Row ref
|
Type of firm
|
Source
|
Comment
|
1.
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Credit institutions
(defined in Article 4(1) of Regulation (EU) No 575/2013)
(e.g. banks)
Authorised under CRD IV (Directive 2013/36/EU)
|
- CEBS Guidelines
- Articles 30-31 of Delegated Regulation (Article 1(2) states it applies to credit institutions)
|
- Some guidelines relate to all outsourcings and others relate to outsourcing "material activities"
- Recognises the need to adopt a risk-based and proportionate approach depending on nature and complexity of services being outsourced etc.
- The Draft Guidelines on Outsourcing arrangements plan to update the CEBS Guidelines.The updated guidelines will apply to all financial institutions within the scope of the EBA's mandate: credit institutions, MiFID investment firms subject to CRD, payment institutions, electronic money institutions.
|
2.
|
Common platform firms (e.g. some credit institutions like banks and building societies and MiFID investment firms)
|
- Certain parts of SYSC 8 Rules
- Articles 30-31 of Delegated Regulation (directly applicable to most common platform firms, see SYSC 1, Annex 1, 3.2G)
|
If you're a credit institution providing investment services you have to look at both rows 1 and 2.
|
3.
|
PRA authorised firms excluding insurers (banks, building societies and designated investment firms)
|
- see rows above depending on nature of regulated activities carried out by firm
- see Outsourcing Part of PRA Rulebook
- Article 30 and 31 of Delegated Regulation apply to PRA authorised firms not carrying out investment services (see 2.1A of PRA rule on outsourcing)
|
- A UK credit institution under row 1 will also be a PRA authorised firm under this row.
|
4.
|
Authorised firms (excluding credit institutions and MiFID investment firms, insurers and firms authorised under the PSRs or the EMRs)
|
- SYSC 8 – see further SYSC 1, Annex 1, Table A for what authorised firms SYSC 8 is relevant to.
|
|
5.
|
Payment institutions as authorised under 2015/2366/EU (PSD2), implemented in UK law by the PSRs.
|
- Regulation 25, Payment Services Regulation 2017 (PSRs)
|
- The final version of the EBA Draft Guidelines on Outsourcing will also apply to payment institutions.
|
6.
|
Electronic money institutions as authorised under 2009/110/EC (e-money Directive), implemented into UK law by the EMRs
|
- Regulation 26, Electronic Money Regulation 2011 (EMRs)
|
- The final version of the EBA Draft Guidelines on Outsourcing will also apply to electronic money institutions.
|
7.
|
Insurers
|
- SYSC 13 and 14 of FCA Handbook
- Articles 41-49, Solvency II Directive
- European Commission Delegated Regulation (EU) 2015/35 supplementing Solvency II Directive, Article 274
- EIOPA Guidelines of System of Governance (relevant parts relating to outsourcing)
|
- Outsourcing Part of PRA Rulebook doesn't apply to insurers – it only applies to PRA authorised firms authorised under CRD.
|