Yesterday, the European Banking Authority (EBA) issued revised guidelines on outsourcing arrangements. Mandated by the Capital Requirements Directive, the EBA found updated guidelines motivated by the rapid digitalization, new technological solutions within the financial sector and new regulatory frameworks such as MiFID II, PSD2 and GDPR. The guidelines serve to set out “specific provisions for the governance frameworks of all financial institutions within the scope of the EBA’s mandate with regard to their outsourcing arrangements and related supervisory expectations and processes” and also include recommendations on outsourcing to cloud service providers.
The revised guidelines will enter into force on 30 September 2019. Please find the guidelines here: https://eba.europa.eu/documents/10180/2551996/EBA+revised+Guidelines+on+outsourcing+arrangements
Time Advokatbyrå is one of Sweden’s leading law firms within the field of IT outsourcing. If you would like to know more or need assistance, please reach out to Time’s outsourcing group represented by Mats Ohlén and Ulrika Geissler.