(1) A full-scope UK AIFM may not delegate its functions of portfolio management or risk management for an AIF to an undertaking, and that undertaking may not sub-delegate such function to another undertaking, unless -

(a) the undertaking to whom the functions are to be delegated or sub-delegated falls within paragraph (2); or

(b) the FCA has approved such delegation or sub-delegation.

(2) An undertaking falls within this paragraph if it is -

(a) authorised or registered for the purpose of asset management; and

(b) subject to supervision in relation to its asset management function.

(3) An application for approval under paragraph (1)(b) -

(a) must be made in such manner as the FCA may direct; and

(b) must contain or be accompanied by such information as the FCA may reasonably require for the purposes of determining the application.

(4) At any time after receiving an application and before determining it, the FCA may require the applicant to provide it with such further information as it considers necessary to enable it to determine the application.

(5) An application under paragraph (3) must be determined by the FCA within one month of receiving the completed application.