(Article 20(1), (2), (4) and (5) of Directive 2011/61/EU)
1. The AIFM shall provide the competent authorities with a detailed description, explanation and evidence of the objective reasons for delegation. When assessing whether the entire delegation structure is based on objective reasons within the meaning of Article 20(1)(a) of Directive 2011/61/EU the following criteria shall be considered:
(a) optimising of business functions and processes;
(b) cost saving;
(c) expertise of the delegate in administration or in specific markets or investments;
(d) access of the delegate to global trading capabilities.
2. Upon request by the competent authorities, an AIFM shall provide further explanations and provide documents proving that the entire delegation structure is based on objective reasons.