06 July 2006

EAPB position on CEBS consultation on outsourcing

The EAPB published its response on the CEBS consultation on outsourcing claiming that CEBS and CESR continue to stick to their own language which “would inevitably lead to inconsistent implementation policies.” EAPB therefore suggests that both Committees should draw up a common regulatory framework in order to achieve terminological convergence.

A general part should contain all identical provisions. This could then be complemented by a special part including specific regimes for credit institutions or investment firms.

“With regard to the corresponding list CEBS prepared on page 2 and 3 of the consultation paper, we note that the rationale behind some items on this is difficult to comprehend and would appear unjustified”, the Association states. “Particularly the reference to the different scopes of application by CEBS and CESR remains essentially unclear.”

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