Paragraph 1: Common provisions

For the application in the Wallis and Futuna Islands of the last paragraph of II of Article L. 214-24, the portfolio management company must :
a) Identify all the AIFs that have delegated management of the capital raised to it globally;
b) Identify the portfolio of assets of each AIF managed and determine the corresponding value of the assets managed, including assets acquired through leverage, by applying the French valuation rules and/or those provided for in the AIF's regulations or instruments of incorporation;
c) Sum the values of the assets under management determined for all the AIFs under management and compare the total amount of assets under management thus obtained with the applicable threshold set out in IV of Article L. 532-9.
UCITS for which the portfolio management company acts as management company are not included in the calculation.
AIFs managed by the portfolio management company for which it has delegated functions under the terms of the General Regulations of the Autorité des marchés financiers are included in the calculation. On the other hand, portfolios of AIFs that the portfolio management company manages by delegation are excluded from the calculation.
For the purposes of calculating the total value of assets under management, each derivative position, including any derivative embedded in transferable securities, is converted into its equivalent position in the underlying asset of that derivative by applying the conversion methods referred to in Article 10 of Commission Delegated Regulation (EU) 231/2013 of 19 December 2012. The absolute value of this equivalent position is then used to calculate the total value of the assets under management.
Where an AIF invests in other AIFs managed by the same portfolio management company, this investment may be excluded from the calculation of the portfolio management company's assets under management.
When a sub-fund within an internally or externally managed AIF invests in another sub-fund of the same AIF, this investment may be excluded from the calculation of the assets under management of the portfolio management company.
The total value of the assets under management is calculated in accordance with III of article L. 214-24 at least once a year and on the basis of the most recent asset values available. The most recent asset value available for each AIF is established over the 12 months preceding the date on which the threshold is calculated in accordance with the first sentence of this paragraph. The portfolio management company shall set a date for calculating the threshold and shall apply it consistently. Any subsequent change in the date chosen must be justified to the AMF. When choosing the date for calculating the threshold, the portfolio management company shall take into account the time at which and the frequency with which the assets under management are valued.