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IT And Cloud Outsourcing: New Notification Regime - Finance and Banking

On 14 October 2021, the CSSF published its new CSSF Circular 21/785 with regard to replacing the prior authorisation obligation with a prior notification obligation in the case of material IT outsourcing, . ....

European Union Point , European Union , Cloud Circular , It And Cloud Outsourcing New Notification Regime , Finance And Banking , Financial Services , Fund Management Reits , It And Internet ,

CSSF Implementation Of ESMA Guidelines On Cloud Outsourcing - Finance and Banking

On 12 July 2021, the Luxembourg regulator of the financial sector, the CSSF, published its Circular 21/777 implementing the ESMA' guidelines on outsourcing to cloud service providers (ESMA50-164-4285, "ESMA Guidelines"). ....

Cloud Circular , New Entities , Cssf Implementation Of Esma Guidelines On Cloud Outsourcing , Corporate Commercial Law , Corporate And Company Law , Finance And Banking , Financial Services ,

Luxembourg Insurance Regulator CAA Amends cloud Outsourcing rules

On 5 August 2021, the Luxembourg insurance supervisory authority Commissariat aux Assurances ("CAA") adopted a new Circular Letter 21/15 on outsourcing to cloud computing service providers (the "Cloud Circular") that applies to CAA supervised insurance and reinsurance undertakings.More than a year ago, the CAA had already issued a circular letter (20/13) which merely informed of the full application by the CAA of the EIOPA Guidelines on outsourcing to cloud service providers (EIOPA-BoS-20-002) (the "Guidelines") and remembered (re-)insurance undertakings of their professional confidentiality ( insurance secrecy ) obligations. The new Cloud Circular adopts the Guidelines by setting them out in the text of the Cloud Circular and integrates certain additional requirements of the CAA in it. The additional requirements relate to the setting up of an information security function, local expertise and competencies, the content of contracts and the relat ....

Luxembourg Insurance Regulator , Cloud Outsourcing , Cloud Circular , லக்ஸம்பர்க் காப்பீடு சீராக்கி , மேகம் ஔட்‌ஸ்ர்ஸிஂக் , மேகம் வட்ட , Luxembourg Grand Duchy Of ,