FCA notified EIOPA that the guidelines on outsourcing to cloud service providers, for insurance and reinsurance undertakings, are not applicable to regulated activities within the UK jurisdiction. This is because these EIOPA guidelines will enter into force on January 01, 2021, which after the EU withdrawal transition period is expected to end. However, FCA will continue to apply FG16/5, which is the FCA guidance for firms outsourcing to the cloud and other third-party IT services in the UK. FG16/5 was first published in 2016 and last updated in September 2019. FCA will keep this guidance under review and, where appropriate, consult to update this to ensure that it remains consistent with the relevant international standards.
Keywords: Europe, UK, Insurance, Brexit, Outsourcing Arrangements, Cloud Computing, EIOPA, FCA
Previous ArticleEIOPA on Product Oversight and Governance Measures Amid COVID Crisis
FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).
BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.
FCA proposed guidance on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19, after October 31, 2020.
EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.
ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).
HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.
APRA announced that it has increased the minimum liquidity requirement of Bendigo and Adelaide Bank for failing to comply with the prudential standard on liquidity.
PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).
US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).
US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.