Circular CSSF 22/806 on outsourcing arrangements
The CSSF published Circular CSSF 22/806 on outsourcing arrangements (“Circular 22/806”). The main purpose of this circular is to implement the requirements of the EBA Guidelines on outsourcing arrangements (EBA/GL/2019/02). Circular CSSF 22/806 further aims at providing a transparent, homogeneous and harmonised national framework for outsourcing arrangements. It also gathers the requirements for outsourcing arrangements relating to information and communication technology (“ICT”), that were previously disseminated in individual CSSF circulars.
Circular 22/806 implements a simple prior notification process when outsourcing a critical or important function.
Circular 22/806 should be read in conjunction with:
- Circular CSSF 22/805 – Revised EBA Guidelines on outsourcing arrangements (EBA/GL/2019/02) – Publication of Circular CSSF 22/806 on outsourcing arrangements – Repeal or amendments of certain circulars CSSF – which provides particularly for the salient points of Circular 22/806 and contains some transitional provisions applicable to ICT outsourcing arrangements; and
- the related FAQs.