The European Securities and Markets Authority (ESMA) recently published a consultation paper on outsourcing to cloud service providers, which included a number of proposed guidelines. Pan European financial regulatory body ESMA (the European Securities and Markets Authority) has announced the publishing of a consultation paper on guidelines on outsourcing to cloud service providers. The guidelines apply to competent authorities and various entities under the ESMA remit, including credit rating agencies, investment firms and credit institutions when they carry out investment services and activities, data reporting services providers, and market operators of trading venues. The European Securities and Markets Authority (ESMA) today published a consultation paper on guidelines on outsourcing to cloud service providers.. Before the... 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The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, recently published a consultation paper [1] on guidelines on outsourcing to cloud service providers.. Steven Maijoor, the chair of ESMA, indicated that the purpose of the guidelines is to “help firms understand and mitigate the risks that they are exposed to when outsourcing to cloud service providers.” The guidelines, which are expected to be introduced in [. EIOPA identified the need to develop these specific guidance on outsourcing to cloud service providers in the context of the analysis performed to answer the European Commission FinTech Action plan (COM(2018) 109 final) and following discussions and exchanges with stakeholders. Following on from a consultation process that took place in mid-2020, the European Securities and Markets Authority (ESMA) published in December 2020 its final report on guidelines on outsourcing to cloud services providers (Guidelines).These Guidelines set down the minimum requirements for cloud outsourcing arrangements. Welcome to the 19th edition of ESMA's newsletter. According to the announcement, the guidelines’ purpose is to provide guidance on the outsourcing requirements applicable to financial market participants when they outsource to cloud service providers. ESMA has published its cloud outsourcing guidelines that will help firms identify and monitor the risks related to these arrangements. The Guidelines are intended to help firms identify, address and monitor the risks arising from cloud outsourcing arrangements. The publication of the translations in all official languages of the EU will trigger a two-month period during which NCAs must notify ESMA whether they comply or intend to comply with the guidelines. The consultation is open until 1 September and seeks feedback from both national competent authorities and financial market participants that use cloud services provided by third parties. In addition, the ESMA guidelines set out that firms should consider the cloud service provider’s “service support, including support plans and contacts, and incident management processes”. Guideline 9: Supervision of cloud outsourcing arrangements. The ESMA Guidelines enter into force on 31 July 2021 and will apply to all cloud outsourcing arrangements that In-scope Firms enter into, renew or amend on or after 30 June 2021. The proposed guidelines are consistent with the recommendations on outsourcing to cloud service providers published by the European Banking Authority (EBA) in February 2017 and subsequently incorporated into revised EBA guidelines on outsourcing arrangements in February 2019, and the guidelines on cloud outsourcing published by the European Insurance and Occupational Pensions Authority (EIOPA) in February 2020. The guidelines will be translated into the official EU languages and published on ESMA’s website. ESMA identified the following (non-exclusive) risks arising from cloud adoption in the financial industry, which can occur when moving IT activities into the cloud: Financial market participants may find it challenging to assess benefits and risks of cloud adoption beforehand, on the overall level and/or on the level of functions being outsourced. The report published today contains a feedback statement summarising the responses received and highlighting the amendments and clarifications introduced in the final guidelines to take into account the feedback received during this consultation. Sub-outsourcing of critical or important functions requires that attention and care be taken when establishing the arrangement. Therefore, ESMA has identified a need for specific guidelines that provide ground rules for financial market participants when outsourcing to cloud service providers. Noerr Newsroom news ESMA Draft Guidelines on Cloud Outsourcing . In particular, the Guidelines aim to help firms and competent authorities identify, address and monitor the risks and challenges that can arise from cloud outsourcing arrangements. The Guidelines are intended to help firms identify, address and monitor the risks arising from cloud outsourcing arrangements. When finalised the guidelines will apply from 30 June 2021 to all cloud outsourcing arrangements entered into, renewed or amended on or after that date. Yet, cloud outsourcing comes with risks that need to be … The European Securities and Markets Authority (ESMA), the EU’s securities markets authority, has today published the final report on its guidelines on outsourcing to cloud service providers (CSPs). Aspects of the draft Guidelines are aligned to the recent EBA Guidelines on Outsourcing that are being implemented in credit institutions and other entities in … ESMA aims to publish the Final Report on the Guidelines by Q1 2021. ESMA published the final report on the guidelines for outsourcing to cloud service providers. The guidelines’ purpose is to provide guidance on the outsourcing requirements applicable to financial market participants when they outsource to cloud service providers. The European Securities and Markets Authority (ESMA), the EU’s securities markets authority, has today published the final report on its guidelines on outsourcing to cloud service providers (CSPs). ESMA conducted a public consultation on these Guidelines to gather the views of relevant stakeholders. ESMA will consider the responses it receives to the consultation paper in Q3 2020 and expects to publish a final report and guidelines in Q4 2020/Q1 2021. The information to be notified to competent authorities. The European Securities and Markets Authority (ESMA) recently published a consultation paper on outsourcing to cloud service providers, which included a number of proposed guidelines.. The ESMA Guidelines enter into force on 1 January 2021 and will apply to all cloud outsourcing arrangements that In-scope Firms enter into, renew or amend on or after 30 June 2021. They provide guidance to firms on: In addition, the Guidelines provide guidance to competent authorities on the supervision of cloud outsourcing arrangements, with a view to fostering a convergent approach in the EU. The European Securities and Markets Authority (ESMA) published the final report on its guidelines on outsourcing to cloud service providers (CSPs) to help firms identify, address and monitor the risks arising from these arrangements. Whereas the cloud used to be used mainly for backup […] The European Securities and Markets Authority (ESMA), has published a consultation paper on guidelines on outsourcing to cloud service providers, the securities markets regulator announced today. The growing importance of cloud services as a driver of innovation and the increasing interest for the use of cloud outsourcing solutions within the banking industry have prompted the EBA to develop these Recommendations on its own initiative. ESMA launches a consultation on guidelines for outsourcing to cloud service providers Responses welcome by 1 … The document provides guidance on the outsourcing requirements applicable to financial market participants, such as investment firms and data reporting services providers, when they outsource to cloud service providers. Background. ESMA acknowledges that cloud outsourcing can bring certain benefits, including enhanced flexibility, operational efficiency, and cost-effectiveness, with potential positive outcomes for firms and investors. ESMA’s suggested approach regarding the pre-outsourcing analysis and due diligence a firm should undertake on its cloud service provider is similar to the EBA guidelines. The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published a consultation paper on guidelines on outsourcing to cloud service providers. The supervision by competent authorities. Sub-outsourcing. The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published a consultation paper on guidelines on outsourcing to cloud service providers. On 3 June 2020, ESMA published a consultation paper, setting out draft guidelines on outsourcing to cloud service providers (Guidelines). The consultation is also important for cloud service providers, as the draft guidelines aim to ensure that potential risks firms may face from the use of cloud services are properly addressed. Cloud outsourcing has become an increasingly popular and important tool for financial services companies including forex brokers. June 4 2020 | AtoZ Markets – The European Securities and Markets Authority (ESMA), has published a consultation paper on guidelines on outsourcing to cloud service providers, the securities markets regulator announced today. ESMA particularly stresses the high level of technical complexity in the cloud area and the necessity for institutions to have proper resources, or consultants, able to perform the required audits. The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published, ESMA is an authority of the European Union, EU Acts and National Competent Authorities, esma50-164-3342_cp_cloud_outsourcing_guidelines.pdf, Steven Maijoor delivers keynote speech at Conference on FinTech and Regulation, esma50-164-4111_keynote_speech_-_safely_navigating_accelerating_digital_transformation_-_steven_maijoor.pdf, ESMA publishes cloud outsourcing guidelines, ESMA is seeking experts in financial innovation for its consultative group, ESMA responds to European Commission consultation on the Digital Finance Strategy, esma50-164-3475_letter_chair_dfs_response.pdf, Steven Maijoor delivers keynote at 4th Annual Fintech Conference, esma50-164-3187_speech_esma_chair_afore_brussels_03_03_20.pdf, ESMA appoints chairs to its Standing Committees, esma71-99-1279_esma_appoints_new_chairs_to_its_standing_committees.pdf, ESMA publishes report on the licencing of FinTech firms across Europe, ESMA publishes its 2019 Risk Assessment Work Programme, esma50-157-1588_rae_work_programme_2019.pdf, Crypto-assets need common EU-wide approach to ensure investor protection, ESAs publish joint report on regulatory sandboxes and innovation hubs, jc_2018_74_joint_report_on_regulatory_sandboxes_and_innovation_hubs.pdf. Considering that the main risks associated with cloud outsourcing are similar across sectors, ESMA has considered the recent guidelines published by EBA and EIOPA, namely the EBA Guidelines on outsourcing arrangements, which have incorporated the EBA Recommendations on outsourcing to cloud service providers, and the EIOPA Guidelines on outsourcing to cloud service providers. The risk assessment and due diligence that they should undertake on their CSPs; The governance, organisational and control frameworks that they should put in place to monitor the performance of their CSPs and how to exit their cloud outsourcing arrangements without undue disruption to their business; The contractual elements that their cloud outsourcing agreement should include; and. For existing cloud arrangements, ESMA expects In-scope Firms to review and amend those arrangements by … On 18 December 2020, the European Securities and Markets Authority (ESMA) published a final report on guidelines on outsourcing to cloud service providers (CSPs).The purpose of the guidelines is to help firms identify, address and monitor the risks that may arise from their cloud outsourcing arrangements and to support convergent approach to the supervision of cloud outsourcing … Coming into force from June 2021, they are likely to apply to all ESMA regulated entities, including AIFMs, UCITS and investment firms. The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published a consultation paper on guidelines on outsourcing to cloud service providers. The European Securities and Markets Authority (ESMA) published its draft guidelines on outsourcing to cloud service providers on June 3.
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