(Article 20(1), (2), (4) and (5) of Directive 2011/61/EU)
1. This Article shall apply where the delegation of portfolio management or risk management is concerned.
2. The following entities shall be deemed to be authorised or registered for the purpose of asset management and subject to supervision in accordance with point (c) of Article 20(1) of Directive 2011/61/EU:
(a) management companies authorised under Directive 2009/65/EC;
(b) investment firms authorised under Directive 2004/39/EC to perform portfolio management;
(c) credit institutions authorised under Directive 2006/48/EC having the authorisation to perform portfolio management under Directive 2004/39/EC;
(d) external AIFMs authorised under Directive 2011/61/EU;
(e) third country entities authorised or registered for the purpose of asset management and effectively supervised by a competent authority in those countries.
3. Where the delegation is conferred on a third-country undertaking the following conditions shall be fulfil
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