outsourcing

1. 28(1) (except in SYSC 8, COBS 11.7, SYSC 3 and SYSC 13 to the extent applicable to a Solvency II firm,70 and the definition of relevant person31) the use of a person to provide customised services to a firm other than:28
   1. (a) a member of the firm's governing body acting in his capacity as such; or28
   1. (b) an individual employed by a firm under a contract of service.28
1. (2) (in SYSC 8, COBS 11.7, SYSC 3 and SYSC 13 to the extent applicable to a Solvency II firm,70 and the definition of relevant person31) an arrangement of any form between a firm and a service provider by which that service provider performs a process, a service or an activity which would otherwise be undertaken by the firm itself.28

[Note: article 2(6) of the MiFID implementing Directive and article 13(28) of the Solvency II Directive70]28