The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement
UK Law: Delegation by UK-Authorized Firms to
Overseas Firms (Cont.)
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The delegate has sufficient resources to perform the respective activity and the
persons who effectively conduct the business of the delegate are of sufficiently good
repute and experience
The delegation of AIFM investment management functions is conferred only on a
delegate that is authorized or registered for the purpose of asset management and
subject to supervision (exceptions possible)
Where the delegation of AIFM investment management functions is conferred on a
third-country delegate, cooperation between the FCA and the regulator of the
delegate is ensured (the FCA has entered into agreements with MAS and each of the
US regulators)
The delegation does not prevent the FCA from supervising the AIFM effectively and,
in particular, does not prevent the AIFM from acting, or the AIF from being managed,
in the best interests of its investors
Morgan Lewis
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