Outsourcing Being Regulated In EUROPE

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Come November 2007 and financial services companies would come under the purview of the Markets in Financial Services Directive regulation (MIFID). It is expected to cast an effect on the approach to operational risk of investment firms and also affect the conduct of business.

Aimed at creating a single European market for financial services, a number of rules have been laid down for managing outsourcing relationships through MIFID. It has laid down the requirements which govern information regarding the firm and the services that need to be provided to a client.

It further states that outsourcing should not be done in a manner that the quality of a company’s internal control gets impaired. Further there are also rules regarding in case money management function of retail customers are outsourced outside the domains of EU.