As per Article 15(1) of Regulation (EU) No 1093/2010 (EBA Regulation), of Regulation (EU) No 1094/2010 (EIOPA Regulation) and Regulation (EU) No 1095/2010 (ESMA regulation), any draft regulatory technical standards developed by the ESAs shall be accompanied by an Impact Assessment (IA) which analyses 'the potential related costs and benefits'.'
This analysis presents the IA of the main policy options included in this Consultation Paper (CP) on regulatory technical standards (RTS) to specify the elements which a financial entity needs to determine and assess when subcontracting ICT services supporting critical or important functions as mandated by Regulation (EU) 2022/2554.
Problem identification
Financial entities' reliance on the use of ICT is partly driven by their need to adapt to an emerging competitive digital global economy, to boost their business efficiency and to meet consumer demand. The nature and extent of such reliance has been continuously evolving in recent years, helpin
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