(1) Subject to paragraph (2), a fund administrator shall notify the Bank in writing before entering into a proposed outsourcing arrangement.
(2) A fund administrator shall include the following in the notification required to be provided pursuant to paragraph (1):
(a) the administration services to be outsourced;
(b) the identity of the impacted investment funds;
(c) the name of the outsourcing service provider;
(d) whether the outsourcing service provider is part of the fund administrator's group;
(e) the outsourcing service provider's regulatory status;
(f) the location where the outsourced administration services will be carried out;
(g) confirmation from senior management that the requirements in Regulations 19 to 24 has been fully complied with;
(h) the timeframe within which the proposed outsourcing arrangement is to be ratified.
(3) If the Bank has not objected to a proposed outsourcing arrangement within the period set out in Regulations 17(2) and (3), the fund administrat