Regulatory Alerts2020-11-02
HANFA Opinion on Outsourcing Business Processes of a Leasing Company When Legal Services Are Provided and Representation Is Handled by a Law Firm
The Croatian Financial Services Supervisory Agency (HANFA) issued an opinion clarifying that legal assistance and representation provided by external law firms do not constitute outsourced business processes under the Regulation on Outsourcing of Leasing Companies' Business Processes. HANFA determined that such legal activities do not involve core functions whose failure would significantly impair the leasing company's ability to meet regulatory conditions, maintain financial stability, or ensure service continuity. However, the agency advises that leasing companies must still assess the engagement of external experts based on criteria related to operational approval, financial stability, and business continuity.
Share