Versions

 

CIR 8.12.4

(1) When delegating, a Fund Manager or Trustee must:
(a) carry out due diligence on a proposed Service Provider to ensure eligibility prior to effecting a delegation of a Financial Services activity; and
(b) comply with the requirements in GEN chapter 5 of GEN and CIR App1 and ensure that any delegation is made in a written Delegation Agreement as prescribed in CIR App1.
(2) Delegation to a Service Provider does not relieve the Fund Manager or Trustee from accountability for the proper conduct of a delegated activity.
(3) The DFSA may, as a condition on a Fund Manager's or Trustee's Licence, require the delegation of one or more specified Financial Service activities to a Service Provider.
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]