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International: IOSCO requests feedback on updates to outsourcing guidelines
The Board of the International Organization of Securities Commissions ('IOSCO') announced, on 28 May 2020, that it is requesting feedback on proposed updates ('the Proposed Updates') to its principles for regulated entities that outsource tasks to service providers. In particular, the Proposed Updates detail a set of fundamental precepts and a set of seven principles in relation to the treatment of sub-contracting and outsourcing on a cross-border basis. Furthermore, the Proposed Updates cover areas including due diligence in the sector and monitoring of a service provider, information security, confidentiality issues, and access to data and associated rights of inspection. In addition, the Proposed Updates provide stakeholders with guidance for their implementation, particularly noting the relevance during the COVID-19 ('Coronavirus') pandemic.
The consultation period will end on 1 October 2020.
You can read the press release here and the Proposed Updates here.
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