(1) A fund administrator shall retain responsibility for the outsourced administration services.
(2) Without prejudice to the generality of paragraph (1), a fund administrator shall -
(a) carry out, on an on-going basis, an assessment of the operational risk and the concentration risk associated with each of its outsourcing arrangements, and
(b) inform the Bank of any material developments in relation to the management of the risks referred to in subparagraph (a).
(3) Before outsourcing administration services, a fund administrator shall -
(a) identify measures that could mitigate the risks associated with out-sourcing,
(b) set out in a risk management document the measures identified in subparagraph (a), and
(c) ensure that -
(i) all existing clients who may be impacted by a proposed outsourcing arrangement are made aware of the proposed arrangement, and
(ii) all future clients are advised of any outsourced arrangements in place that may be of relevance to them prior to the comme