On June 22, 2018, the European Banking Authority (EBA) launched a consultation paper on draft guidelines on outsourcing arrangements, with the aim of updating the existing Committee of European Banking Supervisors (CEBS) guidelines as published in 2006. Against the background of the rapid increase in the use of IT and fintech solutions among financial institutions, topped with their tendency to outsource such activities to cloud service providers, there is a need for harmonisation of the respective framework for all financial institutions.
For this purpose, the scope of the new guidelines has been broadened to not only apply to credit institutions but also to investment firms governed by the Capital Requirements Directive (CRD), payment and e-money institutions.
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