Regulatory Alerts2024-12-02
Guidance on Rule 8.16: Outsourcing and Delegation of Functions
The Isle of Man Financial Services Authority issues this guidance to outline requirements for licenceholders seeking prior consent to delegate material functions under Rule 8.16 of the Financial Services Rule Book. The document defines material functions, mandates rigorous due diligence and written agreements, and establishes criteria for assessing proposals to ensure regulatory supervision and customer protection are maintained. It further details specific considerations for IT outsourcing, compliance support, and group entity arrangements while emphasizing that licenceholders retain ultimate responsibility for outsourced activities.
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