Systems & controls

1. A crowdfunding company shall ensure that it has instituted adequate internal controls, ensured proper segregation of duties within the organisational structure and that its operations are undertaken within the boundaries of clearly documented policies, authorities and procedures
    

Outsourcing

2. A crowdfunding company shall seek prior approval from the Central Bank wherever it proposes to enter into a material outsourcing arrangement with other parties. The systems and controls established in relation to the crowdfunding company’s operation shall at the minimum meet the standards set by this regulation. All outsourcing arrangements shall meet the Central Bank requirements.
    
3. For the purpose of the above, an outsourcing contract is material if its failure would pose significant risk of disruption, or insolvency or detrimental impact on its ability to provide services to clients.
    

External Audit

4. A crowdfunding company shall appoint external auditors.
    
5. A crowdfunding company shall seek approval from the Central Bank before appointing or re-appointing its external auditors.
    
6. A crowdfunding company shall ensure that the external audit firm responsible for their audit does not undertake that function for more than six (6) successive years and that the Partner in charge of the audit is rotated every three (3) years.