(1) Each AIF managed within the scope of these Regulations shall have a single AIFM, which AIFM shall be responsible for ensuring that these Regulations are complied with.
(2) The AIFM shall be either -
(a) an external manager, which is the legal person appointed by the AIF or on behalf of the AIF and which, through that appointment, is responsible for managing the AIF ("external AIFM"); or
(b) where the legal form of the AIF permits an internal management and where the AIF's governing body chooses not to appoint an external AIFM, the AIF itself, which shall then be authorised as the AIFM.
(3) In a case where an external AIFM is unable to ensure compliance with requirements of these Regulations for which an AIF or another entity on its behalf is responsible, it shall immediately notify the Bank, and, if applicable, the competent authorities of the EU AIF concerned, of that fact. The Bank shall require the AIFM to take the necessary steps to remedy the situation.
(4) If, notwithstanding
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