Regulatory Alerts2022-04-06
Code on Outsourcing of Compliance
The Financial Services Authority of Seychelles issued this binding Code to permit licensees under the Securities and Mutual Fund legislation to outsource their compliance function to qualified, locally resident service providers. Licensees must retain ultimate regulatory responsibility, execute legally binding written agreements detailing service levels and exit strategies, and implement robust data security, confidentiality, and business continuity measures. The framework mandates continuous board oversight, annual compliance monitoring reports submitted to the Authority within one month, and prompt written notification of material changes or provider transitions.
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