The provision of the delegation agreement, which provides for under-transmission, should reflect or provide that the sub-transmission is permitted only in accordance with the legislation in force. These are other examples of issues that could be documented in a business plan or policy and procedure manual (even if, in this case, the documentation of the delegate and not just the manager is relevant) and that can be referred to or addressed in the delegation agreement to ensure compliance. Compliance with these requirements consists of (a) ensuring that the delegation agreement will provide the AIFM with sufficient supervisory powers and that the delegation relates only to the management of portfolios or risks, and not to both; and (b) ensure that the Manager has the necessary expertise and resources, the details of which are properly documented Mark Browne is a partner in the financial services division of Mason Hayes & Curran, which specializes in investment funds. Mark worked for four years as an hedge fund attorney-at-law at a leading law firm in the Cayman Islands and advises on the re-domiezilisation of offshore funds to Ireland and the restructuring of hedge funds as UCITS. .