Table 2 | F&P Outsourcing Exemption
|
Outsourced PCF role to a regulated entity |
Outsourced CF role to a regulated entity |
Outsourced PCF role to an unregulated entity |
Outsourced CF role to an unregulated entity |
|
|
F&P Regime |
Outsourcing firm is exempt from applying the F&P Standards and exempt from seeking pre-approval from the Central Bank. |
Outsourcing firm is exempt from the applying F&P Standards. |
F&P Standards apply and the outsourcing firm must seek pre-approval from the Central Bank. |
F&P Standards apply. |
|
SEAR |
Given individual is not a PCF role holder in the outsourcing firm there is no requirement to have a Statement of Responsibilities and Duty of Responsibility does not apply. |
N/A |
Individual is a PCF role holder and must have a Statement of Responsibilities. Duty of Responsibility also applies. |
N/A |
|
Certification |
Not subject to certification by outsourcing firm |
Not subject to Certification by outsourcing firm |