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, and firms need to be working to a deadline of 31st December 2021 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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Regulation tomorrow blog
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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.
Update on the controversial reductions in the French solar tariffs
As a reminder, article 225 of the Finance Law for 2021, upheld by the French Constitutional Supreme Court in its decision dated 28 December 2020, allows the French government to reduce the solar feed-in tariffs for a limited number of contracts entered into under decrees dated 10 July 2006, 12 January 2010 and 31 August 2010, for PV power plants of more than 250 kW.
A deeper dive into the new Standard Contractual Clauses
On Friday 4 June, the European Commission published the finalised version of the new Standard Contractual Clauses for transferring personal data from the EU to third countries (the New SCCs).