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4 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.

Click here for the full text of the IOSCO press release and how to make submissions.

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