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The delegation of functions by operators of collective investment schemes results not only from economic constraints but also the inherent desire to improve the service provided to the client. However, the regulator in the course of exercising his mission should take into consideration cases where the delegation of functions is likely to be incompatible with the principles of investor protection. In this respect, it would seem particularly desirable to define general principles concerning both the actual implementation of the delegation of functions and its supervision by the regulators concerned.