I have been focusing on a couple of areas within my fintech
practice recently – the upcoming EBA Outsourcing Guidelines
and Operational Resilience (OpRes). As two hot topics in financial
regulation at the moment, it is worth starting at the beginning by
defining them and ending by suggesting where we go from here.
Current financial regulation on outsourcing
We used to be pretty familiar with the outsourcing rules in
financial regulation, as banks and other financial services firms
were subject to SYSC 8 for a long time and the Committee of
European Banking Supervisors' (CEBS) Guidelines on Outsourcing
since 2006.
Over the past couple of years, we have also seen the UK
Financial Conduct Authority (FCA) attempting to settle on a
position around the use of cloud computing, with varying degrees of
application to banking.
