• MIR 2.14 MIR 2.14 Outsourcing

    • MIR 2.14.1

      A Recognised Body may satisfy Recognition Requirements applying to it by making arrangements for functions to be performed on its behalf by any other Person.

    • MIR 2.14.2

      Where a Recognised Body makes such arrangements, the arrangements do not affect the responsibility on the Recognised Body to satisfy Recognition Requirements applying to it, but it is in addition a Recognition Requirement applying to the Recognised Body that the Person who performs (or is to perform) the functions is a fit and proper Person who is able and willing to perform them.

    • MIR 2.14.3

      A Recognised Body must, before entering into any material outsourcing arrangements with a service provider, obtain the Regulator's prior approval to do so.

    • MIR 2.14.4

      A Recognised Body that outsources any functions must comply with the outsourcing requirements in GEN 3.3.32.

    • MIR 2.14.5

      If a Person who performs a function on behalf of a Recognised Body is himself carrying on a Regulated Activity in the Abu Dhabi Global Market, he will, unless he is a Person to whom the General Prohibition does not apply, need to be either an Authorised Person or an Exempt Person. The Person to whom a function is delegated is not covered by the Recognised Body's exemption.