The Draft Guidelines, which review the existing CEBS Guidelines on Outsourcing published in (CEBS Guidelines), are the EBA’s. on outsourcing. by PLC Financial Services. Related Content. CEBS: Guidelines on outsourcing. by PLC Financial Services. Related Content. They review the existing Committee of European Banking Supervisors (CEBS) guidelines on outsourcing, which were published in
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The EBA opened a consultation on proposed new outsourcing guidelines back in June. That consultation closed in September. The EBA recently published the responses it received to its consultation, including submissions from Pinsent Masons, the law firm behind Out-Law.
EBA to issue final outsourcing guidelines in early
Pinsent Guidelins said that competition and digital innovation at banks is at risk unless significant changes are made to the EBA’s draft guidelines on outsourcing. This is a large number of responses which demonstrates the importance of these guidelines to the financial services sector and the desire to influence the future direction of travel.
We remain hopeful that the EBA will address these key issues when it comes to finalise the guidelines in the first quarter of ,” she said. The EBA has said that it will issue a follow-up report or opinion on “the implementation” of its cloud outsourcing recommendations. It has still to confirm when in that paper will be published.
According to the EBA’s work programme forthe supervisory body will continue to focus much of its attention on the regulatory compliance implications of fintech.
Specifically, the EBA said that new reports and guidelines can be expected on “innovation facilitators and the cross-border coordination of schemes” in the final quarter of next year. It has promised a report or opinion on “cross-border obstacles with regard to innovation” between the beginning of April and end of June Inthe EBA has also promised to issue guidelines and a report or opinion on IT management and security.
It also plans to develop a “coherent cyber resilient testing framework” next year. The EBA is also due to publish reports on emerging technology risks and related guidance for prudential supervisors, such as big data and data analytics, distributed ledger technology and open banking, in the second and fourth quarters debsit said.
EBA to issue final outsourcing guidelines in early 2019
EBA to issue final outsourcing guidelines in early The European Banking Authority will issue final guidelines early next year on what banks and other financial institutions should have in place when outsourcing some of their functions to third parties, including cloud providers. Using proactive remedies to solve outsourcing contract problems Guide: Weekly Newsletter Receive personalised Out-Law content in your inbox.
Yvonne Dunn Partner View profile. More about Pinsent Masons.