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As further set out in our previous client briefings here and here the European Banking Authority ("EBA") Guidelines on outsourcing arrangements (the "Guidelines") come into effect on 30 September 2019.
Walkers are currently assisting firms with their preparations for the commencement of the Guidelines.
What entities are in scope?
The Guidelines apply to the following "In-Scope Entities":
- Credit Institutions
- Certain MiFID investment firms
- Payment institutions
- Electronic money institutions
What happens on 30 September?
The Guidelines come into effect on 30 September 2019. This means that all outsourcing arrangements entered into, reviewed or amended on or after that date must be compliant with the Guidelines. All existing outsourcing arrangements of In-Scope Entities must comply with the Guidelines by the first renewal date but no later than 31 December 2021.
In-Scope Entities are required to adopt appropriate policies and procedures and ensure that their internal processes comply with the Guidelines (e.g. the maintenance of a Guidelines-compliant outsourcing register, undertaking risk and internal audit reviews of outsourcing arrangements).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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