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Code of Practice 2019

To confirm compliance with the 2019 Code of Practice, all AREF funds need to complete the Self-Certification Form and Template by 31 December 2019 (guidance on completing these can be found at the top of the Form).  Upon receiving and checking these documents, AREF can award the 2019 Quality Mark.

Further information about the AREF Quality Mark can be found here.

Please click on the links in the table below to navigate to individual sections of the Code of Practice, or you can download a PDF copy here.

If you have any questions relating to the Code of Practice, please email:

Are you an investor?  If you have any feedback on any of the funds' compliance with the Code then we would like to hear from you.  Please email us on our dedicated investor email address:


Last update

Aims 27/03/2018
Disclosure 27/03/2018
Compliance 27/03/2018
1. Governance of the fund  
1.1 Fund structure and objectives 27/03/2018
1.2 Management structure and accountability 27/03/2018
1.3 Fund oversight by supervisory or advisory committees 27/03/2018
1.4 Transparency and decision making 27/03/2018
1.5 Termination of the appointment of the manager 27/03/2018
1.6 Reporting 27/03/2018
1.7 Confidentiality 31/03/2016
1.8 End of Fund Life added 31/03/2017
2. Operating the fund  
2.1 Property valuations 31/03/2017
2.2 Cash and money market instruments 27/03/2018
2.3 Gearing 31/07/2014
2.4 Use of derivatives 27/03/2018
2.5 Indirect property investments 31/07/2014
2.6 Distributions 27/03/2018
2.7 Management fees and other expenses 27/03/2018
2.8 Insurance and service charge rebates 27/03/2018
2.9 Disaster recovery 27/03/2018
3. Unit pricing, dealing and performance  
3.1 Unit pricing and dealing (subscription and redemtions) 27/03/2018
3.2 Secondary market 27/03/2018
3.3 Unit turnover 31/03/2016
3.4 Investor analysis 31/07/2014
3.5 Historical performance 27/03/2018
3.6 Performance objectives and Benchmarks 27/03/2018
Annex 1. Fund oversight by supervisory or advisory 27/03/2018
Annex 2. Performance data 31/12/2014
Annex 3. Self Certification Form 2019 27/03/2018
Annex 4. Self-Certification Template 2019 27/03/2018
Annex 5. Self-Certification Matrix 2018 31/12/2017