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November 2007 are repealed with effect from 31 December 2021.
