Regulatory Alerts2021-10-21
Guidance Note on the Outsourcing of Functions by Entities Licensed Under The Protection of Investors (Bailiwick of Guernsey) Law, 2020
The Guernsey Financial Services Commission issued this guidance to regulate outsourcing practices by entities licensed under the Protection of Investors Law, 2020. It establishes seven core principles requiring licensees to maintain ultimate accountability, conduct due diligence, ensure robust IT security, and secure regulatory access to records. The document mandates that licensees communicate proposals to the Commission early but clarifies that formal approval is not required for such arrangements.
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