On 17 December 2021, the Central Bank published final guidance for the governance, risk management and business continuity management of outsourcing activities by regulated firms, including fund management companies (the Guidance). The Guidance, published with immediate effect, includes measures for each stage of the outsourcing lifecycle and is additional to, but does not supersede, existing relevant sectoral rules applicable to fund management companies' delegation of activities under the UCITS and/or AIFMD regimes. The Guidance, published in support of the Central Bank's strategy for maintaining financial stability, should be read in conjunction with the Central Bank's Operational Resilience Guidelines published on 1 December 2021. Our client briefing on the Operational Resilience Guidelines is available here and our December 2021 briefing on the Outsourcing Guidance is available here.
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