(Article 20(1), (2), (4) and (5) of Directive 2011/61/EU)
A delegation shall be deemed to prevent the effective supervision of the AIFM where:
(a) the AIFM, its auditors and the competent authorities do not have effective access to data related to the delegated functions and to the business premises of the delegate, or the competent authorities are not able to exercise those rights of access;
(b) the delegate does not cooperate with the competent authorities of the AIFM in connection with the delegated functions;
(c) the AIFM does not make available on request to the competent authorities all information necessary to enable authorities to supervise the compliance of the performance of the delegated functions with the requirements of Directive 2011/61/EU and its implementing measures.