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  • C4-4.3.13

    All material outsourcing arrangements by a category 4 investment firm must be the subject of a legally enforceable outsourcing agreement. The contractual liabilities and obligations of the outsourcing provider and licensee must be clearly specified in an outsourcing agreement. Where the outsourcing provider interacts directly with a licensee’s customers, the contract must, where relevant, reflect the licensee’s own standards regarding client care. Once an outsourcing agreement has been entered into, licensees must regularly review the suitability of the outsourcing provider, and the on-going impact of the agreement on their risk profile and systems and controls framework.

    Added: January 2022

  • C4-4.3.14

    Category 4 investment firms must ensure that the outsourcing arrangement is in compliance with the Personal Data Protection Law (PDPL) and the outsourcing provider implements adequate safeguards and procedures to protect client data confidentiality. Category 4 investment firms must ensure that they retain title under any outsourcing agreements for data, information and records that form part of the prudential records of the licensee.

    Added: January 2022

  • C4-4.3.15

    Category 4 investment firms must ensure that its internal and external auditors have timely access to any relevant information they may require to fulfil their responsibilities. Such access must allow them to conduct on-site examinations of the outsourcing provider, if required.

    Added: January 2022

  • C4-4.3.16

    Category 4 investment firms must also ensure that the CBB inspectors and appointed experts have timely access to any relevant information they may reasonably require to fulfil its responsibilities under the law. Such access must allow the CBB to conduct on-site examinations of the outsourcing provider, if required.

    Added: January 2022

  • C4-4.3.17

    Termination under any other circumstances allowed under the agreement must give category 4 investment firms a sufficient notice period in which they can affect a smooth transfer of the service to another provider or bring it back in-house.

    Added: January 2022