material outsourcing

(1) (except in relation to a Solvency II firm and in SUP 3A) outsourcing services of such importance that weakness, or failure, of the services would cast serious doubt upon the firm's continuing satisfaction of the threshold conditions or compliance with the Principles.
(2) (in relation to a Solvency II firm) outsourcing services of such importance that weakness, or failure, of the services would cast serious doubt upon the firm's continuing satisfaction of the threshold conditions or compliance with the Principles. This includes critical or important operational functions or activities to which article 49 of the Solvency II Directive applies.
(3) (in SUP 3A) the outsourcing of an operational function that satisfies the criteria in regulation 25(3) of the Payment Services Regulations or regulation 26(3) of the Electronic Money Regulations.