Everything you want to know about EBA outsourcing
The European Banking Authority’s (EBA) Guidelines on outsourcing arrangements (Guidelines) came into effect on 30 September 2019. They are broader in scope than previous regulatory guidelines on outsourcing in the financial services sector and now apply to payment institutions and e-money institutions as well as credit institutions and investment firms.
The scope of the Guidelines means that many fintech businesses will be subject to detailed regulatory guidance on outsourcing for the first time. The Guidelines supersede the CEBS Guidelines of 2006 and the EBA’s Recommendations on Cloud Outsourcing of 2017
Some key points to note about the Guidelines are available here.
We have developed an EBA Guidelines Toolkit to support firms in complying with the Guidelines. Our toolkit includes:
- EBA-compliant outsourcing contract terms
- Supplier due diligence checklist
- Template Outsourcing Policy
- Guidelines and checklist for criticality assessments
- Access to our online Outsourcing Register based on Kemp Little’s award-winning* 4 Corners software platform.
*Winner of the Financial Times Innovation in the Business of Law: Technology FT Innovative Lawyers 2019
Please speak to a member of our Sourcing or Financial Regulation teams if you would like to discuss the EBA Guidelines or find out more about our EBA Guidelines Toolkit.