Cloud Worries Show Up in New EU Outsourcing Guidance

Financial firms must maintain a register of all outsourced critical functions under new guidelines now in effect in Europe.

Financial companies in Europe must now maintain a register of all their outsourcing arrangements under new regulatory guidelines, as regulators are worried that cloud services are concentrated among just a handful of companies.

“The regulators want to check that individual firms are capturing these relationships, but they also intended for the register to help regulators monitor any over-reliance of the industry on a small handful of service providers,” says Paul O’Hare, a partner in law firm

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