Article 19 of the AIFM Directive 2011/61/EU establishes the procedures for appropriate and independent asset valuation for alternative investment funds (AIFs). It specifies that managers must ensure that reliable and objective valuations are performed, either by an external expert or internally under strict independence conditions. This provision is crucial for protecting investors' interests, as emphasized in recital 29 of the directive.

AMF inspections conducted in 2022-2023 revealed that 97.6% of valuations retained by management companies were identical to those provided by external experts. This figure, based on a sample of 8,823 valuations (2019-2020 period), underscores the crucial importance of the role of experts in the reliability of financial information communicated to investors.

The statutory auditor may issue different conclusions: unqualified opinion (if everything is in order), qualified opinion (if certain information is uncertain), adverse opinion (if significant anomalies exist), or disclaimer of opinion (if there is insufficient evidence). These options reflect the level of confidence in the financial statements and alert to potential risks for investors.

Article 73 of Delegated Regulation 231/2013 imposes several strict criteria to guarantee the independence of the external expert. These include the absence of economic ties with the AIF or its manager, no shareholding in these entities, no performance-linked remuneration, and a structural separation of interests. These requirements aim to prevent any conflict of interest that could compromise the objectivity of the valuation.

The regulation specifies that any contractual arrangement aimed at excluding the management company's liability for incorrect valuation is null and void. The company remains liable in accordance with article 19, paragraph 10 of the AIFM directive, emphasizing that this liability cannot be transferred or limited by contract.

Article 19 of the AIFM directive requires a minimum annual valuation for closed-ended funds. This frequency ensures that valuations remain relevant and reflect the true value of assets, thereby protecting investors' interests. For open-ended funds, the frequency may be higher depending on subscriptions and redemptions.

Articles L. 823-1 and following of the Code de commerce fall under the regulations governing their mission. Their duty to report to the AMF (articles L. 621-22) is part of their responsibilities. This distinction is crucial for understanding the legal framework and operational obligations of statutory auditors in the financial sector.

The regulation explicitly prohibits the external expert from delegating their valuation function to a third party. This prohibition is contained in the provisions transposed into the Code monétaire et financier, ensuring that the expert fully assumes their responsibilities. This rule aims to maintain the integrity and reliability of the valuation process, which is essential for investor protection.