When do the European Banking Authority (EBA) guidelines on outsourcing come into effect?

With the exception of paragraph 63 (b), the European Banking Authority (<a href="/glossarycollection/european-banking-authority" style="color:#48277C;" target="_blank" title="European Banking Authority"><u>EBA</u></a>) guidelines apply from 30 September 2019 to all outsourcing arrangements entered into, reviewed or amended on or after this date. Paragraph 63 (b) applies from 31 December 2021.<br/><br/>

Payment Institutions (<a href="/glossarycollection/payment-institution" style="color:#48277C;" target="_blank" title="Payment Institution"><u>PI</u></a>) should review and amend accordingly existing outsourcing arrangements with a view to ensuring that they are compliant with the guidelines.<br/><br/>

Where the review of outsourcing arrangements of critical or important functions is not finalised by 31 December 2021, PIs should inform their National Competent Authority (<a href="/glossarycollection/national-competent-authority" style="color:#48277C;" target="_blank" title="National Competent Authority"><u>NCA</u></a>), including the measures planned to complete the review, or a possible exit strategy.<br/><br/>

PIs should complete the documentation of all existing outsourcing arrangements, other than for outsourcing arrangements to cloud service providers, in line with these guidelines following the first renewal date of each existing outsourcing arrangement, but no later than 31 December 2021.