Document ID: chunk:federal_register_of_legislation:F2024C01108:reg:5:p16
Version: federal_register_of_legislation:F2024C01108
Segment Type: reg
Provision Reference: reg 5 (pt 16/35)
Character Range: 344093–347318

or the date it is last amended.

8B.2.2 Change management for Critical Business Services

(1) A Participant must have adequate arrangements to ensure that its Critical Business Services Arrangements continue to comply with subrule 8B.2.1(1) following the implementation of a new Critical Business Service or of a change to an existing Critical Business Service.
(2) Without limiting subrule (1), the arrangements referred to in that subrule must include arrangements for:
 1.         testing new Critical Business Services or material changes to existing Critical Business Services before implementation; and
 2.        communicating with persons that may be materially impacted by the implementation for the purposes of ensuring those persons are adequately informed about the nature, timing and impact of the implementation a reasonable time before it occurs; and
 3.         ensuring, to the extent reasonably practicable, that persons that may be materially impacted by the implementation are adequately prepared for the implementation before it occurs.
Note: Persons that may be materially impacted by the implementation may include ASIC, other Participants, Operators and the operators of licensed clearing and settlement facilities.

8B.2.3 Outsourcing of Critical Business Services
(1) A Participant that enters into an Outsourcing Arrangement must:
 1.         before entering into the Outsourcing Arrangement, conduct due diligence enquiries for the purposes of ensuring the Service Provider has the ability and capacity to provide the services covered by the Outsourcing Arrangement effectively; and
 2.        ensure that the Outsourcing Arrangement is contained in a documented legally binding agreement between the Participant and the Service Provider, that:
        1.          sets out the nature, scope and quality of the services to be provided under the Outsourcing Arrangement; and
        2.        requires the Service Provider to give written notice to the Participant before the Service Provider:
               1.        enters into any arrangement with another person (Sub-Contractor) under which the Sub-Contractor will provide services material to the provision by the Service Provider of the services covered by the Outsourcing Arrangement; or
               2.        makes any other material change to the manner in which the services covered by the Outsourcing Arrangements are provided; and
        1.      deals with the circumstances and manner in which the Outsourcing Arrangement may be terminated; and
        2.       provides for the orderly transfer of services provided under the Outsourcing Arrangement to the Participant or another Service Provider in the event of termination of the Outsourcing Arrangement; and
 1.         while the Outsourcing Arrangement is in place, monitor the performance of the Service Provider for the purposes of ensuring the Service Provider is providing the services covered by the Outsourcing Arrangement effectively and has the ability and capacity to continue to provide those services effectively; and
 2.        have in place adequate arrangements to:
        1.          identify any conflicts of interest between the Participant and the Service