Valuation, valuation procedure, valuer

(1) Section 168 applies to the valuation with the following provisos: 1. The market value to be recognised for assets within the meaning of section 261(1), point 1, for the period of twelve months after acquisition, is the purchase price of the asset. Where the AIF capital management company considers that the purchase price is no longer appropriate on account of changes in material valuation factors, the market value must be newly determined; the capital management company must document its decisions and the reasons underlying them in a comprehensible manner. 2. For assets within the meaning of section 261(1), point 1, the incidental acquisition costs must be recognised separately and depreciated in equal annual amounts over the expected duration of the asset's belonging to the fund, but over at most ten years. Where an asset is disposed of, the incidental acquisition costs must be depreciated in full. The purchases and sales of assets within the meaning of section 261(1), point 1, made during the reporting period must be stated in an annex to the statement of assets.
(2) Section 169 applies to the valuation procedure with the proviso that the valuation guidelines for closed-ended retail AIF investing in assets within the meaning of section 261(1), point 1, must additionally provide that the valuer takes part in a property inspection.
(3) The AIF capital management company must contractually oblige every company within the meaning of section 261(1), points 2 to 6, in which a closed-ended retail AIF holds a participation, 1. to submit statements of assets to the AIF capital management company and the depositary as at the date of the valuation under section 272, and 2. to have the statements of assets audited once a year on the basis of the annual financial statements of the company bearing an auditor's certificate. The requirement of the first sentence also applies to an indirect participation in a company within the meaning of section 261(1), points 2 to 6. The value of the participation in a company determined on the basis of the statements of assets must be used as the basis for the valuations for ongoing price determination.
(4) Section 216 applies correspondingly to the requirements for the valuer, the duties of the AIF capital management company on the appointment of a valuer, and the rights of the Federal Institute with regard to the valuer.