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ARTICLE · 13 FEBRUARY 2024

A Simpler Path For Credit Institutions To Outsourcing Arrangements

Schoenherr (Schönherr Rechtsanwälte)
Schoenherr (Schönherr Rechtsanwälte)
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Schoenherr (Schönherr Rechtsanwälte)

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Exciting developments are on the horizon for the Romanian banking community, as efforts are underway to streamline the framework regulating outsourcing arrangements.

RomaniaEmployment and HR
Francesca Buta
Francesca Buta
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Exciting developments are on the horizon for the Romanian banking community, as efforts are underway to streamline the framework regulating outsourcing arrangements. The National Bank of Romania ("NBR") has introduced a new regulation (the "Draft Regulation"), which is up for public consultation on the NBR's website. This proposed regulation aims to transpose a wider set of obligations for credit institutions in this respect.

The initiative will likely be received warmly, as it unifies the currently fragmented legal framework that credit institutions need to observe when dealing with outsourcing matters. This includes Regulation No. 5/2013 on prudential requirements for credit institutions and the additional (and more detailed) obligations set out under the EBA Guidelines on outsourcing arrangements (EBA/GL/2019/02 dated 25 February 2019).

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