(1) When a
Fund Manager or Trustee outsources any function to a Service Provider, it must:
(a) comply with any relevant requirements in GEN chapter 5 of GEN;
(b) enter into an
Outsourcing Agreement which complies with the requirements in CIR App1; and
(c) before entering into such agreement, carry out due diligence on the proposed
Service Provider to conclude on reasonable grounds that the Person is suitable to perform the relevant functions.
(2) Outsourcing to a
Service Provider does not relieve the Fund Manager or Trustee from accountability for the proper conduct of the outsourced activity.
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]