F2PART 4Operating conditions for external valuers, full-scope AIFMs and depositaries

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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.