Consultation

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At the end of 2019, the UK Prudential Regulation Authority (PRA) released its consultation paper (link here) setting out its proposals on a regulatory framework to modernise outsourcing and third-party risk management. The original deadline for responding to the proposals was 3 April 2020, but this has now been extended to 1 October 2020, which was announced as part of the Bank of England’s and the PRA’s measures to respond to the economic shock caused by COVID-19.

Background

In response to the growing dependency on third-party technology solutions (e.g. cloud outsourcing), the PRA wants to highlight the new risks associated with such an increasingly complex and constantly evolving area. As firms find themselves increasingly dependent on such services, any major disruption or outage could result in adverse consequences for financial stability. The consultation seeks to modernise the PRA’s expectations and sets out how firms should comply with existing requirements on such risks.Continue Reading PRA extends deadline for responses to consultation on outsourcing and third-party risk management

In April, we reported that the European Commission had opened a public consultation seeking the views of various stakeholders on the current wording of, and possible changes to, the Privacy and Electronic Communications Directive (2002/58/EC as amended) (“ePrivacy Directive”). The retrospective evaluation was necessary to ensure the ePrivacy Directive is fit for the digital age,…

Pursuant to its Digital Single Market strategy and adoption of the General Data Protection Regulation (GDPR), the European Commission (EC) has launched a public consultation on the revision of Directive 2002/58/EC, better known as the ePrivacy Directive. Its intention is to bring the existing legal framework up to date “with the challenges of the digital…