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Regulation 28 Liability following delegation under Article 20 of the directive

Original text. Later amendments are not shown.

(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.