The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement

UK Law: Delegation by UK-Authorized Firms to Overseas Firms (Cont.) • The firm must be able to terminate the arrangement for the outsourcing where necessary without detriment to the continuity and quality of its provision of services to clients • The delegate must cooperate with the FCA and any other relevant competent authority in connection with the outsourced activities • The firm, its auditors, the FCA, and any other relevant competent authority must have effective access to data related to the outsourced activities, as well as to the business premises of the delegate; and the FCA and any other relevant competent authority must be able to exercise those rights of access Morgan Lewis 74

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