(1) Where an electronic money institution whose home Member State is the State proposes to outsource an operational function relating to the provision of electronic money services or payment services, it shall inform the Bank accordingly not less than 30 days prior to the date on which it proposes to commence such outsourcing.
(2) Outsourcing of important operational functions, including information technology systems, shall not be undertaken in a manner that materially impairs the quality of the electronic money institution’s internal control and the ability of the Bank to monitor and review the electronic money institution’s compliance with these Regulations.
(3)For the purposes of this Regulation, an operational function shall be regarded as important if a defect or failure in its performance would materially impair the continuing compliance of an electronic money institution with the requirements of its authorisation under this Part, its other obligations under these Regulati
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