In our April 2013 newsletter, we provided a summary of the draft “Regulations on Delegation of Information Processing and IT Facilities of Financial Companies” (the “Initial Draft”). Since then, after listening to comments from various governmental agencies, academia, and industry experts on the Initial Draft, the Financial Services Commission (“FSC”) announced on June 25, 2013 that it will adopt a revised set of “Regulations on Delegation of Information Processing and IT Facilities of Financial Companies” reflecting certain of the comments that were provided (the “Regulations”). Set forth below is a summary of the material provisions of the Regulations with highlights of the changes made from the Initial Draft.
- Permitted Scope and Delegation Procedures
- Sub-delegation
- Protection of Entrusted Information
- Overseas Delegation of IT Facilities
- Enforcement Date and Transitional Measures
- Prior Notice of Changes in Other Regulations
