The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement

UK Law: Delegation by UK-Authorized Firms to Overseas Firms (Cont.) Delegation by a UK FCA-authorized manager of an alternative investment fund An alternative investment management fund manager (AIFM) must not delegate its functions to the extent that it can no longer be considered to be the AIFM of the AIF and to the extent that it becomes a letter-box entity An AIFM must ensure that the following conditions are met when a delegate carries out any function on its behalf: • The AIFM has notified the FCA of the delegation before the delegation arrangements become effective and • The AIFM is able to justify its entire delegation structure with objective reasons Morgan Lewis 77

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