COLL 8.5.1 What is Outsourcing?

(1) For these rules, outsourcing, for a QFC scheme, is any form of arrangement that involves the operator or independent entity of the scheme relying on a third party service provider (including a member of its group) for the exercise of a function in relation to the scheme under these rules, any other Rules, the constitutional document or the latest filed prospectus.

Note Group, exercise, function and latest filed prospectus are defined in the glossary. Rules is defined in INAP. Constitutional document is defined in r 3.1.1.
(2) However, outsourcing does not include the following arrangements:
(a) discrete advisory services (including, for example, the provision of legal advice), audit services, procurement of specialised training, billing, and physical security;
(b) supply arrangements and functions (including, for example, the supply of electricity or water and the provision of catering and cleaning services);
(c) purchase of standardised services (including, for example, market information services and the provision of prices);
(d) the appointment of a group employee to exercise a controlled function for an authorised firm.

Note Employee, controlled function and authorised firm are defined in the glossary.
Derived from QFCRA RM/2010-05 (as from 1st January 2011)