12. Unless otherwise specified, terms used and defined in Directive 2013/36/EU, Regulation (EU) No 575/2013, Directive 2009/110/EC, Directive (EU) 2015/2366 and the EBA Guidelines on internal governance [https://eba.europa.eu/regulation-and-policy/internal-governance/guidelines-on-internal-governance-revised-] have the same meaning in these guidelines. In addition, for the purposes of these guidelines, the following definitions apply:
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Outsourcing |
means an arrangement of any form between an institution, a payment institution or an electronic money institution and a service provider by which that service provider performs a process, a service or an activity that would otherwise be undertaken by the institution, the payment institution or the electronic money institution itself. |
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Function |
means any processes, services or activities. |
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Critical or important function [The wording ‘critical or important function’ is based on the wording used under Directive 2014/65/EU (MiFID |