Primary tabs

Paul Hastings Europe LLP

The Guidelines appear to be sufficiently clear regarding the subject matter and the scope. The Guidelines also clearly define their legal basis and their addressees. They refer to Directive 2013/36/EU as a legal framework, where connected provisions and definitions of the terms, which are not explained in the Guidelines, can be identified. From our perspective, however, it is important to draw attention to some critical points regarding both the implementation and certain definitions.
NA
NA
Title II offers a transparent framework of risk culture and corporate values. The comparison with existing domestic regulations underscores that the Guidelines offer a broader framework of outsourcing policy, making specific indications and provisions. However, some elements of concern should be brought up. Especially, the provisions of Chapter 8 raise certain issues.
Title III on the rule of proportionality points out all the criteria that institutions need to consider. It refers in greater detail to the major elements, such as the aim and the basic assumptions (i.e., sophisticated internal governance arrangements applying to more complex institutions) that need to be taken into consideration.
NA
NA
NA
Bruno Cova
00390230414000