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Engagement of service providers
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32. (1) The Authority may engage persons to provide services, other than investment management services, where the Authority considers it necessary or expedient for the performance of its functions.
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(2) Contracts for the provision of services to the Authority by service providers shall include conditions requiring that each service provider—
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(a) operates to the highest standards of honesty and fairness and with due skill, care, prudence and diligence in conducting its business activities under the contract so as to assist the Authority in the performance of its functions,
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(b) effectively employs the resources and procedures that are necessary for the proper performance of such business activities,
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(c) makes every effort to avoid or manage conflicts of interest and to declare any such conflict (actual or potential) to the Authority,
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(d) complies with any regulatory regime to which it is subject,
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(e) fully cooperates with auditors appointed by the Authority to carry out an audit of the books, accounts and other financial statements of the service provider in so far as they relate to the services performed for the Authority, and
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(f) complies with requests for information from the Authority.
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(3) Fees due to a service provider are payable by the Authority out of moneys at its disposal.
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