FCA has updated its webpages on the Alternative Investment Fund Managers Directive (AIFMD) to draw the attention of firms applying to be depositaries to FCA's rules on delegation. It says firms must carefully review the AIFMD and FUND sourcebook to understand what may, or may not, be delegated, and follow the appropriate rules when they outsource any permitted administrative or technical functions. (Source: FCA Updates on AIFMD Depositaries)