New resource developed following increased regulatory focus on outsourcing.
Latham & Watkins has partnered with the Association for Financial Markets in Europe (AFME) and law firms Matheson and BSP to develop: Outsourcing – Guidance on the Legal and Regulatory Framework, a pioneering resource examining the key European legislation, rules, and guidance for financial services firms to consider in relation to outsourcing.
In light of the plethora of legislative change and increasing regulatory focus on outsourcing in financial services, as well as the growing range of sources that need to be taken into account to ensure compliance in this area, the Paper is designed to provide compliance, legal, and risk teams within regulated firms with a single reference point of regulatory requirements. The resource also provides a number of practical tools to help firms effectively map out their processes and procedures for legal compliance.
Partners Nicola Higgs, Fiona Maclean, and Andrew Moyle and associates Anne Mainwaring, Jagveen Tyndall, Oscar Bjartell, Sean Wells, and Sidhartha Lal led a team of more than 25 lawyers from five Latham offices and local law firms Matheson (Ireland) and BSP (Luxembourg) to produce the Paper.
As well as providing an overview of European-wide regulatory frameworks, including legislation laid down by the European Banking Authority and the European Insurance and Occupational Pensions Authority, the Paper also outlines jurisdiction-specific considerations required by financial services regulators in France, Germany, Ireland, Italy, Luxembourg, Spain, and the UK. The analysis identifies a number of primary themes in this area, including intra-group and intra-entity outsourcing arrangements, the impact of Brexit, and the wider operational resilience agenda.
“The legal landscape for outsourcing by financial institutions has changed considerably in recent years. We are pleased to have had this opportunity to work with AFME, Matheson, and BSP to produce this practical go-to document for firms seeking to gain an understanding of the key requirements under these various pieces of law and guidance” — Fiona Maclean, Partner, Data, Technology & Transactions.
“The Latham team is delighted to have collaborated with AFME members on the production of this hugely useful pan-EU industry resource. It will serve as a valuable and practical guide to navigating the range of regulations impacting a financial institution’s ability to outsource critical services” — Nicola Higgs, Partner, Financial Regulatory.