Outsourcing tips: outsourcing and financial services in Italy
The mantra we continue repeating is to never draft an agreement without taking into account the sector regulations. Today’s outsourcing tip carries on this refrain. For a number of (obvious) reasons, services is one of the most regulated sectors.
When dealing with such sectors in Italy, in addition to the usual concerns such as data protection and secrecy, it is necessary to take into account the Bank of Italy regulations. On 1 July 2013, the Bank of Italy issued an update of the ‘bank prudential supervision instructions’ and also updated the rules on outsourcing contracts.
Contrary to the other rules within the same instructions, the new rules on outsourcing are already in effect. The main principles and guidelines for outsourcing contracts remain in line with previous guidance and also with the MiFID regulations on investment services (from which the instructions largely draw inspiration). So the main principle to note remains that banks will not be allowed to delegate their responsibility to the outsourcer, and accordingly an adequate control mechanism will have to be set up…
If you are registered and logged in to the site, click on the link below to read the rest of the DLA Piper briefing. If not, please register or sign in with your details below.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
DLA Piper’s May/June 2014 edition of its Tax Newsletter provides a review of People’s Republic of China and Hong Kong tax developments.
Health Alert — Ladhams v Medical Board of Australia; Chaudhry v Medical Board of Australia; and more
DLA Piper has released the 21 July 2014 issue of its Health Alert, which focuses on judgments, legislation and reports in the health sector.
Analysis from The Lawyer
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.
A new breed of lawyer is smoothing the path for companies entering emerging or unstable jurisdictions