Section 86
[ 1)
of Securities Markets Regulations, 2015
A collective investment scheme administrator must have a delegation agreement with the operator or trustee in accordance with the requirements in the Regulations in relation to outsourcing.
\2)
The agreement referred to in sub-regulation \1) must set out the activities and functions that are applied to the provision of such administration.
(3)
The agreement referred to in sub-regulation (1) must ensure that the collective investment scheme administrator cannot in turn delegate the activities and functions delegated to it by the operator or the trustee of the collective investment scheme unless the operator has approved the sub-delegation.
(4J
The agreement referred to in sub-regulation (1) must require the collective investment scheme administrator to retain any relevant documents or records relating to the delegated activities and functions should the contract be terminated by the operator or the trustee of the collective investment scheme.
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Record keeping.