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ARTICLE · 09 AUGUST 2019

Outsourcing - New Regulatory Requirements - Financial Services And Insurance Sector

The National Bank of Belgium (NBB) has issued a new Circular on outsourcing arrangements (Circular NBB_2019_19)

BelgiumFinance and Banking

1. Introduction

The National Bank of Belgium (NBB) has issued a new Circular on outsourcing arrangements (Circular NBB_2019_19) (the Circular) that applies to credit institutions, stockbroking firms, payment institutions, e-money institutions, and Belgian branch offices of non-EER credit institutions and investment firms (the Institutions).

2. Timing

The new Circular applies from 30 September 2019 to all outsourcing arrangements entered into, reviewed or amended on or after this date. A grandfather clause is provided for existing outsourcing arrangements. Institutions should review and amend accordingly existing outsourcing arrangements with a view to ensuring that these are compliant with the Circular by no later than 31 December 2021. Circulars PPB_2004/5 and NBB_2018_20, Communication NBB_2012_11 and the Communication of the CBFA of 5 November 2007 are repealed with effect from 31 December 2021.

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