It was expected, or at least there was wishful thinking, that MiFID II (2014/65/EU) and GDPR (Regulation (EU) 2016/679) would be the regulatory summit for our high mountain region. However, the European Regulator is continuing to pursue its overall goal of strengthening the regulatory framework in the European Union, which, in turn, is having a major impact on the Swiss financial industry.
The new EBA Outsourcing Guideline – a highly underestimated but nonetheless major and massively impacting new standard coming into force as of 30.06.2019.
PwC created a white paper to structure the different requirements which come along with the new outsourcing standard having an impact on all financial institutions in the EU directly (MiFID II investment firms, CRR regulated entities as such, payment service provider) and even more important, on a broad range of financial intermediaries indirectly.
This new standard indirectly regulates more than 40% of Swiss financial intermediaries as well as a very high number of FinTechs / RegTechs / LegalTechs / AnyTechs.
The paper covers the following major aspects of the new Standard
- Applicability Decision Tree
- Cloud Outsourcing
- Intra Group Outsourcing
- Definition of an Outsourcing Framework
- Outsourcing Lifecycle Management
The Whitepaper could be downloaded here.
Have a good reading and please don’t hesitate to contact us in case of any question.