Art. 12c

(Art. 14 para. 1^terCISA)

1. The SICAVs and the representatives of foreign collective investment schemes may delegate to third parties only those tasks which do not need to be within the decision-making remit of the body responsible for management or for governance, supervision and control.
2. Delegation must not impair the appropriateness of the operational organisation.
3. The operational organisation is no longer deemed to be appropriate if the SICAV or the representative of foreign collective investment schemes:
   1. does not have the necessary personnel resources and specialist knowledge to select, instruct and monitor the third party and manage the associated risks; or
   2. does not have the necessary rights to issue instructions to or control the third party.