EBA Consults on Outsourcing Guidelines

EBA has issued a consultation on the draft guidelines on outsourcing services in financial institutions in the EU. The draft guidelines provide a detailed definition of outsourcing and clarifies the assessment criteria to be used when deciding if an outsourced activity, process, or service should be considered critical or not. The consultation runs until 24 September 2018.
 
The revised guidelines cover credit institutions and investment firms subject to the Capital Requirements Directive (CRD), but also payment institutions subject to the revised Payment Services Directive (PSD2) and electronic money institutions subject to the e-money Directive. 
 
These new guidelines, which review the existing CEBS Guidelines on outsourcing published in 2006, aim at establishing a more harmonised framework for outsourcing arrangements of all financial institutions in the scope of the EBA's action.