(1) An authorised electronic money institution must notify the Authority of its intention to enter into a contract with another person under which that person will carry out any operational function relating to the issuance, distribution or redemption of electronic money or the provision of payment services ("outsourcing").
(2) Where the institution intends to outsource any important operational function, including provision of an information technology system, all of the following conditions must be met -
(a) the outsourcing is not undertaken in such a way as to impair -
(i) the quality of the institution's internal control; or
(ii) the ability of the Authority to monitor and retrace the authorised electronic money institution's compliance with these Regulations or the Payment Services Regulations 2017;
(b) the outsourcing does not result in any delegation by the senior management of the institution of responsibility for complying with the requirements imposed by or under these Regula
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