Regulatory Alerts2020-01-01
Circular No. 1 of 2020 – Policy Decision on Outsourcing the Compliance Function
The Financial Services Authority has issued Circular No. 1 of 2020 to require all securities and fund licensees to adhere to a new Code governing the outsourcing of compliance functions to third parties. The directive mandates that newly licensed and in-principle approved entities must appoint a full-time or outsourced Compliance Officer by 1 July 2020, effectively superseding the Trainee Compliance Officer concept. Existing licensees may retain a Trainee Compliance Officer under strict supervision if the individual is within three months of completing their CISI or ICA Diploma requirements.
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