"outsourcing arrangement"

"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;