Regulatory Alerts2021-05-10
Added · Updated
Guidelines On outsourcing to cloud service providers
These guidelines apply to competent authorities and a wide range of financial entities, including AIFMs, UCITS managers, CCPs, trade repositories, investment firms, CSDs, CRAs, SRs, and benchmark administrators, regarding their cloud outsourcing arrangements. The rules require firms to implement governance strategies, conduct due diligence, establish contractual safeguards, and maintain exit strategies, with mandatory compliance for new or amended arrangements from 31 July 2021 and a review deadline for existing arrangements by 31 December 2022. Competent authorities must notify ESMA of their compliance status within two months of publication, while firms are not required to report their compliance status.
More like this from ESMA
We email you every new ESMA publication the day it's published.