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ARTICLE · 05 JANUARY 2022

Central Bank Guidance On Outsourcing: Implications For Depositaries And Fund Administrators

Dillon Eustace
Dillon Eustace
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Dillon Eustace

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Following its consultation on the topic of outsourcing during 2021, the Central Bank of Ireland ("Central Bank") has published its finalised Cross-Industry Guidance on Outsourcing.

IrelandFinance and Banking
Keith Waine
Keith Waine
Karen Jennings
Karen Jennings
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Key Points:

  • The Guidance applies from 17 December 2021.
  • However the Central Bank has stated that it will be "mindful of the adjustments to be made by the firms relative to the nature, scale and complexity of the use of outsourcing as an element of their business model" in exercising its supervisory powers.
  • The Feedback Statement contains certain clarifications provided by the Central Bank which are likely to be of particular interest for Depositaries and Fund Administrators. See Page 2 below.

Background

Following its consultation on the topic of outsourcing during 20211, the Central Bank of Ireland ("Central Bank") has published its finalised Cross-Industry Guidance on Outsourcing ("Guidance") together with a feedback statement providing the rationale for some of the approaches taken by it in finalising the Guidance ("Feedback Statement").

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