Template:Nutshell AIFMD DR91

DR91(1). The AIFM must ensure that from the date of any prime broker’s appointment it has agreed to provide the depositary with a statement in a durable medium of:

(a) the daily closing values of the items set out in paragraph DR91(3);

(b) anything else the depositary of the AIF needs to have up-to-date valuations of assets whose safekeeping has been delegated to the prime broker under Article 21(11).

DR91(2). The prime broker must send its paragraph DR91(1) stastement to the depositary no later than the close of the next business day.
DR91(3). The items referred to in point (a) of paragraph DR91(1) shall include:

(a) the total value of assets held by the prime broker for the AIF, where safe-keeping functions are delegated in accordance with Article 21(11) of Directive 2011/61/EU (EUR Lex).

(aa) The value of each of the following:

(i) cash loans made to the AIF and accrued interest;

(ii) securities owed by the AIF under open short positions;

(iii) futures settlement amounts owed by the AIF;

(iv) cash proceeds of short sales held by the prime broker;

(v) cash margin the prime broker holds for the AIF’s open futures contracts; This obligation is in addition to the obligations under Articles DR87 and DR88;

(vi) mark-to-market close-out exposures of the AIF’s OTC transactions;

(vii) the AIF’s total secured obligations to the prime broker; and

(viii) all the AIF’s other assets with the prime broker;

(b) the value of other assets referred to in Article 21(8)(b) that the prime broker holds as collateral for secured transactions entered into under the prime brokerage agreement;

(c) the value of the assets the prime broker has rehypothecated;

(d) a list of all the institutions where the prime broker holds the AIF’s cash in the AIF’s or AIFM’s name per Article 21(7).