Home / CY AIFM Law of 2013 / PART ΙΙΙ – OPERATING CONDITIONS FOR AIFMs / CHAPTER 3 - Delegation of AIFM functions / Section 21 - Sub delegation of AIFM functions.

Sub delegation of AIFM functions.

21.-(1) The third party to whom functions have been delegated in accordance with section 20, may sub-delegate any of the functions delegated to it provided that the following conditions are met:

(a) the AIFM consented prior to the sub-delegation;

(b) the AIFM notified the competent authorities of its home Member

State before the sub-delegation arrangements become effective;

(c) the conditions set out in subsection (1) and paragraph (c) of subsection (2) of section 20, on the understanding that all references to the ‘delegate’ are read as references to the ‘sub-delegate’.

(2) The person to whom the delegate has sub-delegated functions in accordance to subsection (1) may delegate functions further, only if the provisions of subsection (1) are satisfied mutatis mutandis.