CTPS 3 Critical Third Party Fundamental Rules

1. (1)

   CTPS 3.2.6R applies to a critical third party in respect of a critical third party’s provision of any services to firms; and

2. (2)

   CTPS 3.2.1R to CTPS 3.2.5R only apply to a critical third party in respect of the critical third party’s provision of systemic third party services to firms.

CTP Fundamental Rule 1: A critical third party must conduct its business with integrity.

CTP Fundamental Rule 2: A critical third party must conduct its business with due skill, care and diligence.

CTP Fundamental Rule 3: A critical third party must act in a prudent manner.

CTP Fundamental Rule 4: A critical third party must have effective risk strategies and risk management systems.

CTP Fundamental Rule 5: A critical third party must organise and control its affairs responsibly and effectively.

CTP Fundamental Rule 6: A critical third party must deal with a regulator in an open and co-operative way, and must disclose to a regulator appropriately anything relating to the critical third party of which it would reasonably expect notice.