CP12/32: Implementation of the Alternative ... - BVCA admin

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Appendix 1
by the fact that the AIFM has delegated functions to a third party, or by any
further sub-delegation as set out in regulation [x] of the AIFMD UK
regulation.
[Note: article 20(3) of AIFMD]
Review of delegation and sub-delegation
3.10.11 R An AIFM must review on an ongoing basis the services provided by each:
(1) delegate appointed under FUND 3.10.2R; and
(2) sub-delegate appointed under FUND 3.10.4R.
[Note: article 20(1) and 20(4) of AIFMD]
3.10.12 G An AIFM should make each of its delegates aware of the requirement to
review the services provided by each of its sub-delegates on an ongoing
basis in accordance with regulation [x] of the AIFMD UK regulation.
Subordinate measures
[Note: articles [x] to [y] of the AIFMD level 2 regulation lay down detailed rules
supplementing this section]
3.11 Depositaries
Application
3.11.1 R This section applies in accordance with the table in FUND 3.11.2R.
3.11.2 R This table belongs to FUND 3.11.1.
Rule Full scope
UK AIFM of
a UK AIF or
an EEA AIF
3.11.3R x
Full scope
UK AIFM of
a non-EEA
AIF which is
marketed in
the UK
3.11.4R x x
3.11.6R x
3.11.8R x
3.11.9R x
UK
depositary of
a UK AIF
UK
depositary of
a non-EEA
AIF