Revised circular on outsourcing published
On 6 December 2016, the Swiss Financial Market Supervisory Authority (FINMA) published a revised version of the circular (FINMA circ.) 2008/7 “Outsourcing Banks” under the new name 2017/xx “Outsourcing – Banks and Insurers”. This is subject to a hearing lasting until 31 January 2017. It is scheduled to enter into force on 1 July 2017 and applies to all banks, financial groups, securities dealers and now also to insurers, regardless of their size or supervision category.
Significant changes concern internal outsourcing, outsourcing abroad and embedding in the Data Protection Act. For explanations relating to individual areas, please consult the link.
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