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ARTICLE · 16 JULY 2021

The CSSF Implements ESMA' Guidelines On Cloud Outsourcing And Extends The Scope Of The Cloud Circular

ELVINGER HOSS PRUSSEN, société anonyme
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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").

LuxembourgFinance and Banking
Jacques Elvinger
Jacques Elvinger
Sophie Dupin
Sophie Dupin

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"):

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