28.—(1) Irrespective of any contractual arrangements that provide otherwise, any liability of a full-scope UK AIFM to an AIF it manages, or to an investor of such an AIF, is not affected by—
(a)the delegation of functions by the AIFM to a third party (“a delegate”);
(b)any sub-delegation of such functions by the delegate to another person (“a sub-delegate”); or
(c)any further sub-delegation of such functions by a sub-delegate.
(2) A delegate or sub-delegate which has delegated or sub-delegated such functions must review on an ongoing basis the services provided by the person to whom functions have been delegated or sub-delegated.
Textual Amendments
F1Words in reg. 28 heading omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 7(2) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)