The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement

UK Law: Delegation by UK-Authorized Firms to Overseas Firms (Cont.) • Appropriate action must be taken if it appears that the delegate may not be carrying out the functions effectively and in compliance with applicable laws and regulatory requirements • The firm must retain the necessary expertise to supervise the outsourced functions effectively and to manage the risks associated with the outsourcing, and must also supervise those functions and manage those risks • The delegate must disclose to the firm any development that may have a material impact on its ability to carry out the outsourced functions effectively and in compliance with applicable laws and regulatory requirements Morgan Lewis 73

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