Outsourcing & Financial Services - Avoiding Regulatory Problems

Introduction

In the last few years, both UK and EU regulators have upped their game in terms of the extent and degree of precision of their requirements in relation to outsourcing and technology contracts, and especially those which can be considered to be for ‘material’ and/or ‘critical and important’ services.

Whilst some of these requirements are directed at the activities and governance arrangements of the regulated entities themselves, there is now a relative deluge of specific requirements as to the contractual terms that must be included in any agreements for such services, including a number of requirements which can be challenging to negotiate in practice.

This session will accordingly look to summarise the key regulatory requirements, by reference in particular to:

• The EBA Outsourcing Guidelines
• The Digital Operational Resilience Act (DORA)
• The PRA Supervisory Statement on Outsourcing and Third Party Risk Management
• The PRA Supervisory Statement on Operational Resilience

Attendees of the session can accordingly expect to gain a fuller understanding of the nature and extent of the specific contractual requirements which will need to be reflected in the agreements which fall within the scope of such regulatory regimes, as well as the potential scope for interpretation and flexibility as to how they are implemented during negotiations.

What You Will Learn

This course will cover the following:

• What are the key financial services regulations impacting upon contract formation?
• How do you determine which of them are relevant to what kinds of technology transaction?
• What are the main contract provisions that are mandated by the regulations?
• What latitude exists to make contractual amendments?
• How are service providers reacting to the new sets of requirements?