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Location: Dubai Financial Services Authority (DFSA) > Rulebook Modules > General Module (GEN) [VER44/07-19] > GEN 5 Management, Systems and Controls > GEN 5.3 Systems and controls > Outsourcing > GEN 5.3.22
GEN 5.3.21 Guidance GEN 5.3.22 Guidance
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(2 versions)
  
Up to Apr 27 2011Apr 28 2011 onwards

GEN 5.3.22

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(1) An Authorised PersonG must inform the DFSAG about any material outsourcing arrangements.
(2) An Authorised PersonG which has a material outsourcing arrangement must:
(a) establish and maintain comprehensive outsourcing policies, contingency plans and outsourcing risk management programmes;
(b) enter into an appropriate and written outsourcing contract; and
(c) ensure that the outsourcing arrangements neither reduce its ability to fulfil its obligations to customers and the DFSAG , nor hinder supervision of the Authorised PersonG by the DFSAG .
(3) An Authorised PersonG must ensure that the terms of its outsourcing contract with each service provider under a material outsourcing arrangement require the service provider to:
(a) provide for the provision of information under section 11.1 in relation to the Authorised PersonG and access to their business premises; and
(b) deal in an open and co-operative way with the DFSAG .
Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
Amended in accordance with Notice of Amendments to Legislation April 2011 [VER27/02-11]
GEN 5.3.21 Guidance GEN 5.3.22 Guidance

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