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Digital Subscriptions > The Hedge Fund Journal > Issue 135 – Oct 2018 > Delegation and Oversight

Delegation and Oversight

DANIEL CAPOCCI (DIRECTOR), BENJAMIN COLLETTE (PARTNER) & SIMON RAMOS (PARTNER) – DELOITTE LUXEMBOURG

The new standards

Introduction

Delegation has gained increasing importance in the financial industry over the last decade, not least within the investment funds universe. The regulatory framework has evolved along with regulators’ expectations to make the accompanying requirements increasingly demanding. The ESMA opinion, published in July 2017, has confirmed, among other things, the (new) standard regarding delegation and oversight as seen by the independent European authority. It’s with this same objective in mind that the CSSF published its circular 18/698 in late August, precisely defining the oversight and delegation framework for Luxembourg. Beyond this, the circular covers governance, risk management and asset-money-laundering. This article puts the spotlight on delegation and oversight.

There are several aspects to the delegation process.

It covers not only the due diligence work to be done and how it has to be done, but the whole spectrum of oversight. How, for instance, to organise the oversight? How to select delegates? How to be consistent over time? From there, how do you monitor the delegate? Such monitoring is not only about performing the annual check through a questionnaire, but also about continually monitoring several aspects, not least operational issues, trading checks and sensible policies such as best execution.

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Informing the Hedge Fund Community. With access to some of the industry’s biggest names and an astute and talented group of writers and contributors, The Hedge Fund Journal has established itself as a trusted source of information on the hedge fund industry.