18th Sep 2019
The European Banking Authority (EBA) has updated the Committee of European Banking Supervisors (CEBS) guidelines on outsourcing that were first issued in 2006 (the “Guidelines”). Whilst the original guidelines applied exclusively to credit institutions, the new guidelines aim to harmonise the framework for all financial institutions within the EBA’s mandate and will also apply to investment firms subject to the Capital Requirements Directive (CRD), as well as payment and electronic money institutions.
The Guidelines set out specific provisions covering financial institutions’ governance frameworks regarding their outsourcing arrangements and the related supervisory expectations and processes surrounding these frameworks. The Guidelines will apply to all outsourcing arrangements entered into, reviewed or amended on or after 30 September 2019.
Details on the Guidelines can be found here.
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