Background
Following on from a consultation process that took place in
mid-2020, the European Securities and Markets Authority
(ESMA) published in December 2020 its
final report on guidelines on outsourcing to cloud services
providers (Guidelines). These Guidelines set
down the minimum requirements for cloud outsourcing
arrangements.
Who do the Guidelines apply to?
The Guidelines apply to a wide range of firms, including
investment firms and banks when carrying out investment services
and activities, AIFMs, UCITS management companies, SMICs,
depositaries of AIFs and UCITS, CCPs, trade repositories, data
reporting services providers and market operators of trading
venues, CSDs, credit rating agencies, securitisation repositories
and benchmark administrators.
