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…
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