Germany

German regulator sets rules on outsourcing and credit business for the treatment of “credit factories”

Dietmar Anders and Sarah Schröder, Clifford Chance

The German regulator has published a note on legal requirements for the outsourcing by credit institutions of the administration of their credit business to so-called “credit factories”. The note is intended to clarify and substantiate the existing general supervisory framework in regard of outsourcing and credit business.