Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


IOSCO seeks comment on financial contracting out

03 August 2004

News Release

IOSCO seeks comment on contracting out by financial institutions


Financial institutions need to take care when contracting out certain core functions of their business, according to the International Organisation of Securities Commissions (IOSCO).

IOSCO has released a discussion paper for public comment on this issue.

While contracting may bring some benefits, for example cost savings, it can also carry risks including:
- loss of control over the firm’s own information and software;
- loss of control over customer information; and
- possible impact on confidentiality of customer records.

The IOSCO report is available at www.iosco.org and closing date for submissions is 20 September 2004.

The full text of the IOSCO press release and how to make submissions follow.

* * * * *

2 August 2004 For Immediate Release

PRESS RELEASE

IOSCO Issues Consultation Report On Outsourcing For The Securities Industry

The International Organization of Securities Commissions Standing Committee 3 on Market Intermediaries (IOSCO SC3) has today published for public consultation a Consultation Report on Principles on Outsourcing of Financial Services for Market Intermediaries. The Consultation Report is now posted on the IOSCO website (http://www.iosco.org). The public is invited to submit comments on this Consultation Report by September 20, 2004. Instructions regarding the submission of comments are set out in the Consultation Report and as an attachment to this Press Release.

The Consultation Report sets out a set of principles that are designed to assist regulated entities in determining the steps they should take when considering outsourcing activities. The Consultation Report also contains some broad principles to assist securities regulators in addressing outsourcing in their regular risk reviews of firms. Some members of IOSCO’s Standing Committee on Market Intermediaries will be surveying industry participants in their respective jurisdictions for information regarding current outsourcing practices. The Consultation Report will be revised and finalized after consideration of all comments received from the public and all information gathered through the surveys conducted by IOSCO members. The form of the survey also is available on the IOSCO website.

The Joint Forum also released today a report for public consultation entitled Outsourcing in Financial Services. The Joint Forum report was prepared in coordination with the IOSCO Consultation Report. It examines the growth in outsourcing in the financial sector and the trends that have accompanied this growth. It also spells out the potential risks that outsourcing activities can pose to financial sector firms, while recognising the substantial benefits that outsourcing can provide.

The Joint Forum’s principles are high level and aimed collectively at the banking, insurance and securities sectors. They are designed to provide a minimum benchmark against which all financial institutions can gauge their approach to outsourcing. The Joint Forum report is available on the websites of IOSCO (http://www.iosco.org), the Bank for International Settlements (www.bis.org), and the IAIS (http://www.iaisweb.org).

The Joint Forum and the IOSCO Technical Committee will continue working together on their respective reports during the comment process by sharing comments received and information collected and by consulting with each other in order to achieve an appropriate level of consistency across their reports. In addition, the IOSCO Technical Committee is in the process of consulting with the emerging market regulators about the Consultation Report through the IOSCO Emerging Market Committee’s Working Group on Financial Intermediaries.

After the consultation process, the IOSCO Technical Committee’s Standing Committee on Market Intermediaries will submit a final report on Principles on Outsourcing of Financial Services for Market Intermediaries to the IOSCO Technical Committee for approval.

How to Submit Comments

Comments may be submitted by one of three methods. To help us process and review your comments more efficiently, please use only one method.

Important: All comments may be made available to the public unless the respondent requests that they be kept confidential.

1. E-mail

- Send comments to mail@oicv.iosco.org.
- The subject line of your message must indicate “Public Comment on Principles on Outsourcing of Financial Services for Market Intermediaries.”
- If you attach a document, indicate the software used (e.g., WordPerfect, Microsoft WORD, ASCII text, etc.) to create the attachment.
- DO NOT submit attachments as HTML, PDF, GIF, TIFF, PIF, ZIP, or EXE files.

OR

2. Facsimile Transmission

Send by facsimile transmission using the following fax number: 34 (91) 555 93 68.

OR

3. Paper

Send 3 copies of your paper comment letter to:

Philippe Richard
IOSCO Secretary General
Oquendo 12
28006 Madrid
Spain


Your comment letter should indicate prominently that it is a “Public Comment on Principles on Outsourcing of Financial Services for Market Intermediaries.”


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news