Esma Guidelines Call for Full Audits of Cloud Providers
The regulator is consulting on outsourcing contract guidance that would give firms and supervisors access to the books and premises of providers.
Clients of cloud service providers (CSPs) such as Amazon Web Services and Microsoft Azure will have to more stringently negotiate contract terms that allow them to supervise the providers’ performance and carry out detailed audits under regulatory guidelines currently out for consultation.
A head of public policy at one investment bank in London says this kind of regulatory guidance—and other consultations, including the European Commission’s Digital Operational Resilience Framework for
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