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By Vincent WELLENS(1) Dr. Sebastiaan Niels HOOGHIEMSTRA(2)
On 18 December 2020, the European Securities Market Authority (ESMA) released guidelines on outsourcing to cloud service providers (the “ESMA Guidelines”). The ESMA Guidelines aim to provide guidance to, amongst others, fund managers, depositaries, as well as, to competent national supervisory authorities on what regulatory standards should apply in the case of outsourcing to cloud service providers (CSP).
Introduction
The past two years have led to a development to regulate (cloud) outsourcing increasingly on the European level. In February 2019, the European Banking Authority (the “EBA”) guidelines on outsourcing arrangements, which...
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