Dragging “critical” third parties into their Op Res spotlight is something a lot of our clients are struggling to do, so this announcement by the Treasury is very welcome.
Even our larger clients with the most leverage struggle to overcome the power imbalance that exists.
We very much welcome the proposal that regulators can start to mandate rules to third parties that they designate as being “critical”. As ever the possibility of entering a 3rd party premise under warrant, hopefully un-announced and with force, is an interesting proposition.