Regulatory Alerts2022-04-22
Added · Updated
Circular CSSF 22/805 on Revised EBA Guidelines on Outsourcing Arrangements and Publication of Circular CSSF 22/806
Circular CSSF 22/806 applies the revised EBA Guidelines on outsourcing arrangements to supervised entities, including credit institutions, investment firms, payment institutions, electronic money institutions, investment fund managers, UCITS, CCPs, APAs, ARMs, market operators, CSDs, and benchmark administrators. The new framework consolidates previous requirements, aligns the definition of outsourcing with MiFID, introduces a risk-based approach for critical or important functions, mandates prior notification for such arrangements, and requires a register of all outsourcing activities. Circular CSSF 22/806 becomes effective on 30 June 2022, at which point specific circulars are amended or repealed, while points 59 and 60 regarding prior notification for ICT outsourcing apply with immediate effect.