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CIR A1.2.1 Guidance

1. Other Rules may also impact on the contents of a Delegation Agreement or Outsourcing Agreement. For instance, consideration should be given to GEN Rule 5.3.21 and accompanying Guidance.
2. Without limiting the application of any Rules, the DFSA expects that any agreement would include as a minimum:
a. unambiguous descriptions and definitions of the activities or functions to be provided by the Service Provider and the duties of both parties;
b. an agreed standard between the parties or resources and services supported as necessary by performance measures in accordance with the applicable Rules;
c. the requirement for regular detailed reporting to a specified frequency from the Service Provider 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 Service Provider to fulfil its duties; and
e. the requirement for an annual review (at a minimum) of the performance of the Service Provider.
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]