Chapter 1: Definitions
Effective from 2019-01-13 - Jul 09 2019
To view other versions open the versions tab on the right
| a. | The terms and phrases used in these Rules shall have the same meaning assigned thereto in the Finance Companies Control Law and its Implementing Regulations. |
| b. | For the purpose of applying the provisions of these Rules, the following terms and phrases, wherever mentioned herein, shall have the meaning assigned thereto unless the context otherwise requires: |
| Rules: Rules on Outsourcing for Finance Companies. | |
| Outsourcing: Any contract or agreement by which an external service provider undertakes to provide services to the finance company. | |
| External Service Provider: Any service provider to whom an activity is outsourced. An External Service Provider can be a member of the group to which the finance company belongs, a related party, or an unrelated third party. | |
| Material Functions: Any function that the default or disruption of which may have an impact on the finance company’s activities, reputation or the financial situation or if the outsourced functions include sharing, transferring, processing or storing data and information of consumers. | |