Entry into force and presentation meeting on new Guidelines no. 1/2025, on outsourcing

2 June 2025
Ref.: 2106174

Circular no.: 15/2025
To supervised entities pursuant to the first paragraph of Article 2 of Act no. 87/1998, with the exception of those entities that fall under the EBA guidelines on outsourcing arrangements (EBA/GL/2019/02), and the Icelandic Pension Funds Association

Subject: Entry into force and presentation meeting on new Guidelines no. 1/2025, on outsourcing.

The Financial Supervisory Authority of the Central Bank of Iceland has issued Guidelines no. 1/2025, on outsourcing in the operations of supervised entities. The Guidelines are issued on the basis of the second paragraph of Article 8 of Act no. 87/1998, on official supervision of financial activities, and enter into force immediately. At the same time, Guidelines no. 6/2014, on the same subject, cease to be in force.1 The new Guidelines cover supervised entities, pursuant to the first paragraph of Article 2 of the same Act, with the exception of those entities that fall under the EBA guidelines on outsourcing arrangements (EBA/GL/2019/02).

A draft of the guidelines was sent for consultation with Circular no. 28/2024, dated 8 November 2024. A number of comments were received during the consultation process, which were taken into account in the preparation of the final version of the guidelines.

The Central Bank of Iceland will hold a presentation meeting on the guidelines on 19 June next, from 13:30 to 15:30, in the premises of the Central Bank, Kalkofnsvegur 1, 101 Reykjavík. At the presentation meeting, the background to the issuance of the new guidelines will be reviewed, and each chapter will be explained in more detail, as well as the changes that have been made from the older guidelines.

Interested parties are requested to register for the meeting by sending an email with the names of participants and their email addresses to sedlabanki@sedlabanki.is with the subject "Kynningarfundur um LT um útvistun 19. júní 2025" before 12 June next. Interested parties also have the opportunity to submit questions they may have regarding the guidelines to the same email address, which an attempt will be made to answer at the meeting.

In other respects, reference is made to the newly issued guidelines, which are available on the Central Bank's website here, as well as to further information provided in the aforementioned circulars of the Financial Supervisory Authority.

[1] Adopted with publication on the Financial Supervisory Authority's website and with a circular, dated 27 December 2019.

Yours faithfully,
CENTRAL BANK OF ICELAND

Gísli S. Óttarsson
Director of Prudential Supervision

Sigurveig Guðmundsdóttir
Supervision Specialist
Prudential Supervision