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]