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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 27 May 2019 - onwards
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Regulation 102 Organisational requirements: delegation

(1) Where a management company delegates activities, it shall designate a specific director of the management company or other individual (in this Regulation referred to as the "designated person"), who shall -

(a) be identified in the business plan of the management company, and

(b) on a day-to-day basis, monitor and control each of the individual activities of the management company identified in Regulation 101(2) and Schedule 10.

(2)

(a) A management company shall put in place a procedure, which must be set out in its business plan, that specifies how the designated person shall monitor and control the managerial function(s) for which he or she has been designated.

(b) A procedure for the purposes of paragraph (a) shall include a provision for the receipt of reports from delegates for the purpose of monitoring and controlling the managerial function(s) for which he or she has been designated.

(3) The board of a management company shall, by resolution, adopt a statement of responsibi

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