EBA publishes revised Guidelines on outsourcing arrangements
On 25 February 2019, the European Banking Authority (EBA) published revised guidelines on outsourcing arrangements. The revised guidelines will enter into force on 30 September 2019, and firms will have to complete outsourcing arrangements in line with these guidelines by 31 December 2021.
The conditions for outsourcing of functions of banking activities by institutions were not harmonised to the same extent as for institutions and payment institutions subject to MiFID II and PSD2. The aim of the Guidelines is to establish a more harmonised framework for all financial institutions that are within the scope of the EBA’s mandate, namely credit institutions and investment firms, as well as payment and electronic money institutions.
This article provides further insight on main changes between the Consultation Paper issued in June 2018 and the revised guidelines.