CBFA Communication on its Policy Regarding Outsourcing of Retail Client Portfolio Management Services to a Service Provider Located in a Non-EEA State

Credit institutions and investment firms must notify the CBFA of outsourcing contracts to non-EEA providers if the provider lacks local prudential supervision or if no cooperation agreement exists between the CBFA and the provider's home authority. The notification must include the outsourcing rationale, the draft contract, details on unmet regulatory conditions, and evidence of measures ensuring client protection and regulatory access. The CBFA will not object to the outsourcing within one month of receiving a complete notification that demonstrates adequate risk mitigation and operational continuity. This policy applies to Belgian entities and non-EEA investment firm branches operating in Belgium.

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Prudential Policy for Banks and Insurance
Brussels, 6 November 2007

Communication from the CBFA on its policy regarding outsourcing of retail client portfolio management services to a service provider located in a State not a member of the European Economic Area (EEA)

Madam,
Sir,

Introduction

Pursuant to Article 20bis of the Law of 22 March 1993 and Article 62bis of the Law of 6 April 1995¹, the CBFA must publish on its website a communication regarding its policy on the outsourcing of retail client portfolio management services to a service provider located in a State not a member of the European Economic Area (EEA) when one or both of the following conditions, set out in Article 22, §1, of the CBFA Regulation of 5 June 2007 on organizational rules applicable to establishments providing investment services (hereinafter, the CBFA Regulation of 5 June 2007), are not met²:

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Source: National Bank of Belgium — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works