New harmonised outsourcing regime for CSSF regulated entities
On 22 April 2022, the Commission de Surveillance du Secteur Financier (the "CSSF") published CSSF Circular 22/806 on outsourcing arrangements (the “Outsourcing Circular”).
The Outsourcing Circular is complemented by:
- CSSF Circular 22/805 on revised EBA Guidelines on outsourcing arrangements; and
- CSSF frequently asked questions (the “FAQ”) whose aim is to clarify the application of the Outsourcing Circular to investment fund managers (“IFMs”) and the prior CSSF notification process for outsourcing arrangements.
The main purpose of the Outsourcing Circular is to implement the requirements of the European Banking Authority Guidelines EBA/GL/2019/02 on outsourcing arrangements (the “EBA Guidelines”).
The Outsourcing Circular essentially creates a harmonised Luxembourg regulatory outsourcing regime, aligned with the EBA Guidelines.
Read our alert as we explore:
- Scope of application
- The impact on IFMs
- Entry into force