(d) the actuarial function. for an authorised firm, means the outsourcing material outsourcing, of a function of such importance that weakness or failure in the exercise of the function would cast serious doubt on: (a) the ability to comply with: firm’s (i) any regulations, rules or principles; or (ii) any condition, restriction or requirement of its authorisation; or (b) its financial performance or position; or (c) its ability to continue in business. means the function described in rule 3.1.7. MLRO function of a firm means a director who has no non-executive director responsibility for implementing the decisions or the policies of the governing body. firm’s means the function described in non-executive governance function rule 3.1.2. means an authorised firm that is neither: non-local firm (a) a incorporated under the Companies Regulations company 2005; nor (b) a incorporated under the Limited limited liability partnership Liability Partnership Regulations 2005. for an authorised firm, means any arrangement that outsourcing, involves the firm relying on a separate service provider (including a member of the for the exercise of a function relating group) firm’s to a regulated activity of the firm that would otherwise be exercised by the firm, but does not include the following arrangements: (a) advisory services (such as the provision of legal advice), audit services, training of personnel, billing, and physical security;
(d) the actuarial function. material outsourcing, for an authorised firm, means the outsourcing of a function of such importance that weakness or failure in the exercise of the function would cast serious doubt on: (a) the firm’s ability to comply with: (i) any regulations, rules or principles; or (ii) any condition, restriction or requirement of its authorisation; or (b) its financial performance or position; or (c) its ability to continue in business. MLRO function means the function described in rule 3.1.7. non-executive director of a firm means a director who has no responsibility for implementing the decisions or the policies of the firm’s governing body. non-executive governance function means the function described in rule 3.1.2. non-local firm means an authorised firm that is neither: (a) a company incorporated under the Companies Regulations 2005; nor (b) a limited liability partnership incorporated under the Limited Liability Partnership Regulations 2005. outsourcing, for an authorised firm, means any arrangement that involves the firm relying on a separate service provider (including a member of the firm’s group) for the exercise of a function relating to a regulated activity of the firm that would otherwise be exercised by the firm, but does not include the following arrangements: (a) advisory services (such as the provision of legal advice), audit services, training of personnel, billing, and physical security;
QFCRA_9107_VER4.docx