RegAlert2019-07-19 | NBB_2019_19Added
Circular NBB_2019_19 / Implementation of EBA Guidelines on Outsourcing (EBA/GL/2019/02)
The National Bank of Belgium implements EBA outsourcing guidelines, requiring credit institutions, investment companies, payment institutions, and electronic money institutions to align their outsourcing arrangements with specific reporting obligations. The circular mandates that new or renewed outsourcing agreements comply with these rules starting September 30, 2019, while existing agreements must be brought into compliance by December 31, 2021. It establishes detailed reporting procedures for the National Bank of Belgium, including the submission of outsourcing registers, notifications of critical or important functions, and reports on significant changes or critical incidents. The previous circulars PPB_2004/5, NBB_2018/20, NBB_2012/11, and the CBFA communication of November 5, 2007, are repealed as of December 31, 2021.
NBB published 1 document in the last 30 days — get each new one by email the day it lands.
NBB_2019_19 – 19 July 2019 Circular – Page 1/4 boulevard de Berlaimont 14 – BE-1000 Brussels tel. +32 2 221 24 33 company number: 0203.201.201.340 RPM Brussels www.bnb.be Circular Brussels, 19 July 2019 Reference: BNB_2019_19 your contact:
Thomas Bodequin tel. +32 2 221 53 65 thomas.bodequin@nbb.be Guidelines of the European Banking Authority (EBA) of 25 February 2019 on outsourcing (EBA/GL/2019/02) Scope Belgian credit institutions and investment companies Branches established in Belgium by credit institutions and investment firms subject to the law of a non-EEA State (hereinafter 'non-EEA branches') Belgian payment institutions1 and electronic money institutions Summary/Objective This circular implements the guidelines of the European Banking Authority (hereinafter 'EBA') on outsourcing (EBA/GL/2019/02) 2 and will apply from 30 September 2019. On 31 December 2021, when this circular applies to all outsourcing agreements, circulars PPB_2004/5 and NBB_2018_20, communication NBB_2012_11, and the CBFA communication of 5 November 2007 will no longer apply. This circular clarifies the NBB's approach regarding less significant institutions (LSI). Significant institutions subject to direct ECB supervision are recommended to follow this circular to the extent that the ECB does not publish guidelines on this matter. 1 Excluding account information service providers providing the services listed in Annex I, paragraph 8, of the Law of 11 March 2018. 2 Cf. https://eba.europa.eu/regulation-and-policy/internal-governance/guidelines-on-outsourcing-arrangements.
Read the rest free, and get an email when NBB publishes again
Lineage: In force
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
More like this from NBB
NBB published 1 document in the last 30 days. We email you each new one the day it's published.