(1) The Bank may perform any of its functions under these Regulations or Regulation (EU) No 600/2014 -
(a) directly,
(b) by delegation in accordance with paragraph (2), or
(c) by delegation in accordance with Regulation 37(9).
(2) The Bank may delegate in writing to such other authorities any one or more of its functions under these Regulations or Regulation (EU) No 600/2014 as it considers appropriate having taken all reasonable steps to ensure that the authority to which tasks are to be delegated has -
(a) the capacity and resources to effectively execute all tasks, and
(b) that the delegation takes place only if a clearly defined and documented framework for the exercise of any delegated tasks has been established stating the tasks to be undertaken and the conditions under which they are to be carried out, which shall include a clause obliging the entity in question to act and be organised in such a manner as to avoid conflict of interest and so that information obtained from carryi
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