(1) A fund administrator shall -
(a) prepare and maintain a written policy on its approach to outsourcing, including contingency plans and exit strategies, and
(b) ensure that the procedures, steps and processes set out in the policy referred to in subparagraph (a) are implemented and adhered to.
(2) A fund administrator shall ensure that the policy referred to in paragraph (1)(a) -
(a) covers all aspects of outsourcing, including intra-group outsourcing,
(b) specifies the persons responsible, within the fund administrator, for monitoring and managing each outsourcing arrangement,
(c) explicitly recognises that no form of outsourcing is risk free,
(d) recognises that the management of intra-group outsourcing must be proportionate to the risks presented by these arrangements,
(e) explicitly addresses the potential effects of outsourcing on certain significant functions, in particular, the ability of the internal audit and compliance functions to carry out their roles,
(f) covers th