CTRL 8.1.4 Responsibility for outsourced functions

(1) The outsourcing of a function by an authorised firm does not relieve the firm’s governing body from any obligation in relation to the function under the law applicable in the QFC.
(2) The governing body remains responsible for ensuring:
(a) that all requirements are complied with in relation to the function; and
(b) that the function is otherwise properly exercised.
(3) The governing body must exercise due skill, care and diligence in carrying out its obligations in relation to outsourced functions.
Note For the use of the term ‘governing body’ in this rule, see rule 8.1.3 (5).

 

Derived from QFCRA RM/2020-4 (as from 1st July 2021)