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Effective from 2019-12-15 - Dec 14 2019 To view other versions open the versions tab on the right
5.
The rules set out in this document enumerate Saudi Central Bank's requirements of banks that have entered or are planning to enter into outsourcing arrangements. These rules are applicable to all outsourcing arrangements with domestic as well as foreign third party and related party (in the case of foreign bank branches) service providers.
6.
Insourcing contracts utilizing third party personnel under the direct supervision, control and management of Banks are exempt from the purview of these outsourcing Rules.
7.
In addition to the above, the following are examples of activities that are not considered as part of outsourcing arrangements:
a)
Contractual arrangement with market information data providers (e.g. provision of data by Bloomberg, Moody's, Standard & Poor's, Fitch).
b)
Clearing and settlement arrangements between clearing houses, central counterparties and settlement institutions and their members.
