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Location: Central Bank of Bahrain Volume 4—Investment Business > Part A > Business Standards > RM Risk Management > Chapter RM-7 Outsourcing Risk > RM-7.2 Outsourcing Agreement > Customer Data Confidentiality > RM-7.2.6
  • Customer Data Confidentiality

    • RM-7.2.5

      Investment firm licenseesG must ensure that outsourcing agreements comply with all applicable legal requirements regarding clientG confidentiality.

      Adopted: July 2007

    • RM-7.2.6

      Investment firm licenseesG must ensure that the outsourcing provider implements adequate safeguards and procedures.

      Adopted: July 2007

    • RM-7.2.7

      For the purposes of RM-7.2.6, the implementation of adequate safeguards would include the proper segregation of clientG data from those belonging to other clientsG of the outsourcing provider. Outsourcing providers should give suitable undertakings that the company and its staff will comply with all applicable confidentiality rules. LicenseesG should have contractual rights to take action against the service provider in the event of breach of confidentiality.

      Adopted: July 2007

    • RM-7.2.8

      Investment firm licenseesG must ensure that they retain title under any outsourcing agreements for data, information and records that form part of the prudential records of the licenseeG .

      Adopted: July 2007

    • RM-7.2.9

      Investment firm licenseesG must assess the impact of using an overseas-based outsourcing provider on their ability to maintain customer data confidential, for instance, because of the powers of local authorities to access such data.

      Adopted: July 2007

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