Yes.

Credit institutions:

• Important outsourcing: The firm that is outsourcing must submit a prior communication to the Bank of Spain, at least two months in advance from the effective date of the agreement.
• Non-important outsourcing: Although no notification period is envisaged for non-important outsourcing, the Bank of Spain should be informed immediately whenever a non-important outsourcing becomes important.

Payment institutions:

• Important outsourcing: The institution must submit a prior communication to the Bank of Spain, at least one month in advance from the effective date of the agreement.
• Non-important outsourcing: Non-important outsourcing, or any modification thereof, must be notified to the Bank of Spain by the payment institution within one month from the effective date of the agreement.
• Investment firms and management companies: Pursuant to European Securities and Markets Authority Guidelines on outsourcing to cloud service providers (ESMA 50-164-4285), investment firms and management companies should notify in writing the National Securities Market Commission in a timely manner of any planned cloud outsourcing arrangements that concern a critical or important function. Similarly, they should also notify their competent authority of those cloud outsourcing arrangements that concern a function that was previously classified as non-critical or non-important and has since become critical or important.

Insurance undertakings: Insurance undertakings must give prior notice to the Directorate General of Insurance and Pension Funds of the outsourcing of critical or important functions or activities, as well as of any subsequent significant change in relation to those functions or activities.