Regulatory Alerts2014-07-01
Update No. 15 of Circular No. 263 of 27 December 2006: Internal Controls, Information Systems, and Operational Continuity
The Bank of Italy issued the 15th update to Circular No. 263, introducing comprehensive new rules for internal controls, information systems, and operational continuity for banks. The regulation mandates enhanced governance structures, strict oversight of outsourcing activities, and specific security standards for internet payments, while establishing clear timelines for compliance. Banks are required to submit a gap analysis and details of existing outsourcing contracts by December 31, 2013, with full implementation deadlines ranging from July 2014 to July 2016.
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