct,
2. the external valuer can demonstrate sufficient professional guarantees to be able to perform the valuation function effectively, and
3. the appointment of the external valuer satisfies the requirements of section 36(1), (2), and (10).
(3) The criteria and content of the professional guarantees required of the external valuer under subsection (2), point 2, are determined by Article 73 of Delegated Regulation (EU) No 231/2013.
(4) An appointed external valuer may not delegate the valuation function to a third party.
(5) The AIF capital management company must notify the Federal Institute of the appointment of an external valuer. Where the requirements of subsection (2) are not satisfied, the Federal Institute may require the appointment of another external valuer.
(6) Where the valuation is not carried out by an external valuer, the Federal Institute may require that the valuation procedures and valuations of the AIF capital management company be reviewed by the auditor in the course of the annual audit of the retail AIF.
(7) The AIF capital management company remains responsible for the proper valuation of the assets of the retail AIF, and for the calculation and disclosure of the net asset value, even where it has appointed an external valuer. Notwithstanding the first sentence, and irrespective of any contrary contractual arrangements, the external valuer is liable to the AIF capital management company for any losses of the AIF capital management company attributable to negligent or intentional non-performance of its tasks by the external valuer.