Article 16(2) of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority) (the EBA Regulation) provides that the EBA should carry out an analysis of ‘the potential related costs and benefits’ of any guidelines it develops. This analysis should provide an overview of the findings regarding the problem to be dealt with, the solutions proposed and the potential impact of these options.
A. Problem identification
The CEBS guidelines on outsourcing, published in 2006, were applicable exclusively to credit institutions and needed to be replaced by EBA guidelines applicable to all institutions and payment institutions to establish a more harmonised framework for the outsourcing arrangements of all financial institutions in the scope of the EBA’s action. The update was also necessary to take into account changes within EU legislation. In addition, outsourcing to third countries
…