(1) Where an investment firm outsources critical or important operational functions or any investment services or activities, the firm remains fully responsible for discharging all of the firm's obligations under these Regulations and for complying, in particular, with the following conditions:
(a) the outsourcing must not result in the delegation by senior management of its responsibility;
(b) the relationship and obligations of the investment firm towards its clients under the terms of these Regulations must not be altered;
(c) the conditions with which the investment firm must comply in order to be authorised in accordance with Part 4, and to remain so, must not be undermined;
(d) none of the other conditions subject to which the firm's authorisation was granted must be removed or modified.
(2) An investment firm shall exercise due skill and care and diligence when entering into, managing or terminating any arrangement for the outsourcing to a service provider of -
(a) critical