EBA Publishes New Guidelines On Outsourcing For Institutions Applicable From 30 September 2019

1 Legal background

On 25 February 2019, the European Banking Authority ("EBA") published its Final Report on the EBA Draft Guidelines on outsourcing arrangements ("EBA Outsourcing Guidelines"), which were under consultation during the second half of 2018.

The new EBA Outsourcing Guidelines will apply from 30 September 2019 to all outsourcing arrangements concluded, reviewed or amended on or after this date and will replace the old Outsourcing Guidelines issued by the EBA's predecessor, the Committee of European Banking Supervisors ("CEBS"), back in 2006.

The EBA Outsourcing Guidelines follow the intention to establish a more harmonised framework for all financial institutions supervised by the EBA and repeal the EBA's Recommendations on outsourcing to cloud service providers published only in 2018, which are incorporated into the new EBA Outsourcing Guidelines.