(1) An AIFM which intends to delegate to third parties the task of carrying out functions on its behalf shall notify the Bank before the delegation arrangements become effective. The following conditions shall be met in relation to such delegation:
(a) the AIFM shall be able to justify its entire delegation structure to the Bank on objective reasons;
(b) the delegate shall dispose of sufficient resources to perform the respective tasks and the persons who effectively conduct the business of the delegate shall be of sufficiently good repute and sufficiently experienced;
(c) where the delegation concerns portfolio management or risk management, it shall be conferred only on undertakings which are authorised or registered for the purpose of asset management and subject to supervision or, where that condition cannot be met, only subject to prior approval by the Bank;
(d) where the delegation concerns portfolio management or risk management and is conferred on a third-country undertaking, i
…