79. With regard to critical and important functions ( ), financial entities should ensure that the …

With regard to critical and important functions (⁵⁶ ), financial entities should ensure that the TPSP has:

a. the business reputation, appropriate and sufficient abilities, the expertise, the capacity, the resources to deliver the relevant service;
b. appropriate internal controls and risk management processes and procedures, including its ability to manage operational risks, especially supply chain risks, when applicable;
c. geographic dependencies and manage the related risks. These risks may relate to the economic, financial, political, legal, and regulatory environment in the jurisdiction(s) where the relevant service will be provided;
d. business continuity plans, contingency plans, disaster recovery plans, and other relevant plans;
e. if applicable, the required regulatory authorisation(s) or registration(s) to perform the critical or important function in a reliable and professional manner to meet its obligations over the duration of the contract;
f. proper arrangements that ensure that it is effectively possible to conduct audits, including onsite, by the financial entity itself, appointed third parties, and competent authorities at the TPSP.

⁵⁶ Without prejudice of the conditions listed in Article 31(2) of Commission Delegated Regulation (EU) 2017/565.

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