New Bank Outsourcing Rules

The Ministry of Finance has begun work on amending provisions on banking outsourcing, (present in banking legislation since 1 May 2004) to adapt them to the demands of the financial markets.

The Ministry of Finance ordered inter-departmental consultations to take place on the draft assumptions for such amendments. These include:

• enabling operations to be outsourced to partners in general partnerships, thereby removing a discrepancy allowing service providers to be individuals in business on their own account but not those in partnership with others
• widening the categories of activities that can be outsourced without a permit from the Financial Supervision Authority, where they pose no risk to the proper operation of a bank nor to the interests of bank customers