Additional organisational requirements for the management of development promotion funds

(1) AIF capital management companies that manage a development promotion fund must have subjected themselves to the requirements of the Operating Principles for Impact Management of the International Finance Corporation of the World Bank Group of 4 October 2019 (https://www.impactprinciples.org/9-principles/), and must apply them, in respect of the development promotion funds managed, throughout the term of the fund. The first independent review of the requirements under the first sentence, required under Principle 9 of the Operating Principles for Impact Management, must be carried out by a suitable auditor at the end of the second business year from the point in time at which the development promotion fund was launched, or an existing fund was categorised as a development promotion fund; thereafter, the review must be carried out at least every three years. Where the requirements are satisfied, compliance with the Operating Principles for Impact Management by the AIF capital management company must be certified by the statutory auditor after each review.
(2) Where the AIF capital management company has outsourced the portfolio management for a development promotion fund, or is being advised in respect of its portfolio management, only the outsourcing undertaking or the advisory undertaking must satisfy the requirements under subsection (1), first sentence. Where the outsourcing undertaking or the advisory undertaking is an AIF capital management company, subsection (1), second and third sentences, apply correspondingly. Otherwise, the AIF capital management company must ensure that compliance with the Operating Principles for Impact Management by the outsourcing undertaking or the advisory undertaking is reviewed by a suitable auditor at least every three years and, where the conditions are satisfied, certified to the outsourcing undertaking or the advisory undertaking. The AIF capital management company must have the certificate presented to it. The first independent review of the outsourcing undertaking or the advisory undertaking and of the management of the development promotion fund, required under Principle 9 of the Operating Principles for Impact Management, must be carried out no later than the end of the second business year from the point in time at which the fund was launched, or an existing fund was categorised as a development promotion fund.