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Mensuel de juillet 2022 - Consultance

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An outsourcing Circular to rule them all
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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