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As from 15 October 2021, financial institutions must notify the 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 Commission de Surveillance du Secteur Financier («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 flexibility within corporate groups. Transitional measures are in place for those files already submitted to the CSSF and still being processed...
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