COLL 8.5.2 Outsourcing by Operator—All QFC Schemes

(1) The operator of a QFC scheme may outsource its functions in relation to the scheme in accordance with this part, and not otherwise.

Note The outsourcing provisions of CTRL do not apply in relation to an outsourcing of functions under this part (see CTRL, rule 8.1.1).
(2) However, the operator must not outsource to the independent entity, or to a related person for the independent entity, any of the functions of the operator under a provision of these rules, the constitutional document, or the latest filed prospectus, if rule 4.2.3 (1) (Oversight functions of independent entity—all QFC schemes) applies to the provision.

Note Related person is defined in the glossary.
(3) Subrule (2) does not apply to the outsourcing to the independent entity of the function of providing scheme administration.

Note Providing scheme administration is defined in the glossary.
(4) Also, the operator must not outsource functions if the outsourcing may adversely impact on the Regulatory Authority's ability to supervise the operator's activities.
Amended by QFCRA RM/2012-5 (as from 1st July 2013).
Amended by QFCRA RM/2021-1 (as from 1st July 2021)