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By Karim BOUAISSI, Partner, Consulting, EY Luxembourg
Outsourcing for supervised entities in Luxembourg has been subject to challenging discussions between all stakeholders, the outsourcing entities service providers and the regulator. A certain lack of clarity was noticed among market players, mainly due to multiple circulars and multiple amendments of related regulations. With the goal to provide a transparent, homogeneous and harmonized national framework for outsourcing arrangements, the Commission de Surveillance du Secteur Financier (CSSF) published Circular 22/806 on outsourcing arrangements. “The Circular” defines supervisory expectations and also implements the requirements of the European Banking Authority (EBA) on outsourcing arrangements ...
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