(1) A fund administrator shall not enter into an outsourcing arrangement in the following circumstances:
(a) where the fund administrator has not notified the Bank of the proposed outsourcing arrangement notified pursuant to Regulation 18;
(b) where the Bank seeks further information from the fund administrator in respect of a proposed outsourcing arrangement notified pursuant to Regulation 18;
(c) where the Bank objects to a proposed outsourcing arrangement;
(d) where a period of 12 months has passed since the date on which the Bank did not object to the fund administrator entering into the out-sourcing arrangement under this Chapter and the fund administrator did not commence the outsourcing arrangement during that period.
(2) With reference to paragraphs (1)(b) and (c), the Bank shall -
(a) seek any further information it requires from the fund administrator, or
(b) notify the fund administrator of whether the Bank objects to the outsourcing arrangement, within one month commen