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”).
The CSSF considers that CSSF Circular 17/654 on cloud
outsourcing, as amended (the “Cloud
Circular”) (applicable inter alia to credit
institutions, investment firms, professionals of the financial
sector and investment fund managers) and its current regulatory
practice are already in line with the substance requirements of the
ESMA Guidelines.
The CSSF, however, extends the scope of the Cloud Circular to
align it with the ESMA Guidelines by including the following
financial market professionals in the scope of the Cloud Circular
as of 31 July 2021 (“New
Entities”):
