(1) The Bank may delegate to an approved stock exchange, subject to such conditions as the Bank specifies, any of the functions that it is obliged or authorised to perform under transparency (regulated markets) law or under the Directive other than the functions under Regulations 37, 39, 40, 53, 56, 57 and 58 and Parts 10 and 12.

(2) Any person to whom functions are delegated under paragraph (1) shall have, by virtue of the delegation, all such powers as are necessary to perform those functions.

(3) Any delegation of functions shall be in writing and specify the functions to be performed and the conditions subject to which they are to be performed.

(4) The conditions referred to in paragraph (3) shall include a provision obliging the stock exchange to whom a function or functions concerned are delegated to act and be organised in such a manner as to avoid conflicts of interest and so that information obtained from performing the function is not used unfairly or to prevent competition.

(5) A delegation under this Regulation shall not prevent the performance by the Bank of the function delegated.