Recognition of Customary Marriages Act, 1998
R 385
"outsourcing arrangement"
in relation to a financial institution, means an arrangement between a financial institution and another person for the provision to or for the financial institution of any of the following:
| (a) | A control function; |
| (b) | a function that a financial sector law requires to be performed or requires to be performed in a particular way or by a particular person; and |
| (c) | a function that is integral to the nature of a financial product or financial service that the financial institution provides, or is integral to the nature of the market infrastructure, |
but does not include—
| (i) | a contract of employment between the financial institution and a person referred to in paragraph (a) or (b) of the definition of "staff member"; or |
| (ii) | an arrangement between a financial institution and a person for the person to act as a representative of the financial institution; |
