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Guideline on the application of the outsourcing requirements under the FSA rules implementing MIFID and the CRD in the UK
15/05/2007
This Guideline does not purport to be a definitive guide, but is instead a non-exhaustive statement of the measures that common platform firms may adopt in complying with some of the requirements relating to outsourcing under the FSA Rules implementing MiFID in the UK. This Guideline focuses only on the UK's implementation of MiFID requirements relating to outsourcing.
This Guideline is directed at "common platform firms"; in summary those firms that are subject to either MiFID or CRD, or both, and are therefore subject to the FSA's common platform of systems and controls requirements set out in the FSA's SYSC Handbook.
Please note that this Guideline does not cover the requirements contained in SYSC 8.2 and SYSC 8.3 on the outsourcing of retail portfolio management to certain third country firms. In addition, this Guideline does not cover some of the wider aspects of the FSA's regime applicable to outsourcing. For example, it does not discuss the application of the approved persons regime where individuals employed by a third party service provider perform controlled functions.
This Guideline is up to date as at 16 May 2007. It may be revised from time to time in the light of any relevant changes to the FSA Handbook. If you intend to place significant reliance on it, it would be sensible to check whether there have been any such changes to the FSA Handbook.
Related Links
Mifid_Connect_Outsourcing_Guide (PDF)
Guidelines on MiFID Connect website (External Link)
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