We recently highlighted the Morgan Lewis financial services team’s overview of proposed guidance released by the three federal banking agencies with respect to third-party relationships within the fintech industry. The federal banking agencies, though, are not alone when it comes to guidance on third-party vendors.
Tech & Sourcing @ Morgan Lewis
TECHNOLOGY TRANSACTIONS, OUTSOURCING, AND COMMERCIAL CONTRACTS NEWS FOR LAWYERS AND SOURCING PROFESSIONALS
As further guidance and regulations are proposed and begin to take shape with respect to relationships between banking organizations and third parties, including those in the fintech industry, our multidisciplinary teams here at Morgan Lewis are tracking each development. In July, shortly after the three federal banking agencies (the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency) released their proposed risk management guidance regarding third-party relationships, our banking and financial services team provided a general overview highlighting the key takeaways from the proposal. If you have any specific questions, please reach out to your Morgan Lewis team for assistance.
The European Cloud User Coalition (ECUC) published a paper (the Position Paper) on May 17 recommending, among other matters, the adoption of “model clauses” for the long-term compliant use of cloud technologies.
We recently noted that the UK Financial Conduct Authority (FCA) published the outcome of a review into the factors that determine failure or success when implementing technology change in the financial services sector and discussed the importance of this review for firms seeking to improve the operational resiliency of their technology change management process.
The UK Financial Conduct Authority (FCA) has published its findings on an extensive review into the factors which determine failure or success when implementing technology change in the financial services sector.
Traders selling goods, services, and/or digital content online to consumers in the United Kingdom and the European Union need to comply with laws requiring the provision of certain information as part of the sales process.
The UK Financial Conduct Authority (FCA) announced on July 8 that the guidelines issued by the European Insurance and Occupational Pension Authority (EIOPA) on outsourcing to cloud service providers are not applicable to regulated activities (in this instance, insurance and reinsurance undertakings) within the UK jurisdiction.
The European Securities and Markets Authority (ESMA) published its draft guidelines on outsourcing to cloud service providers on June 3. Steven Maijoor, the chair of ESMA, indicated that the purpose of the guidelines is to “help firms understand and mitigate the risks that they are exposed to when outsourcing to cloud service providers.”
The US Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE) published a report on January 27 outlining various industry practices and approaches to managing and combating cybersecurity risks and maintaining operation resiliency. The OCIE observed these practices through conducting thousands of examinations, and hopes that organizations can use the report to enhance their own cybersecurity preparedness and operational resiliency.