Document ID: chunk:federal_register_of_legislation:F2021L01392:clause:1_34
Version: federal_register_of_legislation:F2021L01392
Segment Type: clause
Provision Reference: sch 1 cl 34
Character Range: 14604–15808

34  Schedule 1, After clause 2.1
Insert:

2.2  Conditions on sponsors and potential sponsors
 (1) An accredited person that proposes to become the sponsor of a person that has, or proposes to apply for, sponsored accreditation must:
 (a) have in place a defined third-party management framework that:
 (i) will ensure that the person maintains appropriate information security capabilities as an affiliate; and
 (ii) includes requirements and activities relating to the following matters as they relate to information security:
 (A) due diligence prior to establishing new relationships or contracts; and
 (B) annual review and assurance activities; and
 (C) reporting requirements; and
 (b) provide the person with any appropriate assistance or training in technical and compliance matters relating to Schedule 2.
 (2) The sponsor of an affiliate must:
 (a) maintain the management framework and manage its relationship with the affiliate in accordance with it;
 (b) continue to provide any appropriate assistance or training in such technical and compliance matters; and
 (c) take reasonable steps to ensure that the affiliate, as an accredited person, complies with its obligations under Schedule 2.