On June 10, 2015, the Financial Services Commission (the “FSC”) announced certain changes to the Regulations on Delegation of Information Processing and IT Facilities of Financial Companies (the “Regulations”). The changes are aimed at significantly reducing the burden on the financial companies with respect to delegation of information processing. The following is a summary of the proposed changes to the Regulations.
- Streamlining the Regulatory Framework: IT Facilities∙Information Processing -> Information Processing
- Report of Delegation of Information Processing: Advance Report -> ExPost Facto Report
- Delegation to an Offshore Third Party and Sub-delegation
- Standard Terms for Delegation
