Past version: effective up to 27/04/2011
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Authorised Person which outsources any of its functions or activities directly related to Financial Services to third party 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
Rule shall be deemed as being carried out by the Authorised Person itself.
Authorised Person which uses such third party providers must ensure that it:
(a) has undertaken due diligence in choosing suitable third party providers;
(b) effectively supervises the outsourced functions or activities; and
(c) deals effectively with any act or failure to act by the third party provider that leads, or might lead, to a breach of any legislation applicable in the
Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]