Notwithstanding that the AIFM must be able to provide both functions in order to be authorised, it may choose to delegate the portfolio management and/or the risk management function. In such cas- es, and as set out above, the delegation of these functions should comply with the rules set out under Article 20 of the AIFMD and the relevant Level 2 measures. Therefore, the liability of the AIFM will not be affected by the fact that the AIFM has delegated the portfolio management and/or risk man- agement functions to a third party, or by any further sub-delegation. Furthermore, neither of these functions.
