Changes in banking and payment service outsourcing – FAQ
- Does the introduced harmonization of outsourcing regulations with EBA guidelines apply to all regulated entities?
- No, the draft provides for amendments in the field of outsourcing only to the Banking Law.
- Will it be easier to enter into outsourcing agreements with a non-EEA entrepreneur?
- The planned replacement of the obligation to obtain the consent of the Polish Financial Supervision Authority to conclude an agreement with the obligation to notify of the planned conclusion of an agreement constitutes a significant simplification. The draft contains a list with the information that must accompany the notice. The aforementioned list includes documents that were not required to be provided under prior law (e.g., statement of criminal proceedings initiated against the insourcer filed by the insourcer, certificate of clean criminal record).
- Do the changes include simplifications in outsourcing between banks and all other entities supervised by the Polish Financial Supervision Authority?
- No, the draft only provides for simplifications with respect to outsourcing between a bank and another bank or a foreign bank. Agreements between a bank and other entities, including those that are subject to supervision by the Polish Financial Supervision Authority (e.g. payment institutions) will be generally subject to the amended regulations.
- Will it be necessary for a bank that has been authorized to conclude an outsourcing contract outside the EEA (under the existing regulations) to notify the conclusion of such contract under the new rules, after the amendments come into force?
- No, the draft assumes that the previously issued permits remain valid until the contracts expire or are terminated.