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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 > Termination
  • Termination

    • RM-7.2.16

      Investment firm licenseesG must have a right to terminate the agreement should the outsourcing provider:

      (a) Undergo a change of ownership (whether direct or indirect) that poses a potential conflict of interest;
      (b) Becomes insolvent; or
      (c) Goes into liquidation or administration.
      Adopted: July 2007

    • RM-7.2.17

      Termination under any other circumstances allowed under the agreement must give investment firm licenseesG a sufficient notice period in which they can effect a smooth transfer of the service to another provider or bring it back in-house.

      Adopted: July 2007

    • RM-7.2.18

      In the event of termination, for whatever reason, the agreement must provide for the return of all clientG data — where required by investment firm licenses — or destruction of the records.

      Amended: October 2017
      Adopted: July 2007

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