Entire Section

  • Delegation and Service Level Agreements

    • CIR 5.1.4 CIR 5.1.4

      (1) A Fund Administrator of a Domestic Fund for which it is Providing Fund Administration must have a Delegation Agreement that meets the requirements in CIR App1 with the Fund Manager or Trustee of the Fund.
      (2) Paragraph (1) does not apply to a Fund Administrator of a Qualified Investor Fund.
      Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
      [Amended] DFSA RM137/2014 (Made 21st August 2014). [VER17/06-14]

      • CIR 5.1.4 Guidance

        CIR Section 8.12 of this module governs the delegation of activities by a Fund Manager or where appointed the Trustee.

        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]

    • CIR 5.1.5 CIR 5.1.5

      (1) A Fund Administrator of a Foreign Fund for which it is Providing Fund Administration must have a service level agreement with the fund manager of that Foreign Fund setting out the functions and service standards that will be applied to the provision of such administration.
      (2) The agreement in (1) must ensure that the Fund Administrator cannot in turn delegate the activities and functions delegated to it by the fund manager of the Foreign Fund unless the sub-delegate has been approved by that fund manager.
      (3) The agreement in (1) must also require the Fund Administrator to retain any relevant work or records relating to the delegated activities and functions where the contract is terminated either by the fund manager or the Fund Administrator.
      Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]

      • CIR 5.1.5 Guidance

        The DFSA would expect any agreement required under CIR Rule 5.1.5 to include as a minimum the following provisions:

        a. unambiguous descriptions and definitions of the activities and functions to be provided by the Fund Administrator and the duties to be performed by both parties;
        b. an agreed standard in respect of resources and services supported as necessary by performance measures in accordance with the applicable legislation;
        c. the requirement for regular detailed reporting to a specified frequency from the Fund Administrator in respect of its duties and activities;
        d. provisions relating to the reporting of relevant events such as technological changes or error reporting and, in particular, any event which undermines the ability of the Fund Administrator to fulfil its duties;
        e. the requirement for an annual review (at a minimum) of the performance of the functions by the Fund Administrator; and
        f. provisions relating to records and adequate access by the fund manager, the Fund's auditor or any other Persons providing control or risk management functions for the Fund, as required by the fund manager or applicable laws to that Fund.
        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]