The Finance SLA is essential for financial institutions operating in Hong Kong's sophisticated financial market to maintain control over outsourced services and ensure regulatory compliance. This document is typically used when establishing or formalizing relationships between financial institutions and their service providers, particularly for critical banking operations, payment processing, or financial technology services. It incorporates specific requirements from Hong Kong regulators, including the HKMA's outsourcing guidelines and SFC's regulatory standards. The agreement is crucial for defining measurable service levels, establishing performance monitoring mechanisms, and ensuring proper risk management in financial service delivery relationships.
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1. Parties: Identification of the service provider and the financial institution, including their registration details and regulatory licenses
2. Background: Context of the agreement, including the nature of financial services being provided and regulatory framework
3. Definitions: Detailed definitions of technical terms, service metrics, and regulatory terminology used throughout the agreement
4. Scope of Services: Detailed description of the financial services covered under the agreement
5. Service Levels: Specific, measurable performance standards and metrics for each service
6. Performance Monitoring: Methods and frequency of monitoring service levels and reporting requirements
7. Security Requirements: Data security, cybersecurity, and physical security requirements
8. Compliance Requirements: Regulatory compliance obligations and reporting requirements
9. Business Continuity: Disaster recovery and business continuity requirements
10. Fees and Payment Terms: Pricing structure, payment terms, and penalties for missing service levels
11. Term and Termination: Duration of agreement, renewal terms, and termination conditions
12. Liability and Indemnification: Allocation of risks, liability caps, and indemnification provisions
13. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction for dispute resolution
1. Change Management: Procedures for requesting and implementing changes to services or service levels - include if services are likely to evolve
2. Transition Services: Requirements for service transition at start and end of agreement - include for complex service arrangements
3. Audit Rights: Detailed audit provisions beyond standard regulatory requirements - include for high-risk services
4. Intellectual Property Rights: IP ownership and licensing provisions - include if service involves software or proprietary systems
5. Staff and Subcontractors: Requirements for service provider personnel and subcontractor management - include if service delivery involves significant human resources
6. Insurance Requirements: Specific insurance coverage requirements - include for high-value or high-risk services
1. Schedule 1 - Service Descriptions: Detailed technical specifications of each service component
2. Schedule 2 - Service Level Metrics: Detailed KPIs, measurement methodologies, and reporting templates
3. Schedule 3 - Fee Schedule: Detailed pricing, payment structures, and penalty calculations
4. Schedule 4 - Security Standards: Technical security requirements and compliance standards
5. Schedule 5 - Business Continuity Plan: Detailed disaster recovery and business continuity procedures
6. Schedule 6 - Compliance Requirements: Specific regulatory compliance requirements and reporting formats
7. Schedule 7 - Contact Details: Key personnel and escalation contacts for both parties
8. Appendix A - Required Reports: Templates and formats for all required service reports
9. Appendix B - Incident Response Plan: Procedures for handling and reporting service incidents
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