F2PART 4Operating conditions for external valuers, full-scope AIFMs and depositaries
Annotations:
Amendments (Textual)
Liability following delegation F1...28
1
Irrespective of any contractual arrangements that provide otherwise, any liability of a full-scope UK AIFM to an AIF it manages, or to an investor of such an AIF, is not affected by—
a
the delegation of functions by the AIFM to a third party (“a delegate”);
b
any sub-delegation of such functions by the delegate to another person (“a sub-delegate”); or
c
any further sub-delegation of such functions by a sub-delegate.
2
A delegate or sub-delegate which has delegated or sub-delegated such functions must review on an ongoing basis the services provided by the person to whom functions have been delegated or sub-delegated.
Regulations revoked (14.12.2023 for the revocation of reg. 79) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(vi)