New EBA Guidelines on Outsourcing Agreements: Compliance Required by December 2021

New Guidelines on Outsourcing Arrangements (EBA/GL/2019/02) (“Guidelines”) have been issued by the European Banking Authority (“EBA”) and came into force on September 30, 2019. Within these Guidelines, the EBA aims to contribute to a harmonized framework for outsourcing on a European level. At the same time, the EBA acknowledges the increased interest of financial institutions in the outsourcing of their business activities as a way to get relatively easy access to new technologies and to achieve economies of scale.