Regulatory Alerts2022-03-08 | 24242Added · Updated
Draft Outsourcing Guideline Comments Matrix – February 2022
The Central Bank of Trinidad and Tobatto (CBTT) issued responses to comments on its Draft Outsourcing Guideline, resulting in amendments to the final text. The CBTT removed the requirement for Regulated Financial Institutions (RFIs) to seek prior approval before entering into material outsourcing contracts, replacing it with a notification and review-on-request process. The submission deadline for existing material outsourcing contracts was extended from three to six months, and the requirement to report non-compliant contracts was deleted. Additionally, the Central Bank clarified that notification and document submission periods refer to business days and that materiality assessments remain the responsibility of the RFI.
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