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
The Network for Greening the Financial System (NGFS) launched its first user feedback survey on climate scenarios, with the feedback period ending on February 27, 2023.
The European Banking Authority (EBA) launched the 2023 European Union (EU)-wide stress test, published annual reports on minimum requirement for own funds and eligible liabilities (MREL) and high earners with data as of December 2021.
The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.
The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.