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ARTICLE · 22 OCTOBER 2021

IT And Cloud Outsourcing: New Notification Regime

ELVINGER HOSS PRUSSEN, société anonyme
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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, ...

LuxembourgFinance and Banking
Sophie Dupin
Sophie Dupin
Anaïs Sohler
Anaïs Sohler

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 (the "Circular"), which results in a simplification of the current regulatory requirements.

The Circular became effective from 15 October 2021.

I. IT OUTSOURCING (MATERIAL) - AUTHORISATION REQUIREMENT REPLACED BY NOTIFICATION REQUIREMENT

Until now, all credit institutions, professionals of the financial sector ("PFS"), payment institutions and electronic money institutions subject to CSSF Circulars 12/552, 17/656 and 20/758 respectively, had to apply for the CSSF's prior authorisation in the case of material IT outsourcing.

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