Article 79 Effective supervision

United Kingdom

A delegation shall be deemed to prevent the effective supervision of the AIFM where:

(a)
the AIFM, its auditors and the F1FCA do not have effective access to data related to the delegated functions and to the business premises of the delegate, or the FCA are not able to exercise those rights of access;
(b)
the delegate does not cooperate with the F2FCA in connection with the delegated functions;
(c)
the AIFM does not make available on request to the F3FCA all information necessary to enable authorities to supervise the compliance of the performance of the delegated functions with the requirements of F4the UK provisions which implemented Directive 2011/61/EU and its implementing measures.

Annotations

F1: Word in Art. 79(a) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 31(6)(a) (as amended by S.I. 2019/325, regs. 1(3), 58); 2020 c. 1, Sch. 5 para. 1(1)
F2: Word in Art. 79(b) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 31(6)(b) (as amended by S.I. 2019/325, regs. 1(3), 58); 2020 c. 1, Sch. 5 para. 1(1)
F3: Word in Art. 79(c) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 31(6)(c)(i) (as amended by S.I. 2019/325, regs. 1(3), 58); 2020 c. 1, Sch. 5 para. 1(1)
F4: Words in Art. 79(c) inserted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 31(6)(c)(ii) (as amended by S.I. 2019/325, regs. 1(3), 58); 2020 c. 1, Sch. 5 para. 1(1)