Outsourcing

Recent Articles

•  

  21/11/2024

  United Kingdom

  Critical third parties: final policy and rules demonstrate a welcome cooperation between regulators and industry

  The new critical third parties (CTPs) regime comes into force from 1 January, 2025 and will be hugely significant for designated CTPs to the UK financial sector.The policy statement issued jointly by the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England (PS24/16/PS16/24) provides feedback to responses received to the consultation paper earlier this year.Overall, the finalised rules have focused this expansion of the regulatory perimeter on the most systemic risks to the financial industry presented by CTPs.ClarificationThe new rules offer some helpful...

  Read more
•  

  29/05/2024

  United Kingdom

  Operational Resilience: The Countdown

  The countdown is on to make sure your firm is ready to comply with the operational resilience rules by 31 March 2025. This date marks the end of the transition period, but the requirement to be operationally resilient is not a once and done activity, or something that should be seen as tick-box regulatory compliance. Instead, this should be a way of working that is embedded into a firm’s overall culture.The FCA provided feedback to firms on 28 May 2024 which included insights and observations to support firms with their continued implementation of the rules.In our view, this FCA...

  Read more
•  

  28/11/2023

  United Kingdom

  A warning to those reporting on diagnostic imaging - KJY v University College Hospital NHS Foundation Trust

  With the UK Government announcing at the end of October 2023 that 160 community diagnostic centres will be open by March 2024, it is a burgeoning time for those working in diagnostics. Medical malpractice claims arising from the misreporting of radiology can, however, be costly. Whilst we do not have the data for non-NHS claims, NHS Resolution’s Annual Report and Accounts 2022 to 2023 showed that radiology claims made up 4% of the clinical claims received in 2022/23 (402 claims out of a total of 10,062) and cost 2% of the total value of clinical claims received in 2022/23 (£118,144,000...

  Read more
•  

  26/10/2023

  Poland

  Polish law creates new rules on banking outsourcing

  In September 2023, Polish legislation amending the nation’s Banking Law and the rules on banking outsourcing came into force. These changes were introduced by the Act of 16 August 2023 amending certain acts with a view to ensuring the development of the financial market and the protection of investors in that market.The amendment underscores how banking outsourcing, situations where a bank outsources certain tasks related to banking activities (e.g. IT services, including cloud computing) to another undertaking (i.e. outsourcer), is becoming increasingly popular internationally, and...

  Read more
•  

  17/04/2023

  Middle East

  The legal framework for sustainable family businesses in the Kingdom

  BackgroundThe new Saudi Companies Law issued through Cabinet Decision No 678/1443 is a landmark legislation that has sown the seeds for a sustainable family business ecosystem. The provisions regarding family businesses introduced by the Companies Law are in pursuance of the economic objectives underpinned in the country’s landmark Vision 2030.Family CharterMost importantly, the Companies Law has introduced an institutional legal cover to family businesses. The founders, partners and shareholders of family-owned enterprises can now conclude a “family charter” (or a family constitution)...

  Read more
•  

  28/03/2023

  Europe

  European Parliament and Council ready to start negotiations on EU Data Act – Europe gets closer to adopting a data law

  In February 2022 the European Commission presented its proposal for the EU Data Act, which – if adopted - will introduce a far-reaching legal regime on access to and use of non-personal data in the EU and will, similar to the GDPR, be applicable to businesses established outside the EU. The proposed regulation contains a set of rules defining how various forms of data can be used and by whom for purposes across all economic sectors with the aim of creating a new data-agile ecosystem. While the new law will bring new opportunities, it will also create legal challenges for all actors in the...

  Read more