GEN 5.3.21 GEN 5.3.21(1) An
Authorised Personwhich outsources any of its functions or activities directly related to Financial Servicesto service providers (including within its Group) is not relieved of its regulatory obligations and remains responsible for compliance with legislation applicable in the DIFC.(2) The outsourced function under this Ruleshall be deemed as being carried out by the Authorised Personitself.(3) An Authorised Personwhich uses such third party providers must ensure that it:(a) has undertaken due diligence in choosing suitable service providers;(b) effectively supervises the outsourced functions or activities; and(c) deals effectively with any act or failure to act by the service provider that leads, or might lead, to a breach of any legislation applicable in the DIFC.
GEN 5.3.21 GuidanceDeleted in accordance with Notice of Amendments to Legislation April 2011 [VER27/02-11]