The Draft Guidelines, which review the existing CEBS Guidelines on Outsourcing published in (CEBS Guidelines), are the EBA’s. on outsourcing. by PLC Financial Services. Related Content. CEBS: Guidelines on outsourcing. by PLC Financial Services. Related Content. They review the existing Committee of European Banking Supervisors (CEBS) guidelines on outsourcing, which were published in
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Credit institutions and CRD IV investment firms must comply with the draft Guidelines on a consolidated, sub-consolidated and solo basis. Therefore, In-Scope Entities will need to consult only one set of guidelines for outsourcing both cloud and non-cloud.
CEBS: Guidelines on outsourcing | Practical Law
However, an attendee raised a question as to the applicability of the Draft Guidelines to industry guidelies. This announcement by the FCA albeit made to very little fanfare was generally welcomed by both UK financial institutions and cloud providers as the announcement relieves them of the burden of complying with two sets of guidance which, though similar, included nuanced differences.
Outsourcing arrangements with third country service providers must be subject to additional safeguards that ensure that they do not unduly increase risks or impair the ability of competent authorities to effectively supervise Financial Institutions. Media Relations New York: The additional requirements include provisions regarding: Share this post Select how you would like to share using the options below.
Financial Institutions should pay particular attention to conflicts of interest in the context of intra-group outsourcing arrangements. The Guidelines provide the responsibilities of the management body for the establishment of an appropriate framework for outsourcing, its implementation and application in a group, the due diligence process and risk assessment before entering in such arrangements. That consultation closed in September.
Using proactive remedies to solve outsourcing contract problems Guide: We remain hopeful that the EBA will address these key issues when it comes to finalise the guidelines in the first quarter of ,” she said. Scott McInnes Partner Belgium. December 18, WebPage Regulatory News. The Cloud Recommendations, published on 20 Decemberbecame effective as of 1 July The Cens has said that it will issue a follow-up report or opinion on “the implementation” of its cloud outsourcing recommendations.
According to the draft Guidelines, they will apply to outsourcing arrangements entered into on or after 30 June this is an indicative date. The Recommendation on outsourcing to cloud service providers, published in Decemberhas also been integrated into the Guidelines. A further report on regulatory technologies regtech is also expected to be issued towards the end of next year, it said.
September 24, Keywords: By Regulatory News June 22, Yvonne Dunn Outsourcign View profile. Financial Institutions should only agree to sub-outsourcing if the service provider undertakes to:.
European Banking Authority’s Draft Guidelines on Outsourcing: Discussion of Key Themes
It has still to confirm when in that paper will be published. This requires In-Scope Entities to balance the drive to be innovative and market-leading which appears to be encouraged by the EBA in the FinTech Roadmap with the need outsoucing implement robust contractual arrangements and operational processes to manage risk as required guidelinfs the Draft Guidelines.
The Guidelines provide the responsibilities of the management body for the establishment of an appropriate framework for outsourcing, its implementation and application in a group, the.
In addition, when outsourcing to third country service providers, a Financial Institution should be satisfied that the service provider acts in a socially responsible manner and adheres to international standards on human rights, environmental protection and appropriate working conditions, including the prohibition of child labour.
Pinsent Masons said that competition and digital innovation at banks is at risk unless significant changes are made to the EBA’s guideilnes guidelines on outsourcing. The Public Consultation consisted of industry bodies, bank representatives, law firms, service providers and industry utilities in deep discussion and questioning the EBA guiidelines two hours.
The revised guidelines cover credit institutions and investment firms subject to the Capital Requirements Directive CRDbut also payment institutions subject to the revised Payment Services Directive PSD2 and outsouricng money institutions subject to the e-money Directive.
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EBA Consults on Outsourcing Arrangements
As a result, both cloud and FinTech featured heavily on the agenda at the Public Consultation. The Guidelines will now apply to credit institutions and investment firms jointly “institutions”as well as payment institutions and electronic money institutions jointly “payment institutions”.
Interestingly the Draft Guidelines do not address the fact that integrating guidelines means that payment institutions and electronic money institutions will, from the effective date of the Draft Guidelines, be subject to the cloud considerations even though such institutions are not currently in scope of the Cloud Recommendations Addressees.
The attendees at the Public Consultation raised a number of questions which have, no doubt, given the EBA considerable food for thought.