Over recent years, financial institutions have increasingly looked to third party outsourced service providers to help support their business – these arrangements reduce costs and improve efficiency. However, with increasing amounts of outsourcing comes greater risk, and regulators across the world are now scrutinising outsourcing arrangements more than ever before. In particular, the EBA Guidelines on Outsourcing have established a prescriptive set of expectations that outsourcing contracts need to meet. This is relevant to both EU and UK firms, and firms should be working to ensure that existing contractual arrangements are updated to align with these Guidelines.
We understand that undertaking this type of contractual remediation exercise can be both complex and time consuming. To help you save time and resource, we have developed the NRF Outsourcing Toolkit, which provides access to a number of key documents that will help you to carry out this exercise. We can also support your remediation work more generally, and have a range of options that we can deploy - from helping on an ad hoc basis to fully managing and running the remediation exercise overall.
Further information on the NRF Outsourcing Toolkit can be found in the brochure. If you would like to discuss further, please get in touch with Hannah McAslan (email@example.com) or another a member of the team.
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DNB: outsourcing contracts with large IT suppliers not compliant
On 30 November 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a press release in which the regulator indicates that outsourcing contracts between supervised institutions and a large IT supplier structurally fails to comply with applicable laws and regulations.
PRA consults on outsourcing and third party risk management
On 5 December 2019, the PRA published Consultation Paper: Outsourcing and third party risk management (CP30/19). In CP30/19 the PRA sets out its proposals for modernising the regulatory framework on outsourcing and third-party risk management.
UK Energy Act 2023: Merger control and competition law changes
On 26 October 2023, the Energy Act 2023 (Energy Act), the largest piece of primary energy legislation in over a decade, received Royal Assent and became law. The breadth of the Energy Act is impressive, covering areas such as energy infrastructure, energy efficiency, regulation of nascent technologies such as CCUS and hydrogen production and strengthening the regulatory landscape around more established sectors including offshore wind and oil and gas.
Essential Corporate News – Week ending 24 November 2023
On 22 November 2023, the Department for Business and Trade published the UK government’s response to a consultation which raised certain questions in relation to the Reporting on Payment Practices and Performance Regulations 2017 and the Limited Liability Partnerships (Reporting on Payment Practices and Performance) Regulations 2017 (Regulations).