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.
Earlier this month, the Financial Industry Regulatory Authority (FINRA) published guidance with respect to obligations and considerations when working with third-party vendors. As outlined by our investment management team, the newest FINRA Regulatory Notice 21-29 provides a roadmap on how firms should consider the decision to outsource certain functions and evaluate potential vendors.
If you have any questions or would like more information about recent regulatory guidance or best practices, please reach out to the authors or your Morgan Lewis contact.