Regulatory Alerts2023-07-07
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Outsourcing by banks, payment institutions and electronic money institutions
Banks, payment institutions, and electronic money institutions must comply with the European Banking Authority's new Guidelines on outsourcing, which replace previous CEBS guidelines from 2006 and EBA recommendations on cloud service providers. These guidelines aim to minimize risks associated with outsourcing activities and operate alongside existing requirements under the Financial Supervision Act and the Decree on Prudential Rules for Financial Undertakings.
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Banks, payment institutions and electronic money institutions that outsource activities must comply with various laws and regulations. These include the Financial Supervision Act (Wet op het financieel toezicht – Wft) and the Decree on Prudential Rules for Financial Undertakings (Besluit prudentiële regels Wft – Bpr) In addition, the EBA has published new Guidelines on outsourcing.
Published: 07 July 2023
The Guidelines aim to minimise the risks that could emerge from outsourcing activities. They are an update of previous CEBS guidelines on outsourcing from 2006, and they replace the EBA recommendations on outsourcing to cloud service providers. The full text of the Guidelines can be found on the EBA's website .
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