10 Appointment of third parties

(1) A reporting financial institution may appoint another person as its agent to carry out the duties and obligations imposed on it by these Regulations or the Agreement.

(2) Where another person is appointed, in accordance with paragraph (1)—

(a) the financial institution shall, at all times, have access to and be able to produce, where so requested by an authorised officer, the records and documentary evidence used to identify and report on reportable accounts, and

(b) the financial institution is responsible for any failure of that other person to carry out its obligations and subsections (7) and (8) of section 891E of the Act will apply to the institution notwithstanding that—

(i) the actions were the actions of that other person, or

(ii) the failure to act was the failure by that other person to act.