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By Vincent WELLENS and Sigrid HEIRBRANT, NautaDutilh Avocats Luxembourg S.à r.l.*
As from 15 October 2021, financial institutions must notify the Commission de Surveillance du Secteur Financier (CSSF), of any planned outsourcing of material IT activities. This notification obligation replaces the prior authorisation requirement.
On 14 October 2021, the Luxembourg financial regulatory authority, the CSSF, issued a new circular (Circular 21/785) replacing the prior authorisation obligation for material IT outsourcing with a prior notification obligation (the Circular). The Circular also modifies certain contractual requirements applicable to cloud outsourcing, which should allow for more...
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