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Form of Prior Notice of Outsourcing Arrangement and Annual Summary of Outsourcing Report

Published: Thursday December 24th, 2020

The Form of Prior Notice of Outsourcing Arrangement (“Form of Prior Notice”) and Annual Summary of Outsourcing Report (“Annual Summary”) are to be completed in accordance with the Central Bank’s Guidelines on Minimum Standards for the Outsourcing of Material Functions as revised on 2nd November, 2020.

The Form of Prior Notice must be completed and provided to the Central Bank at least ten business days prior to entering into or materially varying an outsourcing agreement.

The Annual Summary is required to be completed and submitted by 30th January of each year. This schedule must be maintained at all times, and SFIs may be required to submit the schedule for review by the Central Bank, at any time.

The submission of the Form of Prior Notice and Annual Summary is a requirement of all SFIs with material outsourcing arrangements.