The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement

UK Law: Delegation by UK-Authorized Firms to Overseas Firms (Cont.) A firm must ensure that the following conditions are satisfied: • The delegate must have the ability, the capacity, and any authorization required to perform the outsourced functions, services, or activities reliably and professionally • The delegate must carry out the outsourced services effectively, so the firm must establish methods for assessing the standard of performance of the delegate • The delegate must properly supervise the outsourced functions and adequately manage the risks associated with the outsourcing Morgan Lewis 72

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