(1) An Authorised Person may delegate the day-to-day management of its Liquidity Risk to another entity in the same Group for management on a Group basis only if:
(a) the Governing Body of the Authorised Person:
(i) has formally approved the delegation;
(ii) keeps the delegation under review; and
(b) the Authorised Person notifies the Regulator in writing of the delegation immediately upon its being made.
(2) If an Authorised Person delegates the management of its Liquidity Risk in accordance with (1), the requirements in this Chapter continue to apply to the Authorised Person.